Most people who have some idea about economics would have heard of the malthusian law of diminishing returns which states that the marginal increase in production decreases as more of the contributing factor is used in production. But I am very confident that nobody has heard of "the law of diminishing efforts". That is because it never existed until now.
That is until I coined this right now. Can you believe it? My own, my very own theory of economics. That is Anoop John's first economics theory for you. I have always bemoaned the fact that all these economists that had an edge over me in terms of date of birth had figured out all the easy laws in economics without leaving anything for late entrants like me. But not anymore - Aha - :-).
Humor aside, the theory is not a joke. In fact this is a serious theory on which I have put my trust on, when I quit my job in the US and came back to India. I came back to India because I wanted to play my role in contributing towards solving the problems we face in our everyday lives. Now solving all the problems in our country is a huge task. Too huge for a person or even for a group of people to solve completely. This is where the law of diminishing efforts come into play.
The law of diminishing efforts states that the individual contributions towards a very large and complex task keeps decreasing as more and more people contribute to the task, until each individual has to contribute no more than required of every other individual, had every individual contributed towards performing the task.
Let me try to explain the theory in light of the real life example stated above. Suppose you write down the full list of problems that you wish to solve (and theoretically solvable) in India. If we consider solving this full set of problems as a single task and that x man hours is required for this task and that there are N people in India and n people actually put effort to this task, we have
The average work required of every person = x/N
Limit n => N,
x/n => x/N
with N such a large number x/N would be a very small and manageable value no matter what the size of the problems are. If for arguments sake you claim that not all problems are solvable I will simple restate the set of problems as the set of all problems that are practically solvable and that all solvable problems must be solvable. Most problems that we see around must be solvable.
Setting out after such huge tasks might be daunting at first glance but it is not so. The trick is in scaling up and reaching out. Consider the worst case scenario when n is 1, that is you are alone trying to work towards a solution for some problem. The moment you get another person to fight with you, the effort required from your side halves and this will keep on decreasing as more and more people join the cause.
Simple isn't it? Think you have thought about this before? Too bad, I wrote it down first :-). Don't trust my words - Search Google for "law of diminishing efforts"
I have decided that this is a worthwhile cause for me to dedicate my whole life for and the modus operandi that I have worked out for this is Zyxware. I do not yet have full clarity at the micro level as to where I can contribute and how I am going to contribute but at the macro level I am reasonably clear and confident on where and how. Let us hope that the theory works :-)