Economics of Ignoring

Late or No Lessons from Early Signs

Abstract

Even after almost 76 years of independence and with very high demographic dividend, India, the biggest democracy in the world, is still reeling under the pressures of poverty, inequality, unemployment, malnutrition and inadequate infrastructure. Given the huge population and size of the country, the costs of
development are no doubt exorbitant, but the reality is that most of these costs could /would have been mitigated if we had just bothered not to IGNORE at the right time. Most of the activities enter a self-sustaining mode with a little timely action. The proposed study will be focused on the journey from micro to macro management of very simple everyday activities that do not involve any extra noticeable effort or cost if the response is timely. Whereas the same may escalate to very high real and monetary costs and at times the damages can be far from repairing. The area of the study can include a wide range of activities. The idea of this research is based on a very famous saying – ‘A stitch in time saves nine.’ that we have been reading and hearing since childhood but tend to ignore easily. There are hundreds of everyday happenings around us that we keep ignoring which create repercussions that most of the times are irreversible. A tiny infraction by one committed in a moment of ignorance or complacence may lead to lifelong effects. The basic aim of this paper is to examine the costs, consequences and potential solutions to the issue. A review of existing literature, case studies and government reports will provide insights into the effects of ignoring early warnings on safety regulations in India. The research methodology involves a systematic review of peer-reviewed articles, case studies and government reports from reputable sources. The findings suggest that ignoring early warnings on safety regulations can result in economic, social and environmental costs, as well as human lives at risk. The paper also highlights potential solutions such as a robust regulatory framework, public education, awareness campaigns and improved collaboration between regulatory agencies and organizations in India.