A prima facie observation of the time distribution of different segments covered in the 110 minute long budget speech makes it easier to determine where the FM wanted to go with the Union Budget 2018-19. The first thirty whole minutes were focused towards the rural and the poor, the next fifteen minutes to health and … Continue reading A Budget for One Half of India
On Sunday, 17th December, 2017, gathered some of the most renowned development economists in the world to honour the life and work of Kaushik Basu. The event was the release of a Festschrift, literally, “fest-script” or a book to celebrate, the work of an academician, in this case, Kaushik Basu. This galaxy of stars comprised … Continue reading A Festschrift Honouring Kaushik Basu: Markets, Governance and Institutions in the Process of Economic Development
The State visit of the Japanese Prime Minister Shinzo Abe to India was historic. It marked the beginning of India's first leg of a High Speed Rail Network, or what in lay man terms, is called a dedicated corridor for a bullet train. There has been more than hoopla about the bullet train in all … Continue reading The Bullet Train is Bad Economics
The Monetary Policy Committee (MPC) cut the key policy repo rate by 25 basis points to 6 percent, lowest since 2010, in the meeting held on 2nd August, 2017, largely in line with expectations of the market, economists and experts. However, two members of the MPC, Dr. Ravindra Dholakia, and Dr. Michael Patra dissented with … Continue reading Monetary Policy of Dissent
Application of mathematics was restricted to physical sciences, but only till the last century or so. In the last 90 years, math has seen a greater advent in Economics. An increasing proportion of research papers published had use of advanced mathematical techniques to arrive at results. More so, the display of these results is in … Continue reading Mathematisation of Economics
I recently attended a talk by P. Sainath, an eminent Indian journalist. The talk was titled, very interestingly, "Moral Economy of the Elite". Let me begin by saying, he mocked economist throughout his lecture. While doing so, he quoted Kenneth Boulding and said, "Anyone who believes in indefinite growth on a finite planet is either … Continue reading The Order of Our Society Today
The elevation of the NDA coalition to the Union Government in April 2014 was no surprise. The UPA-II faced extreme corruption charges along with anti-incumbency from the electorate. What Prime Minister Modi did correctly, and strikingly differently, was to run a presidential-style election campaign for the BJP whereas the Congress party was left faceless and … Continue reading Economic liberalism over societal liberalism?