It is now an American  discipline!

When I studied economics in the late Fifties economics was essentially an English discipline.  It is no more! There are not  many  students now to study economics or do PhDs!It is now more an American discipline. In India economics still has some glamour but things are changing very fast here too. Economics doesn’t give immmediate jobs! In my time it was the British universities, more so the Cambridge University that dominated the discipline.All the  bright brains were there. Keynes, his colleagues(list is long) were very around him. There were fierce arguments, about economic theories propounded by Keynes. Economic theory as such was undergoing change since the time of Adam Smith,the first propounder of economics,as a self-driven,wealth creating process. He of course took it from the French Physiocrats.  Now in Keynes time it was all theory of equilibrium that explained  the  balance of  economic forces. Prices, demand, supply, fiscal  deficit, rate of employment, growth etc. Then Keynes introduced  the famous line:”in  the long-run we would all be dead”. So he introduced short-term,practical, interventionist ecnomic theory. Amartya Sen is a descendent of this theory only, in spite his taking the theory forward. Sen would be remembered for his contribution to the construction of the Human Development Index. However, since Sen there have been  new revolutionary theories of economics that had gone on to win Nobel Prizes. and thus new rcognitions.One is Paul Ormerod who won the Nobel Prize for economics in 1993. Read More →

Will the nuclear deal with USA ensure energy security for India?

That civilian nuclear power is not going to come to help us in any near-term future.

There is a steep rise in fuel prices. The Congress play a cynical drama by Sonia posing as the saviour of the poor, the Left and the BJP do what they know, taking a procession on the Delhi streets! Is this all to fuel shortages?  Bush can be taken not a safe nuclear expert!  There are so many technical, economic and even political and military issues and that too when the USA is debating the Iran nuclear power plant and when India is also being drawn into such international strategic buildups, to talk of nuclear power as if it can be tapped at our will is a near fantasy.

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Then, what about the nuclear deal with USA and our own energy security strategy?

There is a steep rise in fuel prices. They Congress play a cynical drama by Sonia posing as the savior of the poor, the Left and the BJP does what they know, taking a procession on the Delhi streets! Is this all to fuel shortages? What about really serious in-depth analysis by the government and experts and the more responsible behavior by the most senior politicians like Vajpayee, Karunanidhi and Lalu  Yadav and Sharad Pawar or even Deve Gowda? These politicians are seniors, with age and one hopes certain wisdom, and they should be doing more serious and responsible things. At least, they can ask some questions openly and ask for answers from experts who must know the difficulties better.

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IIM students get sky-high salaries!

So, India now a Superpower?

It seems it is time for celebrations for India! This year, the American Forbes magazine that tracks billionaires all over the world revealed for the first time that next to America India has produced so many billionaires! Not even China is near India in this league. They very language of the India’s new generation of entrepreneurs, the Indian IT professionals and the new generation of achievers, in so many fields, be it sports or arts or in every other sphere, from films to media enterprises, it looks India is fast becoming a world centre, if not a world power!

There is already this huge middle class rising! Consumer boom is visible, salaries of even the starters like  BPO workers is on the high.Rs.10,000 is the minimum salary and in Mysore there is a job mela that promises job orders on the very day of interview. Come all B.A.s and B.Com.s! Say the leaflet, jobs are for your taking, blares the voice!

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Economists also can’t promote economic development!

We are having an economic expert as the Prime Minister. Is it an advantage or a disadvantage? A big question indeed! But we feel a time has come to ask such big questions. At least, for the sake of getting some clarity. Clarity on what is being aired everyday in the public realm as well as what is in fact the basic thrust for much of our economic development. The PM often, nay, in fact routinely talks of achieving an economic growth rate of 8/10 per cent. The Planning Commission Deputy too talks this way. Mr.Ahluwalia too is an economic expert in the mould of the PM.

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