Saturday , September 21 2019
Home / Tag Archives: Discussion

Tag Archives: Discussion

Who let the economist out?

This is an ouch piece by Jinoy Jose P in Business Line.  It reviews the recent book by Binyamin Appelbaum, of The New York Times: The Economists’ Hour: How the False Prophets of Free Markets Fractured Our Society. Why did God create economists? “To make weather forecasters look great.” Jokes apart, the jury is still out on whether economists have made any significant and meaningful contribution towards greater common good, especially whether they have really been able to foresee or...

Read More »

Not the Nobel Prize: Finding fresh economics ideas for the 21st century

Promoting Economic Pluralism is an organisation aiming promote pluralism in economics. It has instituted a new award – Not the Nobel Prize– which will be awarded on 3 October 2019, ahead of Nobel economics which is on 14 Oct. It says that Nobel prizes have been given to ideas which has led to ecological breakdown: Our economic system is driving us towards a perfect storm. We are facing ecological breakdown. Rising debt is threatening a new financial crash. Inequality is pulling societies...

Read More »

Profile of Atif Mian

IMF’s Finance and Development Sep-2019 edition profiles Atif Mian who is increasingly worried over our addiction to debt: Everyone knows someone who buys more than he or she can afford. This has been characterized mockingly as millennials spending beyond their means on avocado toast and expensive lattes, often borrowing to fund those wants. But in the modern era, dependence on credit isn’t a sign of profligacy, according to Atif Mian, a Princeton professor of economics, public policy,...

Read More »

What Martin Luther and history of printing technology can teach us about bitcoin..

Max Gulker has a fascinating piece on why bitcoin supporters (maximalists) need to be patient. They need to learn from history of printing technology and how Martin Luther used printing to further his cause: ….somewhat counterintuitively, if blockchain and the concept of cryptocurrencies truly has world-changing potential, we should still have very little idea how to use it. Blockchain is a foundational technology, useful primarily for the applications (like Bitcoin) built to run on top...

Read More »

Stiglitz Essay Prize: for undergraduate and postgraduate students

International Economic Association (IEA) has announced a prize in honour of Joseph Stiglitz for both undergrad and postgrad students: The International Economic Association (IEA) is happy to announce the Second Stiglitz Essay Prize (SEP) in honour of the past President of the association, Joseph E. Stiglitz. This prize is possible thanks to the generous donation that the Economic Society of Australia pledged to the IEA. Joseph E. Stiglitz is University Professor at Columbia...

Read More »

Hong Kong’s Real Problem Is Inequality (So it is of most countries)

Andrew Sheng and Xiao Gang in this piece say two things. One HK riots are part of ongoing crisis of capitalism to address inequality which has been seen in other countries too. Second, most people say this is democracy vs autocracy with former being superior but has to be questioned: A powerful, but oft-ignored factor underlying the frustrations of Hong Kong’s people is inequality. And, contrary to the prevailing pro-democracy narrative, the failure of Hong Kong’s autonomous government...

Read More »

Saving Venezuela: Requires both sanctions and negotiations

Andres Velasco, former Finance Minster of Chile writes: Venezuela was once the pride and democratic example of Latin America. It can be that once again: a free, stable, and productive country, where citizens live in safety and peace – but only if the international community provides support in at least three key areas. ….. First, it should immediately recognize the need for large debt reduction, rather than attempting to postpone the inevitable for years. Second, the IMF and the other...

Read More »

The Road to Serfdom after 75 Years

Another anniversary this year. This one is of Hayek’s much acclaimed and criticized book: Road to Serfdom. Bruce Caldwell of Duke Univ in this paper reviews what motivated Hayek to write the book, the reactions of the book and the overall message of the book. F. A. Hayek published The Road to Serfdom in 1944, so 2019 marks the 75th anniversary of the event. The paper traces how Hayek came to write the book, who his opponents were, and how the book got interpreted by both friends and...

Read More »

The tenures under RTI Act should not have been amended but applied to financial regulators too..

My new piece in moneycontrol. I reflect on the recent amendments in RTI Act which are to do with tenures of the RTI officials. Under the older RTI Act, the information commissioners were given a fixed non-renewable tenure of 5 years and salaries were defined as well. These have been amended and made discretionary at the hands of the government. This is unfortunate and I argue that instead of amending these aspects of the Act, it should have been applied in tenures of appointments of...

Read More »

Iceland is mourning a dead glacier – how grieving over ecological destruction can help us face the climate crisis

Quite stirring pictures to see Icelanders mourn death of a glacier. It was like a funeral of a highly loved person. During Okjökull’s funeral residents reminisced, public figures such as Iceland’s Prime Minister Katrin Jakobsdottir spoke and presented a death certificate, and this plaque was laid. Grétar Thorvaldsson & Málmsteypan Hella/Rice University Prof Rupert Read of Univ of East Anglia says will this drive us to do somethin about climate change? Grief over climate breakdown...

Read More »