Thursday, April 14, 2011

My speech at Mises Institute (March 12th, 2011)

The following is the speech prepared for my paper presentation but I could not present in this order but certainly the whole presentation is based on these aspects.

Let me begin by thanking Mises Institute for giving me this great opportunity to present my paper in the Austrian Scholars Conference 2011.

I would also like to thank people who have not only constantly encouraged me along and but also helped in getting financial support for my trip.

I would like to name at least three of them:

Mr. Nitin Pai, who is a Founder of the Takshashila Institution and Editor of Pragati—The Indian National Interest Review. A emerging independent free market think tank in India

Dr.Atanu Dey who is a libertarian economist and he blog at

Last but not lest, Dr.Parth J Shah who is a Founder, President of Centre for Civil Society, New Delhi, India

I would also like to mention that the only economist who writes about the Austrian Economics in India in the letter and spirit of Mises is Sauvik Chakraverti!!!

In August of 2005 Dr.Parth Shah had organized an Austrian Economics Seminar in New Delhi, India

I was thrilled to know what is all about Austrian Economics and what is interesting to me in it and who were the Austrian economists in India?

Before that I knew very little about Austrian Economics from the F A Hayek’s Book The Road to Serfdom. Essentially it was a quote in a Statistics Textbook by a Bengali author from this book.

It was during this time I was also doing my Master of Philosophy degree in social sciences in the Institution named after Ambedkar at Mhow in Western India.

Also in my whole class of 30 students none of them had interest in studying the Ambedkar’s works in economics. So I ended up doing something on Special Economic Zones.

So who is Ambedkar?

He was 14th child to his parents. He father was in army in the East India Company.

Ambedkar came to America almost close to 100 years (99) before me to study for his Masters and PhD in Economics from Columbia University.

Ambedkar was fortunate to get a scholarship to study in America. After that he went to England to receive D.Sc in Economics from LSE and a Law Degree from London University.

He later become the First Minister of Law after Independence in the Nehru’ Cabinet. Though he did ask for Ministry of Planning!! But he was denied!!

So what he is known for now and not so known for?

Ambedkar is now widely known for

-As a Father of Indian Constitution
-As a icon of certain community (dalit)
-As a First Law Minister in the Independent Indian Government  
-His hard argument with M.K Gandhi
-His conversion to Buddhism

Misunderstood views of Ambedkar on

-Centralized planning
-Against too much bureaucracy
-on establishment of Reserve Bank of India (RBI)

Ambedkar’s neglected thoughts

-Free banking
-Gold standard
-Individual liberty and freedom
-His argument against Keynes views on gold exchange standard
-His understanding of Carl Menger’s works
-Knowledge problem/Decentralized planning

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