I read almost everything possible about Professor Raghuram Rajan, the new RBI Governor in the Indian media of all kinds.
I have also followed his popular writings on Indian monetary system for about a decade. I strongly believe that he can do better job and further the reform process initiated by monetary stalwarts like Dr.C.Rangarajan during his period in the RBI.
When Prof Rajan came to India for joining in Indian government, there was news item which says "Raghuram Rajan fit in quite comfortably at the University of Chicago. Like other free-marketers, the Indian-born economist and professor at Chicago’s Booth School of Business was inspired by Friedrich Hayek, the Austrian thinker." More here.
An Indian economist said recently that "There is little doubt that however objective an economist may try to be, his ideology is shaped by his own experiences and environment. For example, Friedrich Hayek strongly believed that Keynesian monetary stimulus can only lead to “roaring inflation”.
A bit from his recent works:
"the idea of eliminating all testing, and offering all students a social pass is a disastrous idea"
"Why not stay with the devil you know…Of course, those who are truly disillusioned"
"Economic theory suggests governments in the periphery cannot control the real exchange rate by fixing the nominal rate."
"how much of God’s work he is doing goes awry"
More you can find his works from here.
Niranjan in Mint has very good reaction over Prof.Rajana's statement on taking over RBI today. The firstpost also has detail musing about his speech.
No comments:
Post a Comment