Saturday, January 25, 2014

Interesting reading

"the Gandhian inspiration of AAP politics calls for serious rethinking. Gandhi’s use of civil disobedience was very infrequent. Only the issues of gravest significance required that mode of protest. A dharna, too, requires systematic prior analysis before it is undertaken as a mode of non-violent protest.

Socialism as an ideology has lost its meaning in the 21st century; especially in India, some of the worst forms of government conduct emanated from a socialist state, which also kept the masses poor; and as a purely pragmatic matter, the so-called aspirational millions and the urban elite, who have flocked to the AAP, have no taste for socialism any more." More here.

The following sentences has serious flaws:

"The two strands, initially represented by the Jana Sangh and the Swatantra parties, remained on the margins. It was the Ayodhya movement and economic liberalisation that created the conditions for a viable Right, so far a work in progress."

Revisiting the grammar of democracy in the eternal words of B.R.Ambedkar:
  • "...if the parties place creed above country, our independence will be put in jeopardy a second time and probably be lost for ever.
  • that political power in this country has too long been the monopoly of a few and the many are only beasts of burden, but also beasts of prey." 

Journey to Change The Nation

"The first Indian from the south of the Vindhyas to ever preside over the Dilli darbar was P V Narasimha Rao. Technically, it was C Rajagopalachari, as the first Indian to be governor-general. But CR’s post was titular. 

Narendra Modi is different. He fulfils all the qualifications of being an outsider, except that he speaks chaste Hindi. The business and military elite love him, but the cultural elite do not and the political elite remain wary. If he succeeds in winning power this year, he could well alter the nature of the Dilli darbar. That is what unnerves so many darbaris." More here.

Wednesday, January 22, 2014

B.R.Ambedkar, the Greatest Free Market Economist of India

From my first article for the Centre Right India (CRI):

  • Socialist myth: when people do talk about his economics, but it is about his opposition to capitalism and socialist leanings. This is a myth forwarded by dalits to further their own agenda.In fact, Ambedkar did not oppose free-markets but was himself an advocate of free-markets!!
  • Dalit politics: his economics is ignored by the mainstream and misrepresented by the dalits community because it is contrary to the socialist politics in India.
  • True free-market capitalist: those who know about his economics downplay it but he was free-market economist even before Austrian Economists like F.A.Hayek, etc.
  • Significance of Ambedkar’s economics today: in the heyday of economic reforms in India, we need to rediscover the Ambedkar’s economics, especially his ideas of free-market principles, to empower the dalits and raise them from deep ignorance.

Some good reading

Thursday, January 9, 2014

Professor Bhagwati's Poor Economics!

During the debate on Sen vs Bhagwati, I uttered to a friend that I am not big fan of Professor Bhagwati. I could not give him a good solid reference, but here goes:

For all those Indian liberals especially my generation I wanted to inform them what Prof.Bhagwati said about Prof B R Shenoy (1905-1978). While reviewing Shenoy's book (Indian economic policy, 1968) in the Economic Journal in 1969 (
Vol. 79, No. 315 (Sep).

Prof Bhagwati said:

"his overall view of Indian economic policies is flawed seriously by his antipathy to planning per se"

Bhagwati also did not agree on Shenoy's criticism about foreign aid. 

This is what Bhagwati said about Shenoy on foreign aid:

"his unfortunate tendency to condemn foreign aid (which he shrewdly sees as making the expansion of the public sector relatively more rapid and easy) for the wrong reasons."

Some people argues that Prof.Bhagwati might be too young and have changed his views about Shenoy in later years but that seems not very clear. When Bhagwati wrote the above lines, he was about 35 year old and was educated in England and USA. It seems to be that he was like any other typical persons who had views of mainstream economists.

What I wanted to say is that we should not forget these facts while crediting for his good old ideas of advocating for globalization, liberalization, free trade etc. Even he changes his views about Shenoy, it is still important for me to judge him his economic thoughts. We know he was one of economic adviser to Indira Gandhi in the 60s. "Mrs. Gandhi followed the advice of her economic advisers, including Bhagwati, and devalued the currency, with all its attendant complications".

Another point is that while Bibek Debroy accuses Manmohan Singh for coining the Garibi Hatao slogan for Indira Gandhi, why not for Bhagwati for his role in devaluing the rupee in Indira Gandhi's government?

Wednesday, January 1, 2014

Happy New Year 2014

Dear Friends,

Wish you all a very happy new year.

Let's begin the journey in a new year. The day went extremely great and much more happier than I was in the early morning. Thanks to friends and fellow citizens of India and the world for making the day better.

The biggest good news for this year is the launch of THE NEW ECONOMIST, International Journal of Global Economists. This journal is published from Chennai. I have a small role in helping to make it and have also contributed two articles. One on higher education and other one on skilling youth in India. Hope this new venture grow more and more brings some concrete changes in the peoples mind about the missed ideas of all kinds economic, social and political etc.

The year 2014 is going to be as interesting as the year went in 2009, 2004, 1998 and so on. I am sure you got it. I am talking about the elections in April or May and the fate of the big beasts which have been crying like wolfs. 

The year 2014 is unlikely to record the repeat of the NGOs big shows for public policy drama in the national capital, all in the name of social causes. 

The year 2014 is going to be as unpredictable as in the past as far as the Indian economy is concerned. But the economists and analysts strive to make all kinds of predicts to make headline news. That become a norm now.

Here are some good reading on the opening account of first blog post in 2014.