Efforts and policies should be directed towards increasing the world food grain output so that it will be higher than the rate of population growth. Recession will not go away easily but it requires a systemic shift and sufficient political movement,said Prabhat Patnaik,professor,Centre for Economic Studies and Planning,Jawaharlal Nehru University,New Delhi while delivering the R R Kale Memorial Lecture 2008 on Speculations and Growth under Contemporary Capitalism at Gokhale Institute of Politics and Economics (GIPE) on Friday. The lecture was part of the institutes founders day and 15th convocation ceremony.
He highlighted two common misconceptions that go with the current economic crisis. First,that this crisis can be solely and exclusively compared to the great economic depression of 1992 and secondly,that the crisis is attributed to wrong setup of monetary policies or system failure. However,the crisis is not the result of system failure,but the failure of modus operandi of the system. Patnaik gave away the MA (Economics) degrees to 34 students of the GIPE at the convocation ceremony. Arun Maharatna,officiating director of GIPE,S S Kalamkar,officiating registrar also attended the function.