The writer is C. Marks Professor at Cornell University and former Chief Economist and Senior Vice President, World Bank.
You cannot replace the invisible hand of the market with the visible hand of the bureaucrat and the police, telling people what to do and doling out money and food.
At this crossroads, missteps can change nation’s trajectory for decades to come. We cannot have the poor, the labourers and the migrants bear the brunt of the effort to contain the spread of the virus, and nor do we want to weaken the foundations of the economy so much that we emerge from the pandemic onto an economic wasteland.
In confronting coronavirus, India’s first moves have been right, but much will depend on follow-up. We could learn from South Korea.
To predict that I will die in one year is a bad idea. If she got it wrong, I would be there to accost her and tell people she got it wrong. But if I died soon after she predicted a long life, the main witness to her wrong forecast would be gone.
The five trillion target is in dollar terms. Typically, if India has higher inflation than the US, the rupee would depreciate vis-à-vis the dollar to account for that.
What economists do not like to dwell on and what Karl Polanyi had noted a long time ago is that the economy is ultimately embedded in society, institutions and politics. When these are damaged, the economy begins to stall.
All nations in the world today face a challenge of expertise. Because the world has become so complex, it is impossible for all of us to know everything.
This is a richly-deserved award. The prize has been given for their work on randomised control trials used in the broad area of poverty eradication and policies for better health and education.
Arvind Subramanian’s paper, other micro data, suggest an impending economic slowdown. Policymakers must take notice and act.
The experience of Palanpur offers useful tips to India — importance of education, human capital, vocational training, need for greater connectivity
What I would recommend to you, dear reader, is my own philosophy of scepticism, which has stood me in good stead and which can be summed up in a simple dictum: Anything that is not logically impossible is possible.
As PM, Manmohan Singh upheld a tradition of openness to ideas and disagreements. This is an inheritance India needs to cherish and advance.
More disappointing than the attacks on Amartya Sen is that leaders in government have not countered the chant of abusive trolls.
In one of the cradles of civilisation, the joys of travel are revealed in its artefacts, people and the traveller’s faux pas.
Travelling in rural Bengal, Jharkhand I saw a village school at the cutting edge, and met ordinary people distressed by political cults of a hate-filled Hinduism.
At the Ramakrishna Mission complex in Kolkata, a different face of the religion is visible from what is propagated by Hindutva
One of the finest minds of our times, Ashok Mitra was anguished by poverty and inequality. His anger sometimes led him to make mistakes.
To deal with corruption, it is not enough to just get fiscal policies right. It is in our collective long-term interest to nurture individual values.
There is an impressive increase in school enrollment levels across the country. But not much thought is being given to what students learn.
India’s economy is not doing well. Only carefully crafted policy reforms can turn it around