In my last post, On the Distress of Farmers, I wrote "that Indians will never be free until the last politician is strangled with the entrails of the last bureaucrat." I was echoing the European Enlightenment figure Denis Diderot (1713-1784) who wrote: La nature n'a fait ni serviteur ni maître; Je ne veux ni donner ni … Continue reading Strangling the Politicians
Of the three major sectors of any economy, agriculture is the primary sector. It is prior in time and naturally enough forms the basis for the other two sectors -- manufacturing and services. Without a solid foundation provided by an efficient agricultural sector, no society can prosper. Everybody -- factory workers, quantum physicists, doctors, programmers, … Continue reading On the Distress of Indian Farmers – The Introduction
If by capitalism one means “free market exchanges and production through the use of privately owned capital”, then indeed capitalism destroys jobs -- those jobs that are made redundant by increasing the productivity of labor. Imagine an economy which only produces food, and the only input to food is labor. Further imagine that the productivity … Continue reading Does capitalism destroy jobs?
The following is an extended edited excerpt from Arthur Ryder's introduction to his translation of the Panchatantra. What's the book about? Ryder begins his introduction with: "The Panchatantra contains the most widely known stories in the world. If it were further declared that the Panchatantra is the best collection of stories in the world, the assertion … Continue reading The Panchatantra — Textbook of Niti
Asking "Did Britain impoverish India?" is like asking "Is water wet?" Of course, Britain impoverished India during their rule as the colonial masters of India. To extract wealth from a colony and exploit its people is the primary motivation for colonization. Expecting the colonial masters to be a benign, self-sacrificing force is delusional. Colonization is not … Continue reading Did Britain Impoverish India?
To understand the relationship between producing, consuming, saving and investment, it is useful to start with a simple story. Imagine a Robinson Crusoe economy -- just one person in it. RC's consumption is limited to what he can produce by fishing, hunting and gathering. He allocates his time either laboring or enjoying leisure. If he … Continue reading Saving and Investment
The Sardar Patel statue, also called "The Statue of Unity" which is to be unveiled tomorrow Oct 31st, is the biggest statue in the world at 182 meters tall. Built at the cost of Rs 3000 crores, it must be impressive to behold because of its sheer size. It is supposed to represent unity of … Continue reading Sardar Patel, Power, Persuasion and Statue