“When the history books of the future are written, Alan Turing will go down in the company of Newton and Darwin and Einstein. His visions changed how humanity conceives of computation, information and pattern — and 100 years after his birthday, and 58 years after his tragic death, Turing’s legacy is alive and growing.” That’s from the Wired.com article celebrating Turing’s 100th birth anniversary who was born 23rd June, 1912.
Continue reading “Celebrating Alan Turing”
The majority of Indians today don’t know a heck of a lot about Mrs Indira Gandhi. Fact is that they were not even born when she ruled. Her descendants and her party, the Indian National Congress (how’s that for an oxymoron), continue her disastrous policies but Indians are mostly ignorant of how she ruthlessly set into motion India’s descent into serfdom. To reverse that slide, we have to start educating ourselves and our friends about what happened this week 37 years ago. Here are some sources for our edification.
Continue reading “Mrs Gandhi’s Evil Move — 37 years ago”
Our brains create the what we observe the world to be. A pretty awesome set of lessons on visual perception from the Mind Lab. Start with “Lesson 1: Illusion of an Uninterrupted World” by clicking on the thumbnail picture. The second lesson is on “Constructing a 3-D World from 2-D Images.” The next lesson is “Visual Interpretation of the Physical World.” And finally, “Perception beyond Sensory Input.” The web is amazing. There’s so much out there to learn. Have a fun weekend.
The question why some nations are rich while others are poor is not new. It has been the focus of economists for centuries. The great Scottish economist and moral philosopher Adam Smith dealt with that in his famous book, An Inquiry into the Nature and Causes of the Wealth of Nations, published in 1776 (that miraculous year.) That question can be particularized for India as “Why is India poor when it could have been rich?” It can be restated as “Why has India failed?” if by failing one means not being able to emerge out of poverty. Unfortunately, that question is avoided studiously by not just the general educated population but also by most economists who study India. Why is that?
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Economic growth, development, progress—whatever you call it—is neither inevitable nor impossible. There are lots of examples of economies that continue to struggle with economic growth. And there are many examples of economies that have made rapid progress. What distinguishes the ones that that succeed from the ones that fail is economic policies. Again an operational definition of “good economic policies” will have to do: those that work. Economic policies that most efficiently harness the available resources are those that work. Economists usually categorize resources used in production -– into land, labor, and capital. Of these, human resources is the most critical. It follows then that policies that value human resources are the ones that work.
Continue reading “India is Poor by Choice”
What is poverty? Who’s a poor person? What’s a rich economy? These questions have engaged some of the brightest people for centuries — and no doubt it will continue to fascinate some for centuries. My answer to what is poverty is simple: poverty is a lack of stuff. A poor person is one who does not have enough stuff. It is a technical word. You may not see it used very extensively elsewhere but stuff is a very important word.
Continue reading “Ideas dictate the destiny of economies”
On twitter, I got into a bit of back and forth with two people about economics. In 140 characters, one cannot have a real argument. Instead it is just a series of assertions. One gentleman came down heavily against the idea that economics studies human behavior. It’s all about money, he seems to think. Another person got angry at the claim that “markets work” because, as he pointed out, they fail. I responded, tongue in cheek, “Planes don’t fly. They crash. They kill people and are worthless for transportation.” That set him off a bit more. C’est la vie.
Continue reading “What is Economics?”