Today is 12-12-12. I suppose none of us reading this will be around for the next 12-12-12 when it rolls around in 100 years on 12th December 2112. It is a sobering thought. We’ll all be dead. You and I, and everyone we know will be dead by then. Sorry to rain on your parade. I wonder what it will be like in 100 years — and I am sure that no one knows today what it will be like, just as the people living in 1912 could not have imagined what it would be like to live in 2012.
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Markets work, in general. That’s like saying, people are healthy in general. But people do fall sick. Similarly, occasionally markets fail. That’s when you need intervention, not otherwise. But it cannot be any random intervention. The treatment has to fit the etiology of the disease. So also, market intervention has to be specific to the kind of failure the market suffers from. We must therefore first be sure why the market failed and only then try to fix it. If legislating a minimum wage is the solution, we need to ask what the market failure is.
Continue reading “Minimum Wages — Follow up”
Mr S Krishnamoorthy translated “Transforming India” into Tamil. He wrote a translator’s preface to go with the translation. But of course that preface is in Tamil. Therefore, here is an English translation of the translator’s preface in Tamil of the Tamil translation of the English version of the book. For the record.
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I. UC Berkeley
My alma mater, the University of California at Berkeley, is an extraordinary place. It consistently ranks among the top few universities in the world. The Academic Ranking of World Universities ranked it fourth overall—behind Harvard, Stanford and MIT. It ranks world’s second best in science, and third best in engineering, and in social sciences.
Continue reading “Buildings Don’t Matter, Intentions Do”
In response to my two earlier posts on “Understanding Economics” and its followup, the matter of minimum wages has come up in the comments. Some ideas have the peculiar characteristic that they appear to be good at first glance but lose much of their shine upon closer inspection. Minimum wages is one fine example of that set.
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