The word nepotism and the name Narendra Modi do not belong in the same sentence. Just read this piece The Other Modis (Dec 29, 2017 2016) in the IndiaToday magazine.
While the story is very interesting and it does show up as a shining exception to the pervasive nepotism of politicians, I am not too touched by the neglect of one’s family. Family and friends matter because they are our support and our inspiration. Certainly, nepotism is bad but not caring deeply about one’s flesh and blood is not a virtue. Continue reading →
Money is important. The real economy cannot function without a stable and predictable currency. Money serves as a numéraire, which the wiki defines as “a basic standard by which value is computed . . . the numéraire is one of the functions of money, to serve as a unit of account: to provide a common benchmark relative to which the worth of various goods and services are measured.”
These days, nearly all money is fiat money issued by the central bank of an economy which is controlled (indirectly perhaps) by the government. The quantity, and therefore the “price” of money (which is the interest rate), is controlled by the central bank. Continue reading →
Celebrated economist Thomas Schelling died today at the age of 95. He was the recipient of the 2005 Nobel Memorial Prize in Economic Sciences for “having enhanced our understanding of conflict and cooperation through game-theory analysis”. I note his passing because he was instrumental in my recognizing that I belonged to his tribe — that I was at heart an economist. Mere accident led me to pick up his book Micromotives and Macrobehavior (1978) at the Sunnyvale Public Library sometime back in the early 1990s. He received his bachelors degree in economics in 1944 from UC Berkeley, my alma mater. Continue reading →
The Center for Civil Society convened a day-long conference on Nov 20th at The Claridges Hotel, New Delhi, to honor the memory of S V Raju. I attended and had the opportunity to meet with many friends and also some people I had heard about but never met before.