Margaret Thatcher’s Tribute to Friedrich von Hayek

To mark the 75th anniversary of the publication of Friedrich Hayek's The Road to Serfdom, several of Hayek's personal items were auctioned at Sotheby's in London on March 19th. Hayek, together with Gunnar Myrdal (the economist from the opposing camp), was awarded the "Nobel Memorial Prize" (not really a Nobel prize) in 1974. At Sotheby's … Continue reading Margaret Thatcher’s Tribute to Friedrich von Hayek

What Explains China’s Rise? — Part 3

Samuel Johnson (1704 - 1789), the great lexicographer, noted that "knowledge is of two kinds. We know a subject ourselves, or we know where we can find information upon it."[1] Although I know fancy little about China, I do know where that knowledge can be had. There are very credible experts on the subject of … Continue reading What Explains China’s Rise? — Part 3

What Explains China’s Rise? — Part 2

The most concise answer to the question, "What explains China's rise?" is one word: luck. (On the left, the Chinese character for luck.) Actually luck has been a major factor in the rise of all nations that escaped the grip of poverty. Economists, starting with the classical economists like David Ricardo and Adam Smith around … Continue reading What Explains China’s Rise? — Part 2

What Explains China’s Rise?

In any discussion on economic development, China invariably shows up. How did China manage an economic transformation that it now rivals even the greatest developed economy? Isn't it amazing that China did that without being a democracy? Or maybe precisely because it is an autocracy that it could do what India, the largest democracy in … Continue reading What Explains China’s Rise?

Ask Me Anything: Owl in the Plane edition

So I am back at home after wandering around in India. I flew Jet Airways between BOM and LHR, and Virgin Atlantic between LHR and IAD. Talking of Jet Airways, an owl had offered to pilot one of their 777s. An owl was waiting for pilots this morning in Boeing 777-300ER’s cockpit prior flight to … Continue reading Ask Me Anything: Owl in the Plane edition

Happy Birthday, dear Mr Charles Darwin

Today, Feb 12th, marks the birth anniversary of one of humanity's greatest innovators. Charles Darwin was born on this date in 1809. And so was another great man -- Abraham Lincoln -- born on the same day and and the same year as Darwin. Darwin was one of two people who came up with the … Continue reading Happy Birthday, dear Mr Charles Darwin

Whoever Fights Monsters — Revisited

My blog post of Jan 26th (Whoever Fights Monsters ...) was republished by The Quint and subsequently ended up on Yahoo also. At the Yahoo site, a few hundred comments (and replies to comments) were posted. Most of the comments were critical of my opinion, and many simply declared that I was a paid Congress … Continue reading Whoever Fights Monsters — Revisited