I am persuaded that the word ‘democracy’ is one of the most abused words in India (another being ‘secular’.) The common people certainly don’t know what it really means or entails, but even the “intellectuals” (second-hand dealers of ideas, as Hayek defined them) and assorted pundits have only a feeble grasp of the concept at best.
Politicians cannot reasonably be expected to understand anything that requires intelligence and knowledge but people who claim to be educated cannot be excused for their ignorance of such a basic concept as democracy. Journalists, especially, ought to know what it means before they pontificate.
As a public service, let me provide a clue for the hundreds of millions of Indians and their sainted journalists what democracy means, and most importantly what it does not mean. Continue reading “What the Heck is Democracy”
The ever wise wiki states that the word culture “is an umbrella term which encompasses the social behavior and norms found in human societies, as well as the knowledge, beliefs, arts, laws, customs, capabilities, and habits of the individuals in these groups” and that “humans acquire culture through the learning processes of enculturation and socialization, which is shown by the diversity of cultures across societies.”
The world has an abundance of great intellectual giants in all sorts of domains, some living and some dead. Most of us can gain a lot of knowledge and wisdom from them — if we had the time, the motivation, the inclination and the ability to do so.
In a comment 
“The tragedy of collectivist thought is that while it starts out to make reason supreme, it ends by destroying reason because it misconceives the process on which the growth of reason depends. It may indeed be said that it is the paradox of all collectivist doctrine and its demand for the “conscious” control or “conscious” planning that they necessarily lead to the demand that the mind of some individual should rule supreme — while only the individualist approach to social phenomena makes us recognise the super-individual forces which guide the growth of reason. Individualism is thus an attitude of humility before this social process and of tolerance to other opinions, and is the exact opposite of that intellectual hubris which is at the root of the demand for comprehensive direction of the social process.”
In a comment to a post, Prabhudesai asked “Is competition always good?” The simple answer is “It depends.” It depends on the circumstances and on whether one gains or loses from competition.
Atanu Dey : Life is a Random Draw 
Prabhudesai referred to JEE (Joint Entrance Exam) in a comment and wrote, “An examination that has too much of competition resulting to very high cost of producing one engineer. For a poor country like India it is a massive blow.”
Is that type of competition good? That is socially wasteful competition. It belongs to a broad class of activities that are technically known as “rent seeking.”
One of the principal ways of obtaining wealth is by earning a profit. Profits are the difference between the cost of producing something and the price obtained from its sale. Profits indicate that wealth has been created and value delivered. Rent seeking occurs when one attempts to obtain some wealth without actually creating wealth.
Continue reading “A Bit on Rent Seeking”