The Indian Economy Blog

Archive for the 'Economic History' Category

India’s Development Prospects: Between Doomsday and Utopia?

Friday, November 7th, 2008

Progressive critiques of India’s recent development prospects are often marked by schizophrenic worldviews – between what is and what ought to be. Mira Kamdar’s recent piece in the World Policy Journal illustrates this well. By Ms. Kamdar’s account Indians are heading down an inevitable path to doomsday. Malthusian population pressures, resource scarcity, global warming, environmental [...]

Biggest Lesson From The Great Depression

Tuesday, September 30th, 2008

Ilian Mihov, Professor of Economics at INSEAD, holds forth on the lessons of the collapse of the ‘golden age’ of the late 1920s. What is the biggest lesson from the Great Depression? In my view, it is that monetary policy and the financial sector play a crucial role in economic development. Let me put it [...]

To Hoard Or To Invest…

Thursday, April 17th, 2008

The Reserve Bank of India is considering launching a Sovereign Wealth Fund which will effectively allow it to invest its excess reserves in higher yielding assets that are off-limits to it right now. This is on the back of the $5 bn set aside in the 2007 budget for the India Infrastructure Finance Corporation. Critics [...]

International Trade, Population and Productivity

Saturday, January 26th, 2008

A new research paper titled Trading Population for Productivity: Theory and Evidence by Oded Galor and Andrew Mountford focuses on a novel Unified Growth Theory. The paper argues that the – differential effect of international trade on the demand for human capital across countries has been a major determinant of the distribution of income and [...]

Congratulations To Raj Chetty

Tuesday, January 8th, 2008

Raj Chetty, an associate professor of economics at the University of California, Berkeley, is the winner of the The American magazine’s 2008 Young Economist Award, a research grant of $100,000 provided by the Searle Freedom Trust. … To be eligible for the award, economists have to be featured in the magazine’s bimonthly column entitled “The [...]

Feeling Good About Indian Economy

Sunday, December 23rd, 2007

As another year draws to an end, extracts from two speeches delivered this year — one by an ex-finance minister (who happens to be the current Prime Minister) and another by the current Finance Minister. Both the speeches were delivered to a foreign audience and the extracts reproduced here cover only the hard facts, not [...]

Indo-Russian Relations Not “Special”… They Never Were

Sunday, November 25th, 2007

Demolishing the myth of “historical ties” and “strategic partnership that has stood the test of time”. Noted defence analyst Ajai Shukla, in his column for the Business Standard (reproduced on his blog Broadsword ), has highlighted the changing paradigm of the Indo-Russian relationship. He also suggests that India has been unable to come to terms [...]

Let’s Go Pick Some Cherries

Wednesday, October 17th, 2007

Praising Dweep’s post, Pragmatic asks “Where will the demagogues [sic] of right and left seek refuge? Bravo!” I don’t know about the demagogues of the right or left, but this ideologue of the right seeks refuge in logic and data – and he doesn’t cherrypick data to find what suits him. First, Dweep has managed to [...]

Russia’s Rouble Advantage

Monday, September 24th, 2007

Tajikistan, under the Russian influence, has repudiated the Indian proposal for an air base in the strategically important Central Asian republic. The Russians have pressed the Tajikis for this eviction to pressurise the Indians into favouring the Russians while signing the lucrative multi-billion dollar defence deals. The Russian insistence comes as no surprise as over [...]

Fortune 500 Facts for Indian Businesses

Sunday, September 9th, 2007

Chris Zook, director of global strategy at consulting firm Bain & Co., highlights certain facts from Bain’s analysis of Fortune 500 companies over last two decades. He contends that only one-in-three from the Fortune 500 companies in 1994 survived intact, i.e., without bankruptcy, without acquisition by or integration into another company, or without fundamental changes [...]

Puncture Mishra (Bongopondit edition)

Tuesday, August 14th, 2007

Bongop’o’ndit rips apart another Pankaj Mishra article: Pankaj Mishra writes an opinion piece for Outlook’s India at 60 issue , seemingly cautioning on excessive championing of and reveling in India’s current resurgence at the cost of insensitivity to myriad problem that still plague the country. I say seemingly because that’s how he starts, and then [...]

Entrepreneurship : How India Scores Over China

Wednesday, August 1st, 2007

INSEAD Affiliate Professor Patrick Turner surmises that the speed of entrepreneurship development in China is likely to erase the lead that India currently enjoys in entrepreneurship over its northern neighbour. In his view, the entrepreneurship bandwagon in both the countries has been fueled by a combination of a number of overseas residents returning to the [...]

Colonialism As A Cause Of Income Inequality

Friday, June 15th, 2007

Economist Luis Angeles suggests (in his paper Income inequality and Colonialism) that we can lay part of the blame for income inequality in the new world on colonialism: Our paper’s main point is that colonial history is a major explanatory factor behind today’s large differences in inequality among the world’s countries. We have reviewed the [...]

The Indian Army Part 2

Friday, June 15th, 2007

Budgeting- ‘Guns versus Butter’ The Indian budgeted defence expenditure (DE) for the current year (2007-08) is Rs. 96,000 crore and the Indian Army’s share of this pie is approximately 47%. The DE is 2.07% of the GDP; the corresponding figures for Pakistan and China are 3.4% and 2.8 % respectively. But there is a caveat [...]

Niccolo Explained The Difficulty

Sunday, June 10th, 2007

But India needs to renew its love for rights and freedoms Jerry Rao’s op-ed in today’s Mint is a must read. That is why we are forced to ask ourselves: should we not have a political party that is a khullam-khulla defender of markets and an opponent of an intrusive state? S.V. Raju of the [...]

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