How a wider and renewed Panama Canal will reshape world trade once again…

May 26, 2016

Withing the usual cacophony on world monetray and macro matters, it is changes like these which are expected to reshape the world economy.

Canals played a major role in world trading and there has been huge politics around their construction. Panama Canal was also one such canal which overnight allowed ships to move from Atlantic Ocean to Pacific Ocean by crossing the canal instead of rounding  the South American continent coastline.

The Panama Canal is being revamped now and is being widened. It will now be able to take wider ships across Pacific:

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Three alternatives to become edcauted without chasing academic degrees..

May 26, 2016

Brian Ogstad has a piece on this.

I often ask myself, “If I could do it all over again, would I go to college?”

Most of the time my answer is a resounding no. The only reason I ever respond with a yes is that I love to teach economics at the college level and to speak and write about markets and liberty; but the gatekeepers would never let me “in” without a degree: a piece a paper draping me with legitimacy.

If it’s the education alone you value, you don’t have to go to college to get it. Learning can be had for free. If it is the shroud of legitimacy you seek, then who am I to tell you not to go? If your heart is set on a certain profession, and the gatekeepers of that profession demand certification, then go ahead and chase that paper.

For example, you can’t practice as a medical doctor without a college degree and state licensing approval. Otherwise, you shouldn’t just mindlessly ride the conveyor belt to ever more schooling. Here are three alternatives to the academic paperchase.

I am sure amny of us would agree and say no. Some might add they would love to go back to college but do completely different things than they did under peer and family pressure.

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How 140 characters aka Twitter has become so integral to Indian Govt…

May 26, 2016

This blog is over 10 years and 6000 posts old. There have been so many posts that the blogger himself is surprised to read through some old posts. But there are some which have stuck like this one where Bruno Frey poses a Tullock challenges for Facebook:

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Internship Program of Department of Expenditure, Ministry of Finance – 2016-17

May 25, 2016

The notice is here. Last date is 15th June 2016. A good opportunity to work at Ministry of Finance.

All these internships are highly welcome. Earlier there were no such things and required all kinds of contacts (called jugaad) to even get a glimpse, leave getting any such projects.

Though, I don’t understand why these internship programs from one ministry comes across multiple press releases. They should make it all consistent. A couple of months back there was one press release from DEA which the blog missed. Now DEA has declared the results.

The Finance Ministry could easily streamline this whole thing and make it free of memory. Just have one period to invite applications for all ministry departments and declare results together as well. Something like every Ist of April a press release could come inviting applications and results out by 15th May or so.  This will eventually get internalised and help many students who look forward to such opportunities during their summer break.

Anyways, just pass it on..

Did Prof. Joseph Stiglitz endorse Venezuelan socialism?

May 25, 2016

Things are falling apart in Venezuela as documented by scores of articles.

Here is a startling post by Tho Bishop who quotes Joseph Stiglitz:

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How Capitalism created modern motherhood..

May 25, 2016

This post appeared on Mother’s day. Nevertheless still an interesting read.

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Cricket should become more responsible towards waste and environment..

May 25, 2016

A good article by Tanya Aldred. How much should a person consume is not just limited to daily life but extending to other aspects as well like sports matches.

The whole idea behind anything in modern economy is buy, buy, buy and consume, consume, consume. If you get tired doing these two, start all over again. Cricket hasn’t escapes this curse.

The author looks at how cricket matches have changed with simple things available to everything available.

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Payment Bank- Three down..

May 25, 2016

The eleven players that were licenced make a cricket team which was expected to do wonders playing the game of financial inclusion.

But things are not going well at all and we. After the first wicket fell in March (Cholamandalam) and now very quickly two wickets have fallen. After Sanghvi/Telenor/IDFC became the second player, Tech Mahindra becomes the third player to drop out of the match.

Again no real reason for dropping out. The third player was in news for forming its management team not very long ago.

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Should US opt for longer term bonds of say 50 year and more?

May 24, 2016

The term premium to hold long bonds is in negative and lowest since JFK era.

Barry Ritholtz makes a case for US issuing 50 year treasuries. One can always debate pros and cons of ultra low rates. But the least US govt could have done is to take advantage of these low rates and issue much longer term bonds. Currently it stops at 30 years whereas so many countries have issued 50 year ones:

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Learning about economics using peanut butter and cupcakes…

May 24, 2016

St Louis Fed has these interesting lessons to learn economics. They are meant for class 1-3 but don’t see why they cant be used for senior classes as well. It is far better to learn economics using these methods than the boring books which emphasize algebra over common sense.

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What is it like to be the first US bank to do business in Cuba?

May 24, 2016

Here is an interview of David Seleski, CEO of Stonegate Bank which became first such bank. The interview reveals how a bank both gets trapped in bad relationships between two countries and also shapes them:

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India’s Central Asia dreams to set sail from Chabahar

May 24, 2016

A nice summary of the recent deals by Indian government in Iran. Coincidentally, I have been reading this book by Scott Levi which documents how Punjabi Khatri merchants traded in Central Asia.

The recent deal is all about going back to history:

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A penalty to surrender payments bank licence?

May 24, 2016

The case seems to be getting more interesting. What should be treated as a normal entry and exit in business decisions is getting lost in licences and penalties. After the two payment banks surrendered their licences, the licencor is not amused.

 

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How Financialisation is destroying US economy (how far is India from it?)

May 23, 2016

Rana Fourhar of Time Magazine has penned a new book on how Financialisation is destroying US economy. INET has an interview and here is a brief overview of the book by the author herself (thanks to Gulzar for the last link).

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Economists discover Quasi-Equlibriated economic sub-particle

May 23, 2016

Prof. Steve Keen who has taken multiple digs at conventional economics takes another dig at the macro world.

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How taxmen are tracking your Facebook pictures to ensure proper filing of taxes…

May 23, 2016

Never underestimate the government especially when it comes to collecting more and more taxes. One may be posting his/her pics on EB to draw several likes and neighbor’s envy but is now also drawing attention from tax authorities.

Next time you are hiding your taxes saying low business income etc for the year, pop will come a picture from your Facebook showing a foreign holiday recently. The question the tax person will ask is if incomes are indeed low how did this holiday come about?

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Another prospective payment bank surrenders its licence…

May 23, 2016

As the blog was travelling over the weekend, another news came from the newly licenced payment bank industry.  The news was not a good one as another player dropped out from the race after Cholamandalam group opted out of the race.

The second one to opt out is a venture headed by Mr. Dilip Shanghvi with Telenor and IDFC as partners:

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How surnames continue to matter for economic status even over six centuries….

May 19, 2016

There is a lot of criticism on Indian society for lack of inter-generation mobility. But pretty much similar things exist in western societies as well.

In this paper, authors look at an example of mobility from Florence, Italy:

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How globalization is shaping temple culture in India…

May 19, 2016

Ipsita Chatterjee Professor of Geography at University of North Texas has an interesting post.

She points to her visits to Akshardham Temple in Delhi which to her looks like a Disneyland experience:

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100 years of Karur Vysya Bank!

May 18, 2016

There is much news (which is mostly noise) about future of Indian banking. There is very little on history of banking and particularly some banks, no matter how fascinating and interesting this history has been all these years.

This is a crucial period of Indian banking in a way. As we look to create new banking institutions (with most being old wine in a new bottle – link one, link two), we often forget how old some of our continuing institutions are and how they continue to serve us for so long.

In this list, we ignore the new private sector banks created post 1994 as they are still new in the list (though some post 20 years now) and just look at the nationalised banks and old private sector banks . Here is how the list looks now:

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