Assorted Links

1. WSJ Blog points to fedspeak- James Bullard, Kohn. It also summarisesthe proceedings a Boston Fed conference celebrating 50 years of Philips curve. It points ECB not to do a series of rate hikes

2. WSJ Blog has a fantastic post- Philips vs Friedman. You keep hearing insider stories on how certain paper was written, how this work isn’t original and was copied/stolen from someone etc.

3. Nudes has fantastic posts (as usual)- overconfidence is commonplace, nudges to improve office-life.

4. Mankiw points to Harvard/Yale duoploy in presidential elections

5. Frankel reaffirms the view that low interest rates are responsible for high commodity prices

6. TTR points to IIT expansion. I think we should leave IIT/IIM aside and focus on building other colleges in India. The standards are abysmal elsewhere and won’t improve if the focus is only on IITs etc. They are the best in the country and get the best students, faculty etc. The attention has to move to other Universities, colleges etc Otherwise name all engineering institutes as IIT.


2 Responses to “Assorted Links”

  1. Avid reader Says:

    Agreed. We already have a good invested base in higher education. They should think about sprucing up these institutions rather than building new ones. The only advantage I see in building new ones is the fact that they start with a clean slate without any old baggage. Sometimes it is difficult to transition into a new institutional culture.

    Which brings me to another question. Why are we still focussed on engineering and management? What about other sciences and arts? In my schooldays, teaching of economics was poor to non-existent. Besides that creativity is best fostered by promoting art and related courses. But we are still stuck in the old technocratic mentality.

  2. Amol Agrawal Says:

    The entire education sector is in a mess as the focus is on brand names- IITs, IIMs etc. No one looks at education in a holistic manner. Why does the government focus on setting up new IITs and IIm? Why not new engineering and management colleges by different names? Why should they continue to get special status esp. when they are doing really well as far as placing students is concerned. Right now, the brand effect is so much that all govt. need to do is convert all the engineering and management colleges as IIT and IIM. This leads to companies flocking these colleges and you see that virtuous circle.

    As far as other fields are concerned I guess it is incentives. No parent would want his children to take up arts etc and find it difficult to earn a living. The only way such fields can prosper is by some govt. support (whether we like it or not) or some way to make thie entire thing profitable for the private sector to invest in.

    Private sector can only step in case of profits. Some cite education as an example that has interested private sector but this has hapenned only after it could see profits. And again profits could only be realised as because of govt steps to set up IIT/REC/IIM led to supply of good human resources. Again because of art funds, we see some interest in paintings but it is too limited. I keep reading about people in theatre living miserable lives but hardly get any support. So, the best actors have to take up cinema occasionally or shift their base completely.

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