Archive for November 3rd, 2011

Importance of entrepreneurship – a video

November 3, 2011

Kauffman foundation (Disclaimer: This blog participates in their survey) sent an email informing of this superb video on importance of entrepreneurship. There is another one called Magic sauce.

I ahve seen teh first one. Pretty good and funny..

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The Fed’s Dark Age communications strategy

November 3, 2011

A provocative post by Nick Rowe of Worthwhile Canadian blog.

He says Fed’s communication strategy belongs to dark ages where nothing is clear:

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Political economy of Greece crisis and why India did not go the Greece way?

November 3, 2011

This is an amazing must read paper on the Greece crisis. On reading this you come to three points:

  • How Greece became a member of EMU despite being such a crony capitalist country?
  • Those who think after bailing out Greece things will be resolved, are just making a fool of themselves. This country needs a complete overhaul starting from government and will take a while for it to be a worthwhile economy.
  • In many ways Greece is like many of those companies like Enron etc that has been fooling all the stakeholders for a long time. And then comes a time when game is over embarrassing one and all. Greece became a developed economy (god knows how) despite many defaults in the past. On joining the EMU, it discovered it could borrow at rates equal to Germany without doing anything and continued to splurge. And now the game is over embarrassing all – banks, memmber EMU countries etc.
A similar perspective was brought by Michael Lewis who showed corruption is rampant even in religious places like monasteries. There was one such monastery which led to this crisis as well
Another afterthought on reading this paper is – Much of Greece happenings are similar in India as well (will become clearer on reading the paper and the post). This brings me to two qs as well:

What Economists/ Policy Makers can teach horror movie makers?

November 3, 2011

I just posted y’day on What Horror Movies Can Teach Economic Policy Makers.

There was a super comment from my brother Saurabh.  He said what about the reverse – What Economists/ Policy Makers can teach horror movie makers?

This is so true both in the global and Indian context. His suggestions were:

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