Archive for January 30th, 2013

From Monetary Science, Fiscal Alchemy to monetary alchemy, fiscal science

January 30, 2013

A nice article by Jeff Frankel. He says earlier we thought monetary policy was a science and fiscal was alchemy. Time to think otherwise..

2013 is a 100 year anniversary for 2 institutional innovations- income tax and Federal reserve..

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Prof. Avinash Dixit’s suggestion to curb corruption (based on Lin Ostrom’s insights)

January 30, 2013

Prof Avinash Dixit has this interesting paper on resolving corruption in India (and elsewhere). He is to discuss the paper at IGIDR in early Feb as well.

His suggestion is very different from Kaushik Basu’s who wanted different incentives  for bribe taker and bribe giver. But am sure like Basu’s suggestion this should also bring some interest and discussion.

Prof. Dixit uses the community approach on lines of Lin Ostrom. Here corporates ostracize those companies which are found engaging in corruption. And this ostracisation is going to happen on terms agreed mutually by the industry.

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