Archive for September 11th, 2014

What do Indian PM and Indian cricket captain have in common?

September 11, 2014

Superb question¬†from Gyanendra Keshri and equally superb answer — Both have the most important jobs in India. ūüôā

It is often said that the two most important jobs in India, respectively, are that of two champions: the prime minister and the captain of the national cricket team (number one and two position depends on the individual and perception). Politics and cricket dominate the average Indians psyche. Wherever you go, be it an elite socialite gathering or people sitting at a roadside dhaba or traveling in train or bus, the most common topic of discussion is either politics or cricket.

Then he goes onto compare the two jobs. He points to one lesson but misses an equally important one:

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How Wall Street is missing Chavez?

September 11, 2014

An interesting piece by Sebastian Boyd on Chavez and Wall Street. As the new President is not as authoritative and has been unable to keep the economy from sliding, Wall Street returns from Venezuela has declined:

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Life without Plan Com..Should new entity be called National Development Policy Commission?

September 11, 2014

I am loving the debates on Plan Com. How difficult it is ¬†for India’s experts to let Plan Com go is obvious. Most are just listing same functions for Plan Com, giving another name and so on. ¬†It is like life without Plan Com is really difficult to imagine.

Two recent articles on this. One by Shankar Acharya and other by Mihir Shah former PC member from 2009-14

First article by SA. Please no. This was my reaction reading Shankar Acharya’s piece on the to be dismantled Plan Com. I mean how will this be any different from the existing Plan Com?

After listing the new body’s¬†functions which are not any different, he names it as NDMC:

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How the committee that saved the world ended up nearly destroying it..

September 11, 2014

Adam White has this stirring piece in City Journal. article is a review of Geithner’s recent book.

This is a¬†piece which all the policymakers in economics and finance shot current should read. The central message is never take yourself too seriously. Don’t let current successes turn into hubris as you never know when¬†it will all come crashing down. One major reason why we saw such spectacular failures in economic policy-making in West apart from dubious economics was enormous amount of arrogance and belief that I know all. When the luck runs out it all becomes too ugly.

There should be far more humility than we see in financial elites across the world. All of them come from very similar backgrounds and education profiles. Much of the differences they try and show are just a hogwash. Most of the time, they try and take credit for much of that is happening across their economies and the world. We are seeing plenty of this in India too.

The committee of Rubin, Greenspan and Geithner (add Summers too) was seen as the thing in 1990s:

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