Archive for October 14th, 2014

Swiss Gold Referendum: Issues and Implications..

October 14, 2014

Swiss Gold referendum is going to be an interesting event to watch out for.

Claudio Grass of Mises Institute speaks to a Swiss expert on the topic. Points to some insights into Swiss political economy and how if voted yes it will impact central banking and gold..

Arthashastra beyond economics and realpolitik…

October 14, 2014

The beauty of classics in economics is it is just not about economics alone. These books which continue to shape our economic thinking, were much more than economics. These usually covered a wide range of issues like politics, society, psychology, ecology, trade and so on.

Arthashastra is one such book which though is seen as a book on economy and politics, is actually much more. The people then had far more things to observe than their spreadsheets and as a result engaged with much broader spectrum.

Deepshikha Shahi Prof Political Science at the University of Delhi writes a paper in this regard. She says one can look at Arthashstra from an international relations angle as well:

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Are Services the New Manufactures?

October 14, 2014

Dani Rodrik in his new piece asks this question. His answer is obviously no..

He remains sceptical that services sector can replace the manufacturing space:
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Adjusting Human Development Indices with inequality…

October 14, 2014

Prof Joe Stiglitz has this interesting point on growing malaise in US economy. What was once a huge pride is now a huge failure and source of embarrassment:

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Jean Tirole is perhaps the closest a Prize winner has been to Graduate/PhD students….

October 14, 2014

You can hate him but just cannot ignore him. The Prize for 2014 has been given to Prof Jean Tirole of Toulouse 1 Capitole University.

There were two reactions from my friends. First said never heard of him and second had perhaps only heard of him. The first one is working in the elite finance industry and second is a PhD student in economics.  I mean why would a finance professional be interested in anything but markets and how can a PhD student ignore Jean Tirole?

Doing a PhD, the name Tirole keeps coming to haunt you quite often. His stamp on the subject is so vast that you just cannot avoid him in your coursework. He has written textbooks specifically for PhD students in industrial organisation, game theory, finance, banking etc and are hugely recommended. If this is not enough, his large number of papers are obviously there. The sheer work he has produced makes one scratch his/her head if all this is real or surreal? And then most of his papers/books are not for the faint hearted. The struggle to get through a few pages is an enormous task given the math and complexity involved.

So a really interesting choice. As this second friend said- this is the closest a graduate student has ever felt to the prize winner. Most of the time, even graduate students do  not know the works of the choices in a given year unless you have specialised in the area. But with Prof Tirole this is a rarity. If a Phd student has completely missed Prof Tirole then either he/she is lucky or needs to redo his coursework.

Prof Tirole has influenced a lot of fields and continues to dominate the space. Even if you ignore the math, his illustrations in industrial organisation are quite interesting and obvious as well.  I guess now Prof Tirole should also write a book for general public as well,,,


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