Archive for May 5th, 2015

Great & Beautiful Lost Kingdom of India

May 5, 2015

Nice historic article by William Dalrymple – http://www.nybooks.com/articles/archives/2015/may/21/great-and-beautiful-lost-kingdoms

Discusses vividly how Indian culture and ideas spread thorough out the world. It was mostly a one way direction. Such was the dominance of Indian discourse. A pity much is lost as we keep ourselves obsessed with other countries.

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Real meaning of central bank independence – independent from govts but slaves to financial markets

May 5, 2015

A nice rejoinder by Anantha Nageshwaran on the overhyped idea of central bank independence.  – http://tgs.nationalinterest.in/2015/05/05/central-bank-independence/

He says CBI means independent from govt but complete slaves to financial markets:

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History of India’s forex market..

May 5, 2015

Nice speech by G Padmanabhan, retiring ED of Indian central bank http://www.bis.org/review/r150410c.pdf

He handled the forex department and tells this useful story of evolution of Indian forex market. A good read..

 

Rothbard and Market Economics in China

May 5, 2015

Nice interview of Jing Jin, a Chinese economist on whether Asutrian economics is followed in China  — https://mises.org/library/rothbard-and-market-economics-china.

It seems Hayek and Austrian school is quite well known in China:

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Deregulate One day cricket?

May 5, 2015

An interesting piece on state of cricket – http://www.epw.in/web-exclusives/bash-bowlers.html

The author says WC 2015 team is patting itself on the back for nothing. True it was a commercial success but quality of cricket was a problem. This is much like the debate we see in economics. Quantity of growth rates vs quality of the growth. The pressure was most felt on ODI cricket which got a challenge from a younger and exciting cousin – T20s. In a way, T20 did to ODI what ODI did to tests.

So how to revive ODISs? One can bring some analogy from economics here. Either we go the state way where the ICC (read BCCI) sets a committee and brings some new rules. Or we go the market way where you just deregulate and let markets (teams/players) decide how to play:

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