Archive for September 7th, 2015

Pre-payment issuers petition RBI on payments bank licence issue..

September 7, 2015

Just a follow up to the previous post on payment banks licencing,

The pre-payment companies are looking to petition RBI in why they were ignored from the list. Interesting..

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Economists and knowledge of Constitution (and other laws)

September 7, 2015

One serious drawback in economic teaching is increasing homogeneity (i.e. everything seen from US lens or US alone matters) and ignorance of subjects like law, society and so on from the subject. The end result is economists from US alone matter and all advice comes as it applies in US. It also means complete ignorance of things which matter to the country who is being adviced. A bigger problem emerges when country based economists start copying those in US and stop reading and knowing things that matter to the country.

TCA Srinivas Raghavan has a piece which broadly talks about this trend. He speaks about several NRI economists who advice India to unleash labor reforms without  reading the constitution and other labor laws. He starts with him viewing several presentations and equal disappointments with the usual talk of labor reforms. He asks most such presenters on whether they have read Indian (not US) Constitution and Industrial Disputes Act. Most say no and those who say yes are clueless as well. So what is there in these 2 frameworks:

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