Archive for April 14th, 2017

How to deflect attention from core issues in Indian policy? Add digital/internet to policy…

April 14, 2017

The best way to deflect attention from any major issue in India is to say the 7 letter golden word: Digital. Be it anything from water provision to bus transport, the government has figured the magical word- digital/internet.

This is one such article which says Bangalore’s BMTC buses will be equipped with wifi.

(more…)

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Ghana and Ukraine central bank chiefs resign for different reasons…

April 14, 2017

It is always interesting to track central bank appointments, firing and resignations.

In just a fortnight, we have seen two resignations.

 

Too Late to Compensate Free Trade’s Losers

April 14, 2017

The usually superb Dani Rodrik has a piece:

Today’s consensus concerning the need to compensate globalization’s losers presumes that the winners are motivated by enlightened self-interest – that they believe buy-in from the losers is essential to maintain economic openness. Trump’s presidency has revealed an alternative perspective: globalization, at least as currently construed, tilts the balance of political power toward those with the skills and assets to benefit from openness, undermining whatever organized influence the losers might have had in the first place. Inchoate discontent about globalization, Trump has shown, can easily be channeled to serve an altogether different agenda, more in line with elites’ interests.

The politics of compensation is always subject to a problem that economists call “time inconsistency.” Before a new policy – say, a trade agreement – is adopted, beneficiaries have an incentive to promise compensation. Once the policy is in place, they have little interest in following through, either because reversal is costly all around or because the underlying balance of power shifts toward them.

The time for compensation has come and gone. Even if compensation was a viable approach two decades ago, it no longer serves as a practical response to globalization’s adverse effects. To bring the losers along, we will need to consider changing the rules of globalization itself.

India’s Financial Literacy Week: June 5-9, 2017

April 14, 2017

Indian central bank announced organising a financial literacy week  in June 2017:

To emphasize the importance of financial literacy, it has been decided to observe the week June 5-9, 2017 as Financial Literacy Week across the country.

The literacy week will focus on four broad themes, viz. KYC, Exercising Credit Discipline, Grievance Redressal and Going Digital (UPI and *99#). The five messages that will be communicated to the common man based on the above broad themes are available under “Financial Literacy Week” in the downloads section of the financial education webpage of RBI. in the country may display A3 size posters on the five messages in the local language in a prominent place inside the branch premises. These posters will continue to be displayed for at least six months in the branch premises even after the Financial Literacy week is over.

Robots and jobs: Evidence from the US

April 14, 2017

Daron Acemoglu and Pascual Restrepo research on emerging hot topic:

 


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