Archive for December 13th, 2018

History of Bangladesh Currency (Taka) is really interesting and worth researching…

December 13, 2018

Came across this article on an exhibition on Bangladesh history organised by the Bangladesh Deputy High Commission, Karachi.

The section comprising banknotes was also well-appreciated; Bangladesh Bank over the years has been changing the design of the banknotes in different denominations. Taka one first issued in 1973 had a typical Bengali woman pounding rice on one side of the note. Commemorative notes of 100 years of Bangladesh National Museum 1913-2013 were also displayed.

This got me thinking. After all, Bangladesh as East Pakistan shared its currency with West Pakistan. There were two branches of State Bank of Pakistan as mentioned in history of Bangladesh central bank:


The role of transaction costs in Douglass North’s understanding of economic history

December 13, 2018

Nice paper by Rosolino Candela of George Mason University:

The purpose of this chapter is an attempt to reconstruct the evolution of North’s approach to understanding economic history. Underlying this evolution has been an increasing recognition of the role that transaction costs play in explaining the economic performance of different societies through time. I argue that, as a by-product of North’s emphasis on transaction costs throughout his scholarship, he transitioned from a neoclassical to an Austrian understanding of the process of economic change.

The implications of North’s growing emphasis on transactions costs throughout his career was a growing importance of other complementary features of economic theory, shared by Austrians, to explain processes of institutional change throughout economic history. These features of Austrian economic theory include: methodological subjectivism; competition and discovery under uncertainty; a dynamic conception of learning through time; and the role of ideology in structuring the patterns of meaning and purpose attached to human action.


We should have institutionalised RBI autonomy (with accountability) and not its frictions with government

December 13, 2018

My new piece in moneycontrol..

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