Archive for March 13th, 2019

Woori Bank: witness to Korea’s modern economic history

March 13, 2019

Nice bit on Korea’s banking and economic history:

South Korea’s financial districts Yeouido and Jung-gu have experienced the country’s ups and downs throughout modern history, with few businesses surviving the political and financial upheavals.

And only a few are as steeped in the nation’s financial history as Woori Bank, one of South Korea’s four major lenders, established 119 years ago. 

The bank’s roots are embedded in Daehan Cheon-il Bank, which was established by Emperor Gojong in January 1899 with funds from the Joseon-era imperial family, according to a report from Woori on its history.

Hmm…

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How WhatsApp forwards are ‘powering’ India GDP growth

March 13, 2019

Vivek Kaul in this satire titled Mint piece dispels the hype around India growth story.

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Bringing epistemology back into economics curriculum..

March 13, 2019

Fascinating short paper in EPW by M.A. Oommen, honorary fellow at the Centre for Development Studies, Thiruvananthapuram.

The concept of epistemology, derived from the Greek word episteme (knowledge) and logos (reason) refers to the theory of knowledge. An important branch of philosophy, it is the study of the nature, origin and limits of human knowledge. The nature of knowledge is as important as the origin of knowledge in generating relevant epistemology.

No scientific study can be evaluated or justified by the norms of faith or dictates of authority. For example, the discoveries of Copernicus (1473–1543) and Galileo (1564–1642) were epistemologically shocking to the College of Cardinals who had the monopoly of knowledge in the 16th century in Europe. Ultimately only scientific truth and not beliefs can promote and sustain progress. Kuhn’s (1962) view of the evolution of science as characterised by long periods of gradual “puzzle-solving normal science” followed by paradigm shifts offers an explanatory hypothesis about the nature of knowledge creation. Ola Olsson (2000: 254) argues that knowledge is created through convex combinations of older ideas and through paradigm shifts. We investigate in what manner this happened in economics.

The nature of knowledge creation in the discipline of economics, has not been subjected to any in-depth analysis or interrogation. The almost unquestioned dominance (certainly during 1980–2008) of neoclassical economics in the academic profession and the rather pathological antipathy to Marxian epistemology and institutional economics has not been subjected to proper scrutiny. What I am concerned here is not Marxism as a creed but Marx’s unique contributions to the knowledge of understanding the dynamics of economic progress and the nature of the process of social history.

On economics curriculum in India:

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