Modern economics needs to be based on Gandhian model of economics, says former vice-chancellor of Gujarat University at SPPU

Revisiting Mahatma Gandhi’s words which say that‘Economics is untrue which ignores or disregards moral values’, Prof Sudarshan Iyengar, former vice-chancellor of Gujarat University asserted that modern economics needs to be based on the Gandhian model of economics. He was speaking at a colloquium programme organised by the Savitribai Phule Pune University on Friday at the university campus. Iyengar said, “Modern economics teaches us to maximise the use with minimum resources. However, Mahatma Gandhi urged everyone to limit the wants. In modern economics, the biggest mistake that modern economic science has…

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Do Women Avoid Economics…Or Does Economics Avoid Women?

A recent New York Times piece highlighted the problems women continue to face in the economics profession. The article in question discusses the harassment experienced by female economists and touches on several related issues like the low number of women PhD economists (especially at senior ranks). This is hardly news to any of us in the dismal science. There have long been articles, both in the popular press and academia, about the underrepresentation of women and the challenges they face. Recently there was a particularly upsetting piece on the horrific language used by budding PhDs to describe their…

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Even a non-PhD economist can do well as RBI Guv: Ex-RBI Guv D Subbarao

Former Reserve Bank of India (RBI) Governor D Subbarao said even a non-PhD economist can do well as head of the central bank. In an interview to CNBC-TV18, Subbarao said the Centre should choose a candidate who can command respect from the market. His statement comes a day after RBI Governor Urjit Patel resigned from his post citing personal reasons. Subbarao said Patel was seemingly pushed beyond his level of comfort. Without speculating on who the next governor will be, Subbarao said, “The government will have the task of restoring…

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Quick Take | Gandhi family critic, Raghuram Rajan fan: How CEA Krishnamurthy sees the world

Much has been made of the support given to demonetisation by Krishnamurthy Subramanian, the government’s new Chief Economic Advisor. To be sure, he did write in his columns that demonetisation was a revolutionary act and that the poor were not the worst affected. He had disparaging things to say about the policies of the Gandhi dynasty, just before the elections to the Uttar Pradesh state assembly. He also wrote about the rise of crime in Uttar Pradesh under Mayawati and the Samajwadi Party, again just before the elections there. But…

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China’s consumers, factory output take a beating as economic gloom deepens

  China’s November retail sales grew at their weakest pace since 2003 and industrial output rose the least in nearly three years as domestic demand softened further, underlining rising risks to the economy as China works to defuse a trade dispute with the United States. The world’s second-largest economy has been losing momentum in recent quarters as a multi-year government campaign to curb shadow lending put increasing financial strains on companies in a blow to production and investment. The slowdown in Chinese industries has started to weigh on consumer sentiment…

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Opinion | When cows become white elephants

Cow cess in Uttar Pradesh | The Uttar Pradesh government aims to build shelters for cows across the state, the cost of which the public has to bear in the form of a “cow welfare” cess on excise and other departments. Ravi Krishnan Long before Swacch Bharat was a gleam in Prime Minister Narendra Modi’s eye, China’s Mao Zedong started a hygiene campaign in 1958. Prime among the measures: the citizenry was encouraged to kill four pests – mosquitoes, rats, flies and sparrows. To whip up fervour, the government also…

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China upbeat ahead of US trade talks, but differences large

China has sounded a positive note ahead of trade talks this week with Washington, but the two sides face potentially lengthy wrangling over technology and the future of their economic relationship. Both sides have expressed an interest in settling their tariff fight over Beijing’s technology ambitions. Yet neither has indicated its stance has changed since a December 1 agreement by presidents Donald Trump and Xi Jinping to postpone further increases. Envoys will have “positive and constructive discussions” during meetings Monday and Tuesday, said Chinese Foreign Ministry spokesman Lu Kang. The…

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