13 Economists and their Economic Strategy for India

Former governor of RBI Dr. Raghuram Rajan and MIT professor Dr. Abhijeet Banerjee have written an article, viz. Eight things India must do in 2019, in Times of India on 1st January, 2019[i] in which they present a list of eight things which according to them India, government and people collectively, must do in new […]

Modi’s Universal Basic Income Gambit

According to the MSN news, the Modi government is preparing to introduce a universal basic income (UBI) scheme before next year’s general election. The government will transfer a certain amount into the bank accounts of citizens who are unable to earn an income. The Centre has been facing a relentless Opposition onslaught over a slew […]

J B. Say and Today’s Fiat Paper Money Standard

What is money? What are the qualities of money? Is the note of rupee, that you hold in your hand daily, money? What is wrong with today’s fiat paper monetary system which is in the root of our problems of inflation, business cycles, government’s reckless spending and ballooning fiscal deficits, central bankers’ enabled nation state […]

Capitalism, Overpopulation and the Environment

It is difficult to place oneself in the national conversation without entering the hotly debated sphere of “sustainability,” and what needs to be done to create a “sustainable” future, characterized by the usage of resources such that future prosperity is not hindered. It would seem as though the key to ensuring the existence of sufficient […]

RBI Governor Dr. Urjit Patel Resigns

As I opined in my previous article, the RBI governor Dr. Urjit Patel has today resigned finally after a long tussle with the Narendra Modi government. As I discussed earlier, Modi government is under intense pressure to boost the growth and employment figures in the run-up of its reelection next year. The only way in […]

The Wisdom of Étienne Bonnot, Abbé de Condillac – Part II

We saw the brilliant insight of Condillac in my last article. In the second part of his book Condillac discusses the evil effects of many different kinds of government restrictions on the free trade. He brilliantly uses the economic principles developed in the first part to prove his points. His arguments are so lucid and […]

The Wisdom of Étienne Bonnot, Abbé de Condillac

In this article I am going to review French philosopher Étienne Bonnot, Abbé de Condillac’s monumental work, Commerce and Government considered in their Mutual Relationship. Condillac originally published this book in 1776, just few months before Adam Smith’s Wealth of Nations. Today the book is published by the Liberty fund and is available in both […]

The Maternity Benefit Boondoggle

In March 2017, the Modi government amended the Maternity Benefit Act to increase paid maternity leave from 12 to 26 weeks for all women employees in establishments employing ten or more people. At that time we wrote that the end result of this scheme will be more unemployment for women employees. Instead of getting any […]

RBI vs. Government

The RBI vs. Government battle is intensifying. The Narendra Modi government intends to keep pressing demands for the country’s central bank to relax lending curbs and hand over surplus reserves, amounting to whopping 3.6 lakh crore, even if it risks provoking a resignation by the bank’s governor. After the debacle of demonetization and GST, the […]

Is “Excessive Competition” a Problem?

The Finance Minister of India Mr. Arun Jaitley at the National Conference on Public Procurement & Competition Law recently said that, We wanted multiple players because they would ensure the largest consumer interest. But there can be several other impacts. Excessive competition, at times, can result in pricing of a nature that that sector of […]