­“It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest.” – Adam Smith (June 5, 1723-July 17, 1790) Father of Modern Economics Today is 291st birth anniversary of Adam Smith. I was first introduced to this statement as attributed […]

The hottest thing in the market of ideas right now is the new book by French economist Thomas Piketty, “Capitalism in the Twenty-First Century“. Everyone is talking about it. Amazon has run out of stock. It is also the number one best seller on Amazon. The book features in the top 20 of the New […]

– शरद जोशी एक राज्य का नया वित्तमंत्री काकभुशुण्डजी से मिलने गया और हाथ जोड़कर बोला कि मुझे शीघ्र ही बजट प्रस्तुत करना है, मुझे मार्गदर्शन दीजिए. तिस पर काकभुशुण्ड ने जो कहा सो निम्नलिखित है:   हे वित्तमंत्री, जिस प्रकार कैक्टस की शोभा काँटों से और राजनीति लंपटों से जानी जाती है उसी प्रकार वित्तमंत्री […]

John Tomasi in his book Free Market Fairness makes a case for ‘market democratic’ interpretation of social justice, which he sees as a morally superior account of social justice due to its commitment to both economic liberty and a fair distribution of goods and opportunities, as against the familiar ‘social democratic’ interpretations of social justice. […]

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The art of economics consists in looking not merely at the immediate but at the longer effects of any act or policy; it consists in tracing the consequences of that policy not merely for one group but for all groups. – The One Lesson, from Economics in One Lesson. Early Life and Career Henry Stuart […]


on 20 November 2013

Today marks the 108th birth anniversary of Minocher Rustom Masani (1905-1998), popularly known as Minoo Masani. Masani was a three-time Member of Parliament and a leader of the Swatantra Party in India. In the inaugural essay for Profiles in Courage aptly titled “Minoo Masani: The Making of a Liberal”, his long time associate S V […]

Today marks the 98th birth anniversary of economist Peter Thomas Bauer (1915-2002). In a biographical sketch of Peter Bauer, Sauvik Chakraverti has characterised him as a ‘true friend of the world’s poor‘. This characterisation assumes greater significance when one notes the fact that Peter Bauer was the biggest opponent of the then mainstream idea that […]

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on 12 September 2013

Today marks the 133rd birth anniversary of Henry Louis “H. L.” Mencken (1880-1956), American journalist, editor and satirist. Mencken wrote prolifically about American life and culture, often criticising it. What better way to introduce the man and his work than a selection of his writings on a variety of issues. These selection have been taken […]

Today we celebrate Milton Friedman’s 101st birth anniversary and we take this opportunity to recount Milton Friedman’s connection with India. Milton Friedman in India[i] Milton Friedman visited India thrice during his lifetime. 1955: A Trip to North Block Friedman came to India for the first time in October 1955 under the auspices of International Cooperation […]

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on 2 January 2012

Jeff Sachs believes that the best way to alleviate global poverty is through massive doses of foreign aid (The End of Poverty). Michael Strong in his book Be the Solution offers a wager to compare two sets of countries after 20 years (p 190): Sachs–The 20 nations that have received the most government-to-government foreign aid […]

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