Grand schemes for macroeconomic policy coordination have a mixed record.
The Prime Minister should focus his energies now on reforming higher education.
There isn't much to prove the point that the problems of the US are because of globalisation.
How India engages with the world may have to change.
China, now has perhaps the lowest labour share of any major country in the world.
The World Bank's statisticians have changed the economic facts. Under these circumstances, Keynes, the economist, would have us change our opinions, while the great scientist, Einstein, would have us tamper with the facts especially if they clash with our theoretical priors. Which should it be? A little bit of both, it seems.
How special is India's recent performance? The International Monetary Fund's recent World Economic Outlook illustrates the dramatic improvement in economic performance across the developing world. Sub-Saharan Africa, which grew at just over 2 per cent during the 1990s, registered average growth of 5.5 per cent since 2003. Latin America's relatively anaemic growth rate of 3 per cent has similarly surged to over 5 per cent since 2004.
Imposing moderate restrictions on hot inflows need not damage the government's policy credibility.
The Indian system has shown capacity for learning by doing and learning from over-doing.
It is time to lay the Doha Round to rest and think afresh about trade negotiations.
Graduated education vouchers could be an answer to the rising discord over reservations.
The lesson for India is not that it should revert to distorting the price of capital but eliminate the distortions in the use of labour.
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