In a recent Facebook interaction, Andrew Michael Spence, who got the Nobel Prize in Economics in 2001 with Joseph Stiglitz and George Akerlof, said India had suffered self-inflicted wounds to lower investor confidence.
Mrinal Datta Chaudhuri, MDC to his students, was beyond compare -- the stuff of tales and legends at the Delhi School of Economics. He was also a good intuitive economist.
'... for two reasons: the poor quality of education, and the low rate of female participation in the labour force.' 'Unless something is done quickly to remedy these problems, India will just have a large population of low-skill, low-wage, males trying and failing to feed their families adequately.'
Five per cent growth is disappointing but only after having reached nine per cent. However, it is still not all that bad, says Andrew Michael Spence.
