The Royal Swedish Academy of Sciences on Monday announced that American Paul Krugman has won the Nobel economics prize "for his analysis of trade patterns and location of economic activity."
If writing newspaper columns merited Nobel prizes, Indians would have many more of them. But Professor Krugman is also amongst the most eminent academic economists in the US. He was awarded the John Bates Clark Medal in 1991; the award is given every alternate year to an American economist under the age of 40. Twelve of the first 23 have gone on to win Nobel prizes.
The rupee's recent decline is sharp, yes, he says, but the tale would be scary if India was like the Asian crisis countries of 1997-98, or even Argentina in 2001, when large amounts of debt was denominated in foreign currency. According to him, India's percentage of external debt to GDP was around 20
Even though this year's Nobels have come in for some criticism, in one field at least, the committee seems to have got it absolutely right.
Reserve Bank of India Governor D Subbarao on Wednesday contested the idea of "making banking boring" to bring back economic stability, mooted by Nobel laureate Paul Krugman in the wake of global financial meltdown.
Donald Trump is catering to the basest fears and prejudice of unenlightened Americans -- yes, there are those too, in sizeable enough numbers to elect one of their own as president. That would most certainly not Make America Great Again, asserts Shreekant Sambrani.
Biden, seeking a second term in the White House, stumbled and fumbled during the televised presidential debate with his predecessor Donald Trump on Thursday night in Atlanta, setting off alarm bells among top Democrats about whether he can stay atop the gruelling months ahead of the elections on November 5.
Crises are teachers. There are lessons to be learnt from the current one as well, says Suman Bery.
A 360-degree view of the man, his family and his pioneering work on education.
A 360-degree view of the man, his family and his pioneering work on education.
Trump's sweeping tariffs and penalties on China-built ships have turned global shipping into the front line of economic war, observes Shyam G Menon.
Avinash Dixit, John J F Sherrerd '52 University Professor of Economics, Princeton University, is a pioneer of the game theory and a major influence on Nobel laureate Paul Krugman's acclaimed work on international trade. Dixit, who spoke at the Delhi Economics Conclave on December 14, in an interview with Business Standard, talks about importance of collective action and social ostracism in fighting corruption.
The global economic crisis of 2008-09 has triggered much soul searching in the economics profession. How come only a few economists saw it coming? Was it because the profession was blind to the very possibility of catastrophic failures in a market economy, as Nobel laureate Paul Krugman put it?
'Well, what can be done now, when the economy is tanking? 'Austerity', the officials cry. That would be fine, but austerity by whom? Normally, the answer is: Belt-tightening by the common man (Indians already pay some of the highest prices in the world for petroleum products, and a lot of that is punitive taxes), but ostentatious spending and extravagance by the political classes and their cronies,' says Rajeev Srinivasan.
Standard and Poor's action has left many speechless.
Among other recipient of the US President's unique award were ABC News, CNN, Time and The Washington Post.
French economist Jean Tirole won the 2014 economics Nobel Prize for his analysis of market power and regulation, the RoyalSwedishAcademy of Sciences said on Monday.
AI will continue to grow in capacity, and the newer versions will keep us in a state of hypnosis. But there would still be a shadow of uncertainty, predicts Atanu Biswas.
The crushing of this tiny entity by demanding creditors should be a lesson for all countries, warns T N Ninan.
But Trump is about to announce his candidacy for president in 2024. And it is not clear if Florida Governor Ron DeSantis, the present hero of disenchanted Republicans, or Biden, who says he might seek re-election (but will decide in 2023), can checkmate Trump, notes Shreekant Sambrani.
Protectionism and a rollback of regulation. Defusion of tensions with Russia and a lowering of geo-political risks. Looser fiscal policy and tighter monetary policy. At least Donald Trump can't be faulted for not trying something different where existing policies have disappointed, says T T Ram Mohan.
Poor quality of education is one of the most important reasons for high unemployment in India, says Kavita Nigam.
Talking corporate heads are a barometer of the business community's engagement with the economy. If they have nothing to say now there should be cause for concern.
'The macro-economic stresses -- high interest rates, rupee depreciation and capital flows -- have receded now.' 'Interest rates have come down, inflation is down and the rupee has bounced back.' 'If oil prices continue at this level, there will be no vulnerability.' 'Growth is a different story.'
Thanks to rupee depreciation, India has a chance to fundamentally rework its stifled manufacturing sector.
It would be a huge achievement if the new administration manages a successful transition to some sense of domestic and international normalcy in these frantic times marked by the pandemic and rise of illiberal regimes across the world, observes Shreekant Sambrani.
The second debate soon turned ugly with the Republican nominee going on the offensive with personal attacks, but Democratic rival accuses him of diverting attention from the lewd tapes.
'I feel now we have a leader who is non-corruptible.' 'But he needs time as corruption is deep-rooted in our society, and people have no shame about being corrupt.' 'It will take at least 7 years to make some changes.'
If the impact of the Greece crisis spreads across Europe and parts of the world which are more interconnected than ever before, India cannot hope to be insulated, says Paranjoy Guha Thakurta.
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