Indian - Economist | February 3, 1963 -
Indian cricket fans are manic-depressive in their treatment of their favorite teams. They elevate players to god-like status when their team performs well, ignoring obvious weaknesses; but when it loses, as any team must, the fall is equally steep, and every weakness is dissected.
Raghuram Rajan
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Customers often value a good more when its price goes up. One reason may be its signaling value. An expensive handcrafted mechanical watch may tell time no more accurately than a cheap quartz model; but, because few people can afford one, buying it signals that the owner is rich.
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If developed countries' citizens want to feel slightly better about their economies' slow growth and high unemployment, they should contemplate how much worse matters could be without the institutions that they have.
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The American political scientist Francis Fukuyama has argued that liberal democracies, with their political freedom and economic success, have three important pillars: a strong government, the rule of law, and democratic accountability. I would add a fourth: free markets.
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We should make sure that unscrupulous schools do not prey on uninformed students, leaving them with high debt and useless degrees.
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Indian-ness, love for your country, is complicated. For every person, there is a different way that you show respect for your country... my mother-in-law will say karmayogi is the way to go - do your work.
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Too many years away from academia renders you pretty incompetent at research and teaching. So I had to go back.
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How do we get more politicians to move from 'fixing' the system to reforming the system? The obvious answer is to either improve the quality of public services or reduce the public's dependence on them. Both approaches are necessary.
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I have said repeatedly that the way to sustainable growth is to bring down inflation to much more reasonable levels.
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Instead of abandoning competition and giving banks protected monopolies once again, the public would be better served by making it easier to close banks when they get into trouble. Instead of making banking boring, let us make it a normal industry, susceptible to destruction in the face of creativity.
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The government will always tell you that it wants low inflation. The real issue is the horizon over which to bring inflation down.
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I am not a 'doom and gloom' guy.
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