I read Kaushik Das' column in today's Mint with great interest.
It is titled "Understanding The Fiscal Mess" and it predicted that India's sovereign credit rating would be downgraded because our fiscal situation is dismal.
Kaushik has just written to me saying that this has indeed happened: Standard & Poor's have, less than an hour ago, revised the outlook on the sovereign credit rating of India from stable to negative.
Kaushik is an adherent of the Austrian School of Economics, probably the only one with such a theoretical understanding in the Indian market. He is an economist with Kotak Mahindra Bank.
The column, and the correctness of the prediction therein, are proof that the Keynesians are a bunch of bozos.
In case you want to compare, read Pulin B Nayak's column in the ToI of today, supporting Keynesian bullcrap. Professor Nayak teaches at the Delhi School of Economics, and is a "government servant." So you know where not to go for higher education.
Congrats Kaushik. Well done.
It is a shame to see ignoramuses spreading incorrect ideas among students. According to you, sauvik, what's the best college in india for study of economics? Also, do you agree with the late murray rothbard when he says that the only rational conclusion of the austrian school's ideas is Individualist Anarchism(The anarcho capitalist variety)?
ReplyDeletewhat in keynes is true isn't new and what is new isn't true.
ReplyDeleteSrinivas: Economics is mistaught throughout India. We need to set up a new school, in the private sector, "unrecognized" by our The State.
ReplyDeleteAustrian economics is based on individualism as its method. I now prefer to talk of "natural order" as "anarcho-capitalism" puts off most people, who equate anarchy with lawlessness. The "natural order" is based on natural laws we all follow, albeit unknowingly.
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