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Notice (8): Undefined variable: urlPrefix [APP/Template/Layout/printlayout.ctp, line 8]latest-news-updates/economics-gogoi-style-12470.html"/> LATEST NEWS UPDATES | Economics, Gogoi style | Im4change.org
Resource centre on India's rural distress
 
 

Economics, Gogoi style
-The Telegraph
 
There is no jargon in Assam chief minister Tarun Gogoi’s brand of economics — there are only blankets and bicycles and other such mundane things that he feels the poor need.

And he even got a nod from a man who has received the Nobel Prize for economics.

Speaking at a discussion, flanked by Joseph Eugene Stiglitz, an economics Nobel laureate and Lord Meghnad Desai, professor emeritus at the London School of Economics, Gogoi hit out at those who have been criticising him for giving bicycles and blankets to the poor as “populist” measures.

“This is not populism but sheer economics as I know the importance of a bicycle and blankets to a common person,” he said.

Stiglitz, who was a top ranking official in the World Bank, seconded this view.

“Populism is not bad. It is giving people something they want,” Stiglitz said.

Gogoi then took the humility course to explain his brand of economics, before leaving it to the two economists to discuss Asia Rising: Implications for the World Economy at an event organised by the Youth Forum on Foreign Policy in the city.

“I am not as highly educated as Stiglitz or Desai nor even economists. To me, economics is concern for the poor,” Gogoi said to the packed room, with both the economists nodding approvingly.

Gogoi said localisation should be given equal importance like globalisation and one should take full advantage of the benefits of the former. “What I mean to convey is that liberalisation should be of benefit to common man,” Gogoi said.

It was a full house, with students, policy-makers, top officials in Dispur, non-governmental organisation activists waiting for Stiglitz and Desai to share their views.

Stiglitz is known for his critical view of management of globalisation, free market economics and some international institutions like International Monetary Fund and World Bank.

He was impressed with the state’s natural resources.

The economist, who had been at Balipara in Sonitpur district for the last couple of days, said the state can make remarkable progress if it can manage its resources.

“Assam is lucky to have so much of natural resources but managing is going to be difficult,” he said.

The conversation between Stiglitz and Desai touched many issues of international importance, igniting questions in the audience.

Stiglitz opined that the trickle-down effect has not helped as growth has not helped the poor.

Speaking about the economic emergence of the Asian giants China and India in the global economy, he said to keep the momentum going, more emphasis has to be laid on investments in human capital, infrastructure development and capital knowledge coupled with high savings.

“The gap in per capita income between the Asian countries and the West has to be narrowed down considerably. There is a gap of 20-30 years,” he added.

Stiglitz was supportive of small and medium dams, as they are less intrusive to environment. Dams can play a role in stabilising water flow, he said.

He said the International Monetary Fund would have to play a pro-active role like the World Bank in focusing more on reducing poverty and inequalities that can cause economic and political upheavals.

Participation of civil societies, non-governmental organisations and self-help groups in development can help any state or nation towards the path of economic glory and prosperity, said Meghnad Desai.