I first met Paul Samuelson in 1962, as a student at MIT. A decade later, I had the pleasure of co-authoring with him a paper on the Theory of Index Numbers (American Economic Review, 1974) and another in the Royal Economic Society’s Economic Journal (1984). I last met him a couple of years back, on a sidewalk in Belmont, Massachussets. He was driving down the street and stopped upon seeing...

The Union finance ministry’s mid-year fiscal Review, tabled in Parliament last week, notes very correctly that the “current period represents a crossroads for the Indian economy”. Having weathered the global economic downturn, the Indian economy has performed better than expected. Hence, the Review’s upbeat tone is understandable. Yet, the Review offers an honest account of the challenges ahead, hence the view that India is at a crossroads. Much of the...

It was a night out under the stars. These were not city slickers but a group of villagers from Salona. On the way down from Chikhaldhara hill station in Amravati district, the darkness of the cold night is lit by small fires. Groups of people huddle around the flickering flames. Their children lie swaddled in thin bedclothes which cannot keep the chill away. Shivlal Belsare and his wife are finishing off...

Borrowing was both the shaky foundation of global growth and the cause of its collapse. It started with a bust and it ended with an even bigger bust. In between was sandwiched an unsustainable boom. Banks have been humbled. Economists have been found wanting. Geopolitical power began to shift from west to east. That was the noughties that was. It barely seems five minutes ago that policymakers were fretting about the...

The novelist and critic, C.S. Lewis, said he had no time for those who thought that since they had read a book once, they had no need to read it again. The great works of literature were to read again and again. The urge to go back to a book was prompted sometimes by aesthetics, the desire to savour once more its artful or elegant prose; and, at other times,...