The passing of #AbhijitSen marks the loss of one of the sharpest minds, most lucid explainers, and Great Characters of Indian Economics. A kind, gentle, and amazingly non-hierarchical soul. I shall miss his presence and personality. @Jayati1609@jahnavi_sen.
Some memories 1/n
He taught me statistics for economics Including Chebyshev’s and Kolmogorov’s inequalities.
Years later we went out for drinking in Rotterdam and I asked him why he taught me these quite useless things “They are such fun”! He said, eyes twinkling.
We drank late and a LOT..2/n
And he had a 9 am presentation the next morning to summarise the entire conference proceedings! “He’s going to fib it” I thought, bleary at 2 am, but as I stumbled into Conference at 0900 there he was giving a crisp lucid synopsis and reflections!!.
Visiting Delhi in 1998…3/n
I saw a bearded man in what appeared to be a large caftan in a Govt. Car. He was then chair of the agricultural prices commission I met him and asked how his deshabille worked in a Govt setting He said “The farmers approve! I look like the they expect me to be!” 😂 in fact..4/n
I had many meetings in the planning commission with him, we talked and argued through a thick fog of cigarette smoke, he, wizard like, multitasking business with petrified babus!
Open to all, his office was the closest thing to an open house that I’ve seen in any government 5/n
Rest well, “ Manek” Sen.🙏🙏🙏
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This is an important thread for those interested in economics. I’m adding a short one of my own.
(1)Mainstream economics as taught (as opposed to economics as a subject)is boring to a lively intellectually curious mind. Those with an interest in the profession therefore...
(1)Turn to heterodox economics. This can be rewarding but is prone to Cults (eg MMT) which destroy intellectual judgement and ability to engage.
(2)Stay in mainstream but broaden scope of study (Philosophy, Polisci, Sociology, psychology etc) This is rewarding but...
It’s hard work and brings no returns unless you become a public intellectual like friend Ha-joon Chang, so hated by econ nerds :-)
To engage internally must use silly econ tools: eg econ as taught has no theory of the State - so all public finance, trade, is “distortionary”...
This is ridiculous We’re are taking anticipatory action in full knowledge that we are a developing country with an informal sector that will be stretched by this pandemic and a healthcare system that can bear a limited burden @samirsaran 1/2
We are having a robust conversation on how we can do this better and learn from our failures We are not scoring party political points We have evacuated our citizens from pandemic hotspots globally and are struggling to deal with livelihood issues of internal migrants 2/n
We are doing this even as our infection and death rates from COVID are a fraction of those in the OECD.
So your casual use of the word. “downplay” displays a lack of empathy and objectivity . Do not transpose your point scoring culture to judge us - you look silly @samirsaran
Those worrying about financing: in a war-like economy, it is ok to print money. If effective, it will restore aggregate demand, not add to it. In this circumstance....(1/n)
Incremental public spending should be financed first by bonds then by using, even sequestering, excess private sector reserves where such exist , then, as required, by an increase in high powered money supply.
The fiscal deficit is not a useful
Metric in a war-like economy. 2/n