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Most recent posts

  • Why India slowed.

    posted to Fault Lines on Wed 1st May 13

    NEW DELHI For a country as poor as India, growth should be what Americans call a no-brainer. It is largely a matter of providing public goods: decent governance, security of life and property, and basic infrastructure like roads, bridges, ports, and power,

  • India Re-Emergent: Speech to IIM Alumni

    posted to Fault Lines on Thu 11th Apr 13

    Dear Chairperson, fellow IIM alumni, and dear friends:Thanks very much to the organizers and Mr. Tharman Shanmugharatnam for inviting me to this global meet, the first of its kind. I hope there will be many more to come. In my talk this morning, I want to focus

  • Love the Bank, Hate the Banker

    posted to Fault Lines on Sun 31st Mar 13

    NEW DELHI Public discourse is rarely nuanced. The publics attention span is short, and subtleties tend to confuse. Better to take a clear, albeit incorrect, position, for at least the message gets through. The sharper and shriller it is, the more likely it

Most popular posts

  • Why Did Economists Not Spot the Crisis?

    posted to Fault Lines on Sat 5th Feb 11

    CHICAGO At the height of the financial crisis, the Queen of England asked my friends at the London School of Economics a simple question, but one for which there is no easy answer: Why did academic economists fail to foresee the crisis?There have been several

  • The case for, and against, ultra-low rat

    posted to Fault Lines on Fri 11th Jun 10

    Unemployment is high, and projected to remain high for the foreseeable future. The output gap (the gap between the potential capacity of the economy to produce and its actual production) is assumed to be high because of the large number of unemployed. As a

  • Towards a sustainable recovery.

    posted to Fault Lines on Tue 3rd Jul 12

    CHICAGO To understand how to achieve a sustained recovery from the Great Recession, we need to understand its causes. And identifying causes means starting with the evidence.Two facts stand out. First, overall demand for goods and services is much weaker, both

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