BYE BYE Dr Kaushik Basu as Chief Economic Advisor, GOI
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yashas nataraj
Aug 11, 2012, 2:14:41 AM8/11/12
to parag Khairnar, Sushruth Donthi, Rajat Talak, karthik.a...@gmail.com, rahul meshram, Sachin Bhardwaj, Salil Kashyap, sainath bharadwaj, parthajit mohapatra, Sreenivasa Murthy, K V Krishna Chaythanya, mukesh kundal, iisc_pp, Ponnanna Uthappa, Srinath Narasimha, aditya Jr, Yogendra IISc, Sunil G.R., vishwanath c
Dr kaushik basu has been a brilliant Economist, has had a sterling
career ,his papers are among the highly cited ones and His Research
encompassing GAME THEORY,DEVELOPMENT ECONOMICS, CHOICE THEORY and
Econometrics.
Despite all these accomplishments, his legacy at the Government of
India as a POLICY-MAKER has been less than satisfactory going by both
bland public perceptions and careful analysis. it would be difficult
indeed to analyse his EXIT - It could be that he himself opted out or
that he was asked to move!! Be that as it may, I am of the opinion
that Dr basu from Day 1 had very little breathing space as an
ECONOMIST!
The HURDLES have never been ECONOMIC ......they have been and are
MOSTLY POLITICAL. This needs DEFT POLITICAL INTERVENTIONISTS with
"SOME" BACKGROUND on PUBLIC FINANCE and MONETARY POLICY and NOT "ADEPT
ECONOMISTS with LITTLE UNDERSTANDING of INDIAN POLITY".
Dr Manmohan Singh's failure have been ENTIRELy POLITICAL...He should
instead have a CHIEF POLITICAL ADVISOR(though it is too late now).
Dr Singh has behaved like a BUREAUCRAT-TECHNOCRAT instead of a
POLITICO-LEGALIST, attempting to contrive politico-legal incentives
for smooth formulation and implementation of PUBLIC POLICY.
At least, Dr Singh can attempt to do something on this front durng his
last days in office. Dr kaushik Basu or Dr Raghuram Rajan(the new
Chief Economc Advisor) doesn't actually matter - the POLITICAL
CHALLENGES remain the same which personally I do no tthink Dr Rajan
would be any better in solving than Dr Basu. Dr Raja is also an
accomplished academic....BUT, Academics HAVE RARELY BEEN HARBINGERS of
"REAL PERCEPTIBLE" CHANGE...except may be CHANAKYA etc
But, Dr Rajan would also face a perception problem - His prior
appointments have been at the IMF(Intenational monetary Fund)..a
pillar/signpost of the EUROPEAN-AMERICAN DOMINANCE of the WORLD
ECONOMY ........IMF has always been headed by EUROPEANS and the WORLD
BANK by AMERICANS......structures which would SURELY HAVE TO UNDERGO
FUNDAMENTAL CHANGE due to contemporary CHANGES in WORLD POWER
STRUCTURES i.e the EMERGENCE of CHINA and INDIA.
Hope that Dr Raghuram Rajan DOES NOT BRING HIS "IMF BAGGAGE" into his
ADVISORY POSITION...if he does, he would ANOTHER MISERABLE FAILURE!!
career ,his papers are among the highly cited ones and His Research
encompassing GAME THEORY,DEVELOPMENT ECONOMICS, CHOICE THEORY and
Econometrics.
Despite all these accomplishments, his legacy at the Government of
India as a POLICY-MAKER has been less than satisfactory going by both
bland public perceptions and careful analysis. it would be difficult
indeed to analyse his EXIT - It could be that he himself opted out or
that he was asked to move!! Be that as it may, I am of the opinion
that Dr basu from Day 1 had very little breathing space as an
ECONOMIST!
The HURDLES have never been ECONOMIC ......they have been and are
MOSTLY POLITICAL. This needs DEFT POLITICAL INTERVENTIONISTS with
"SOME" BACKGROUND on PUBLIC FINANCE and MONETARY POLICY and NOT "ADEPT
ECONOMISTS with LITTLE UNDERSTANDING of INDIAN POLITY".
Dr Manmohan Singh's failure have been ENTIRELy POLITICAL...He should
instead have a CHIEF POLITICAL ADVISOR(though it is too late now).
Dr Singh has behaved like a BUREAUCRAT-TECHNOCRAT instead of a
POLITICO-LEGALIST, attempting to contrive politico-legal incentives
for smooth formulation and implementation of PUBLIC POLICY.
At least, Dr Singh can attempt to do something on this front durng his
last days in office. Dr kaushik Basu or Dr Raghuram Rajan(the new
Chief Economc Advisor) doesn't actually matter - the POLITICAL
CHALLENGES remain the same which personally I do no tthink Dr Rajan
would be any better in solving than Dr Basu. Dr Raja is also an
accomplished academic....BUT, Academics HAVE RARELY BEEN HARBINGERS of
"REAL PERCEPTIBLE" CHANGE...except may be CHANAKYA etc
But, Dr Rajan would also face a perception problem - His prior
appointments have been at the IMF(Intenational monetary Fund)..a
pillar/signpost of the EUROPEAN-AMERICAN DOMINANCE of the WORLD
ECONOMY ........IMF has always been headed by EUROPEANS and the WORLD
BANK by AMERICANS......structures which would SURELY HAVE TO UNDERGO
FUNDAMENTAL CHANGE due to contemporary CHANGES in WORLD POWER
STRUCTURES i.e the EMERGENCE of CHINA and INDIA.
Hope that Dr Raghuram Rajan DOES NOT BRING HIS "IMF BAGGAGE" into his
ADVISORY POSITION...if he does, he would ANOTHER MISERABLE FAILURE!!
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