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The Indian economy traversed a rising growth trajectory for three decades since the turn of the 1970s. It has been observed that growth came mostly from the service sector. The question that haunted economists is: can the service sector of an underdeveloped country maintain such momentum when manufacturing fails to get charged up in spite […]
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A viral pandemic is spidering across the globe, and so too is an emotional one. Fears and anxieties spread and mutate in whispered late-night conversations and flashing updates, working their own damage on bodies and minds. There is deep fear of the virus itself, of course, and fear as well of its economic impact. The current crisis has rendered the economic laws that govern […]
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In the early stages of Prime Minister Boris Johnson’s strategy to tackle the coronavirus pandemic, much was made of, and much criticism was directed at, the advisory input from behavioural scientists. However, less notice was taken of the fact that some of the advice offered by behavioural scientists (or seemingly, just one behavioural scientist – […]
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How we understand and respond to failure is one of the most defining features of how our lives pan out. Some people refuse to fail. Some people expect to fail. Some people always hide from their own failings (most of these currently seem to be in politics). Others always look for failings in themselves, or […]
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The World Trade Organization has always had more critics than champions. These days, the charges that are made against the WTO include that it has overstepped its authority, that it impedes the ability of members to set their own trade policies, and, paradoxically, that it has been unable to deal effectively with China. The recent […]
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No state can do without taxation. States need to pay for bureaucrats, soldiers, policemen, infrastructure, and the more ambitious ones also pay for schools, hospitals and social security programs. Fiscal capacity forms the backbone of the state, and both sovereign and colonial regimes confront the revenue imperative. But how, in the case of colonial rule, […]
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In the ten years since I wrote the first edition of A Textbook of Cultural Economics, the cultural sector – the arts, heritage and cultural industries, jointly known as the creative industries – has been revolutionised by digitization and, as with other revolutions, things have changed in unimagined ways. Nowhere has this been more evident […]
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We have heard it a thousand times. The world is going downhill and it’s the “system’s” fault. To save the planet, we must change the “system.” But what do we mean by the “system”? Capitalism? Is it “capitalism” that makes nations, corporations, and individuals seek out the best deals – which promotes low-wage labor and […]
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