Today's piece by Prof. Deepak Nayyar in the Livemint (12.06.2015) clearly summarizes the problem with neoliberal economics - although the work neoliberal was never mentioned. At the core of neoliberalism is inflation targeting and its consequent implications for control of the fiscal deficit. These policies are strangling not just India but even countries like Greece which are unable to come out of depression. Prof. Nayyar has highlighted the need for "to question and get away from a blind belief in any idea, for ideologies that turn into faith are dangerous." Who can disagree? But critiquing economics has always been countered with the question; what is the alternative? I think here we need to turn to post-Keynesian economics ... and Modern Money Theory in particular.
Here's the link to Prof. Nayyar's article:
http://www.livemint.com/Opinion/DubsmSzgYLBp3Swu8TqPII/The-interest-rate-conundrum.html
Friday, June 12, 2015
Tuesday, June 2, 2015
My new book - In Search of Stability: Economics of Money, History of the Rupee
In Search of Stability: Economics of Money, History of the Rupee
Sashi Sivramkrishna
Manohar, New Delhi 2015, 490 pages
ISBN 978-93-5098-100-9
In Search of Stability seeks to understand the economics of money through a narrative on the history of the rupee. The period delineated for study is from the time of introduction of the rupee by Sher Shah Suri in 1542 up to 1971, the year which marked the beginning of the end of the Bretton Woods era and a fixed exchange rate regime.
The underlying thread that runs through the narrative
is the positive economics of money and history of the rupee. This is a book that explains what happened
rather than raising normative questions on what ought to have happened or what
could have been a more appropriate monetary system for India.
The economics of money also draws us into
understanding the evolution of monetary instruments through history and their
impact on the economy. These instruments
cannot be separated from the institutions that develop and are developed by
them. A digression into a study of the
origins, nature and development of some of the most important monetary
institutions in India has therefore been included in this book.
While standards of living have risen enormously, money
has struggled to maintain its value across place and time, without definitive
success. This has brought with it crises
and severe hardship to entire societies; a lesson which the history of the
rupee unequivocally reveals.
The book is available through
the publisher, Manohar (New Delhi) or Amazon-India. Below are the links.
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