Monday, January 23, 2006

In response to Dikshant's views about the 'left' of economics (which, he thinks is being forced down his throat):

1. the economics we have been taught so far is certainly not 'leftist'. In macroeconomics usually the Keynesian prescription was emphasized, thus building a case for intervenion and not anti-capitalism. In the theory of international trade the exploitative nature of trade treaties and unfair practices in various trade regimes was brought to the forefront( i fail to see how ideological biases could creep into mathematical methods and statistics). Whatever has been taught so far has been substantiated with strong arguments and evidence and atleast i have found that most arguments are indeed convincing.

2. when any system becomes institutionalized and perpetuates itself for long periods of time, those who benefit from such systems never really question its institution. infact, over time the very basis of production relations become obscured from everyone's view. it is for us to unearth these truths and find out where exactly what went wrong.

3. our policies so far have failed to provide development for the masses and the "leftist talk" might just get us somewhere in terms of including the masses on the growth trajectory and in helping us realize that "growth without employment" is infact the most ridiculous way of going about it.

4. don't worry about the job jerboa...there is enough demand for economists out there. coupled with this is the fact that there aren't as many institutes providing good post graduate courses (remember the tough time we had trying to make it here). so eventually leftist or not you will get a decent job with a package that will more than just fulfil your basic needs. but if a fat pay cheque and heavy bonuses was the sole reason you joined this university, then you have indeed come to the wrong place. i guess this is the place for peole who want to bring about a change and well, have more simple needs( in terms of materialistic gains).

about the failure of the "great experiment"...don't u think its a little unfair that we draw conclusions about the success of a system on the basis of a few examples when we compare it with another that has been around for a few hundred years?...just think about it...

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