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Budgeting in a time of crisis -TCA Ramanujam

-The Hindu Keynesian Economics offers guidelines for preparing the Budget The Great Depression wrecked the economies of the U.S. and Europe. In the words of Jonathan Alter, when Franklin Roosevelt became the American President in 1933, he was told: “Mr. President, if your programme succeeds you would be the greatest President in American history. If it fails, you will be the worst one”. Roosevelt replied: “If it fails, I will be the...

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‘Good Economics for Hard Times: Better Answers to Our Biggest Problems’ review: Have plumbers, need architect -Jean Drèze

-The Hindu Seeing economists as ‘plumbers’, Abhijit Banerjee and Esther Duflo show how economic reasoning and evidence can shed light on real-world issues John Maynard Keynes, the founder of Keynesian Economics, once said that “if economists could manage to get themselves thought of as a humble, competent people, on a level with dentists, that would be splendid”. Judging from recent opinion polls, economists still have a long way to go. According to...

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Sen vs Bhagwati: Parallels from an earlier titanic clash-Rupa Subramanya

-The Business Standard Can Bhagwati-Sen debate bring the same change as Hayek-Keynes duel in the US in 1932 At a time of economic crisis, a distinguished group of economists wrote a letter to a major newspaper, making a case for increased government involvement in the economy. A few days later, an equally distinguished group of economists wrote a letter to the same newspaper, arguing against the first lot. No, this...

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The foremost academic economist of the 20th century by Michael M Weinstein

Paul A. Samuelson, the first American Nobel laureate in economics and the foremost academic economist of the 20th century, died Sunday at his home in Belmont, Mass. He was 94. His death was announced by the Massachusetts Institute of Technology, which Samuelson helped build into one of the world’s great centres of graduate education in economics. In receiving the Nobel Prize in 1970, Samuelson was credited with transforming his discipline...

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Textbook titan who redefined economics by Michael M Weinstein

Paul A. Samuelson, the first American Nobel laureate in economics and the foremost academic economist of the 20th century, died Sunday at his home in Belmont, Mass. He was 94. His death was announced by the Massachusetts Institute of Technology, which Samuelson helped build into one of the world’s great centres of graduate education in economics. In receiving the Nobel Prize in 1970, Samuelson was credited with transforming his discipline from...

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