Answer to QOTW 21 Jan 2014

 The Reserve Bank of India (RBI) on 20-01-2014 reallocated the portfolios of its three deputy governors K.C. Chakrabarty, H.R. Khan and Urjit R. Patel following the retirement of Anand Sinha, who demitted the office of deputy governor recently.

The department of banking operations and development, which were under Sinha, will now be looked after by Khan, while that of urban banks will be managed by Chakrabarty.

The departments of information technology and expenditure and budgetary control will be looked after by Khan and Patel, respectively. Khan will also look after the inspection portfolio, while the legal portfolio has been transferred to Chakrabarty. These portfolios will be reallocated once the new deputy governor takes charge,

Woman power :) .... only in the developed countries?????

The world has woken up to the fact that women in rich countries make around 80% of all consumer buying decisions. Even cars, which used to be a male preserve, are now often chosen by women, and carmakers have adjusted their designs to appeal to female sensibilities. But there is one area where women's buying clout has so far been neglected: business-to-business

Quote for the Day

 "One of the greatest pieces of economic wisdom is to know what you do not know." - John Kenneth Galbraith

RBI calling for your pre-2005 currency notes

The Reserve Bank of India (RBI) today said it will completely withdraw from circulation all currency notes issued prior to 2005. This will ensure that the notes in circulation are of similar design.

Question of the Week

Who are the three Deputy Governors of the RBI? What are their portfolios?
Send your answers by Monday 27 January 2014 to profKMody@gmail.com

OMG! Gloomy figures

The number of unemployed people around the world reached an estimated 201.8 million in 2013, with the International Labour Organisation painting a bleak picture for employment till 2018.

That's human nature for sure ... we need to learn so that history does not repeat itself

Robert Shiller: "Just as most people are more interested in stories about fires than they are in the chemistry of fire retardants, they are more interested in stories about financial crashes than they are in the measures needed to prevent them. That is not a recipe for a happy ending."

In continuation of my last post .... economics everywhere :) .. so very well said by Mundell

 'It keeps cropping up all over the place. 
There is an economics of money and trade, of production and consumption, of distribution and development.
There is also an economics of welfare, manners, language, industry, music, and art. 
There is an economics of war and an economics of power.
 There is even an economics of love. 

Economics seems to apply to every nook and cranny of human experience. 
It is an aspect of all conscious action. Whenever alternatives exist, life takes on an economic aspect. It has always been so. 

But how can it be? 
It can be because economics is more than just the most developed of the sciences of control. 
It is a way of looking at things, an ordering principle, a complete part of everything. 
It is a system of thought, a life game, an element of pure knowledge." - Robert A. Mundell

Something we profs always say in class ...... economics concerns everybody and everything :)

 "Economics must not be relegated to classrooms and statistical offices and must not be left to esoteric circles. It is the philosophy of human life and action and concerns everybody and everything. It is the pith of civilization and of man's human existence." - Ludwig Von Mises

Quote for the Day

 "Everything that is really great and inspiring is created by the individual who can labour in freedom." - Albert Einstein

2014 news

In 2014 Brazil will host a World Cup and hold an election.

In 2014 India will hold an election.

In 2014 NAFTA North American Free-Trade Agreement  turns 20.

Thought for the Day

"Development is about transforming the lives of people, not just transforming economies." - Joseph Stiglitz

Did you know

The global economy in 2013 saw a number of crisis-hit countries and regions make progress on their recovery path. Slowly, the world economy is turning a corner, but challenges still remain.

Construction to expand the Panama Canal could be halted in 3 weeks after the building consortium demanded $1.6 billion more from the Panamanian government to continue.

Bill Gates is now the world's richest man, while the top 300 added $524 billion to their collective in 2013.

Mikhail Kalashnikov died on December 23rd, aged 94. But his 66-year-old invention, the Avtomat Kalashnikova, has plenty more shots left to fire. Developed in 1947 and first used by Soviet forces in 1949, the AK-47 assault rifle and its many derivatives are now used by the armed forces of more than 80 countries.