Tag Archives: Economics

In My Hands Today…

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Last Among Equals: Power, Caste & Politics in Bihar’s Villages – M.R. Sharan

Sanjay Sahni was living an ‘araam zindagi’ in Delhi, working as an electrician, until a chance encounter with a computer sent him hurtling into the labyrinth that is the NREGA—one of the world’s largest rural poverty alleviation programmes—and the corruption within. It led him back to his village, where eventually, he and his comrades (primarily women from the Dalit and most backward castes) formed the anti-corruption group Manrega Watch. Their tale is one strand of village politics, a story of resilience among citizens, those outside the system.

But what of the ‘insiders’? The complex local-state unit of the village has at the top a mukhiya, who, like the one in Sanjay’s village, wields great power, even to do harm. Ward members—closest to their constituents and the most socially representative group in the panchayati raj system—are at the bottom of this structure.

Development economist M.R. Sharan brings these two interweaving strands of insiders and outsiders together to tell a tale of hope: that those on the margins can challenge entrenched hierarchies. Through government action—reservation, decentralisation, transparency measures—and through citizen engagement, social movements and elections, change is possible, if not necessarily easy. Take the resourceful ward member, Kamal Manjhi, who repurposed the grievance redressal system to complain against the state: this was essentially a member of the local state, using a state mechanism to arm-twist another part of the state to do its job.

Last Among Equals eschews the usual sweeping narratives of national and state politics, reaching instead for the ‘swirling, vivid sub-narratives that escape easy categorisations’, the darkness of the material leavened with deep empathy. The result is a captivating, often searing narrative of how lives are lived in the villages of Bihar—and indeed in much of India.

In My Hands Today…

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Whole Numbers and Half Truths – Rukmini S.

How do you see India?

Fuelled by a surge of migration to cities, the country’s growth appears to be defined by urbanisation and by its growing, prosperous middle class. It is also defined by progressive and liberal young Indians who vote beyond the constraints of identity and, paradoxically, by an unchecked population explosion and rising crimes against women. Is it, though?

In 2020, the annual population growth was down to under 1 percent. Only 31 out of 100 Indians live in a city today, and just 5 percent live outside the city of their birth.

As recently as 2016, only 4 percent of young, married respondents in a survey said their spouse belonged to a different caste group. Over 45 percent of voters said in a pre-2014 election survey that it was important to them that a candidate of their own caste win elections in their constituency. A large share of reported sexual assaults across India are actually consensual relationships criminalised by parents. And staggeringly, spending more than Rs 8,500 a month puts you in the top 5 percent of urban India.

In Whole Numbers and Half Truths, data-journalism pioneer Rukmini S. draws on nearly two decades of on-ground reporting experience to piece together a picture that looks nothing like the one you might expect. There is a mountain of data available on India, but it remains opaque, hard to access, and harder yet to read, and it does not inform public conversation. Rukmini marshals this information—some of it never before reported—alongside probing interviews with experts and ordinary citizens to see what the numbers can tell us about India. As she interrogates how data works and how the push and pull of social and political forces affect it, she creates a blueprint to understand the changes of the last few years and the ones to come—a toolkit for India.

This is a timely and wholly original intervention in the conversation on data, and with it, India.

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The Evolution of Everything: How New Ideas Emerge – Matt Ridley

The Evolution of Everything is about bottom-up order and its enemy, the top-down twitch—the endless fascination human beings have for design rather than evolution, for direction rather than emergence. Drawing on anecdotes from science, economics, history, politics, and philosophy, Matt Ridley’s wide-ranging, highly opinionated opus demolishes conventional assumptions that major scientific and social imperatives are dictated by those on high, whether in government, business, academia, or morality. On the contrary, our most important achievements develop from the bottom up. Patterns emerge, trends evolve. Just as skeins of geese form Vs in the sky without meaning to, and termites build mud cathedrals without architects, so brains take shape without brain-makers, learning can happen without teaching and morality changes without a plan.

Although we neglect, defy and ignore them, bottom-up trends shape the world. The growth of technology, the sanitation-driven health revolution, the quadrupling of farm yields so that more land can be released for nature—these were largely emergent phenomena, as were the Internet, the mobile phone revolution, and the rise of Asia. Ridley demolishes the arguments for design and effectively makes the case for evolution in the universe, morality, genes, the economy, culture, technology, the mind, personality, population, education, history, government, God, money, and the future.

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A Little History of Economics – Niall Kishtainy

What causes poverty? Are economic crises inevitable under capitalism? Is government intervention in an economy a helpful approach or a disastrous idea? The answers to such basic economic questions matter to everyone, yet the unfamiliar jargon and math of economics can seem daunting. This clear, accessible, and even humorous book is ideal for young readers new to economics and for all readers who seek a better understanding of the full sweep of economic history and ideas.

Economic historian Niall Kishtainy organizes short, chronological chapters that center on big ideas and events. He recounts the contributions of key thinkers including Adam Smith, David Ricardo, Karl Marx, John Maynard Keynes, and others, while examining topics ranging from the invention of money and the rise of agrarianism to the Great Depression, entrepreneurship, environmental destruction, inequality, and behavioral economics. The result is a uniquely enjoyable volume that succeeds in illuminating the economic ideas and forces that shape our world.

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Power And Prediction: The Disruptive Economics of Artificial Intelligence – Ajay Agrawal, Joshua Gans and Avi Goldfarb

Banking and finance, pharmaceuticals, automotive, medical technology, retail. Artificial intelligence (AI) has made its way into many industries around the world. But the truth is, it has just begun its odyssey toward cheaper, better, and faster predictions to drive strategic business decisions–powering and accelerating business. When prediction is taken to the max, industries transform. The disruption that comes with such transformation is yet to be felt–but it is coming.

How do businesses prepare? In their bestselling first book, Prediction Machines, eminent economists Ajay Agrawal, Joshua Gans, and Avi Goldfarb explained the simple yet game-changing economics of AI. Now, in Power and Prediction, they go further to reveal AI as a prediction technology directly impacting decision-making and to teach businesses how to identify disruptive opportunities and threats resulting from AI. Their exhaustive study of new developments in artificial intelligence and the past history of how technologies have disrupted industries highlights the striking phase we are now in: after witnessing the power of this new technology and before its widespread adoption–what they call “the Between Times.” While there continue to be important opportunities for businesses, there are also threats of disruption. As prediction machines improve, old ways of doing things will be upended. Also, the process by which AI filters into the many systems involved in application is very uneven. That process will have winners and losers. How can businesses leverage, or protect, their positions?

Filled with illuminating insights, rich examples, and practical advice, Power and Prediction is the must-read guide for any business leader or policy maker on how to make the coming AI disruptions work for you rather than against you.