‘Good Economics for Hard Times- Better Answers to our Biggest Problems’ - A Book-Review

‘Good Economics for Hard Times- Better Answers to our Biggest Problems’

- A Book-Review

Yes, governments should build good trust in public that they are doing but for their nations

In democracies it is important, as political parties have to woo voters to poll in their favour.

 

I am reading a book ‘Good Economics for Hard Times : Better Answers to our Biggest  Problems’

It is by Indian Abhijit V. Banerjee & US Esther Duflo, winners of 2019 Nobel Prize in Economics.

It figures out how to deal with today's critical economic problems – greatest challenge of time

What is at stake is the whole idea of the good life, and perhaps, of liberal democracy also.

 

We’ve resources to solve problems, but lack ideas to jump dividing disagreement-wall & distrust

Only if we can engage seriously in this quest, and world’s best minds work with governments.

If civil society can redesign social effectiveness & political viability programs, history will gratefully remember our era.

 

Questions are whether international trade is good for all, do immigrants from poorer countries take jobs from low-income native workers, or does redistribution actually undermine incentives,

Or should we worry about rise of artificial intelligence or celebrate it, how do we manage trade-off between growth & climate change, and is economic growth is over in West & should we care?

Figuring out how to deal with today's critical economic problems’ is great challenge of present,

And it is much greater than a space travel, perhaps even than curing the cancer.

 

The Book carefully lays out evidence for grounded approach to tackle most pressing global problems

With focus on alleviating inequality & poverty, it clears path for more interdisciplinary work centred on improving citizens’ well-being & protecting human dignity.

The authors emphasise the role of policy in influencing individual behaviour, habits and norms

And specifically, they call for the interventions that marry issues of psychology & economics.

 

A book must include a change-theory : How to use insight to bring about a more humane world

              Authors offer an enlightened selfishness by rich : ‘They may eventually see self-interest to argue for a radical shift towards real sharing of prosperity’.

A rigor sharp analysis disseminated to public is -‘Only course against bad ideas is to be vigilant’.

 

The book’s greatest contribution is to provide ideas by demonstrates both brilliant insights

Mainstream economics can inform of limits, progressive internationalism has duty to transcend.

                They conclude despite best efforts of generations of economists, deep mechanisms of persistent economic growth remain elusive,

And recommend a focus on poverty reduction using insights from randomized controlled trials.

 

Bill Gates says ‘Economics is not grounded in natural laws like Newton's Law of gravitation

And it is very much rooted in the human nature, which is notoriously hard to predict.

                       Those lucky enough to be in right place at right time, with right skills or ideas, grow wealthy, sometimes fabulously so’, and ‘For the rest, jobs were lost & not replaced’

Trade created more volatile world, jobs suddenly vanish only to turn up a thousand miles away.

 

Politicians need be more honest, enact smart policies helping losers from trade & technologies

They may use extensive data to zoom out & show us a wider view of their human dynamics.

 

John Maynard Keynes, founder of Keynesian economics, once said, ‘If economists could manage to get them thought of as humble, competent men as dentists, that would be splendid’.

Able economists like plumbers patiently solve problems with a combination of intuitions grounded in science.

Some guess with grounded in science, some aided by experience, and a pure trial & errors

Preferred tool of trial & errors is randomly controlled, but make healthy use of other evidences.

 

To fix a water tap, informed poking is good, but house-building thinking is hard what you want

Not just technical knowledge, but also normative judgement what we try to achieve & for whom.

Authors remain a little enigmatic in that respect, they certainly want world to be a better place

But not clear what that place would look like, other than having less poverty & nastiness.

 

We have resources to address issues of Immigration & inequality & globalisation,

And of technological disruption, slowing growth & accelerating climate change, etc.

But lack ideas that will help us to jump walls of disagreement & distrust that divides

If succeed, history will gratefully remember our era; otherwise, incalculable potential losses.

 

Developing world has people- problems left behind by development, ballooning inequality,

And of lack of faith in the governments, there’re fractured societies & polity, and so on.

Economics must try ideas-solutions & be wrong, its ultimate goal is to build more humane world

Democracy can live with dissent, if all respect each other, but demands some understanding.

 

Focus on income alone is not just a convenient shortcut, but more of having a fulfilling life

Respect for community, the comforts of family & friends, and dignity, lightness & pleasure.

A deep human desire is of the dignity & human contract, and we all should work.

 

This is little about of this 403-pages work of husband-wife, one from JNU & other from MIT

As a human-being, I must too inculcate a broader world-view for citizens’ welfare & dignity.

 

 

Pawan Kumar,

10^th February, 2024 Saturday, Time 20.37 (Evening)

(My Chennai Dairy 13^th April 2023, Thursday, 7.20 A.M.) 

Picturing Self

 Picturing Self

 

Today is holiday – being Ram Navami, Baba Saheb Ambedkar’s birthday & Baishakhi. Millions of good people take inspiration & make their life’s goals to walk in the paths prescribed by the great persons. I was born somewhat 42 years ago in a small village in Sonepat District. I don’t know whether the Almighty had any scheme in his mind for my incarnation on this earth. I only know self a body of certain stature or skeleton with flesh & skin clad, and a bit sensation called ‘Prana’ infused. A body system keeps it alive by feeding, inhaling & exhaling, locomotion, etc., and a little mind to think which always remain engrossed - at times in essentials and often in unnecessary ignoble too. Almost half life is already spent, and not much is known to it. I don’t know my directions, goals, settings, internal programming of my manufacturing & tasks prescribed. I am just like a computing machine but with no operator in picture, hence almost not-operational or only a little bit is used. There is no use of this sturdily constituted inner machine if not powered & skillfully operated. I am quite numb as don’t know even what I am. Here either the builder or the operator knows who shall put it to use after checking configurations & loading necessary software, a necessary implant. So, a skilled operator is immediately required to avoid uselessness & obsoleteness too as then advance technology will come, and no one likes to work on an old model. Maybe the operator will not know the machine’s constitution & its working.

My writing-purpose here is to explore self in me, where I am hidden – what & where is that? The heart is not a centre of thinking, but is blood-pumping machine with chest-armor alround for its physical safety. It is only described so in the ancient poems. Yes, brain is definitely the centre of thinking, and also the source of realization. It is the master of neurons feeling the body-sensations & thoughts erupted due to reactions between neurons or due to their nature to remain active. Mind thinks necessary & also unnecessary also often when idle. Self-exploration means the concerted effort for unified realization or doing away the mind’s activities from unnecessary wonderings to a focused one. It means the mind-body discipline, and exploring the life’s pitfalls & rises, and analyzing reasons & setting the right future-activities. A man can explore his self’s life - if not full then up to certain extent, and can overcome limitations steadily. Life is great, and should be lived in a worthy way. One can set self in an intelligent class, and improve self’s image in own eyes & of outside world. One can overcome life’s difficulties & lead a life of possibilities, and can do away the negativities, and soothe the outside world. People can know & trust him as an honest, modest, humble, simple, a duty-bond, responsible, responsive & trustworthy learned fellow. He can influence ambiance with positive energy and feel its effects too. World is good often but man being perplexed in own problems, assumes it as troublesome which is wrong. Being self as bad does not mean that everybody is so. Similarly, one should not construe others as inferiors, rather in many cases, they are superior.

Even if I feel self as intelligent then the world is already there, and I am to live here being only the abode. So, leave the thought of the world – it is happy where it is as everyone is responsible towards self & that does not concern me. However, a true self-realization can free a bit of energy for others too. It is better to help people needing due to own reasons. Life’s first aim is to realize self, and then contribute to uplift others. It shall raise the mind’s level, and have a greater sense for self & others. Life is not only a breathing or body’s tasks-machine but much more, however, to learn that requires to go near, find a friend & solace in self. I can forget others & so-called their injustice & enhance my capacities for betterment. I can little bit anticipate the future course of things & possibly influence them by positive intervention for common good. I can stop blaming others, and find proximity with self & start truly respecting others. I can practically implement the best management practices into my working to bring positive results. I can generate a goodwill for self & others and call self a true human being. I can raise ignoble birth status into a learned entity, and positively transform of lives of common people by acts, help, moral support, concerns. I can positively change the people’ opinions for selves & others, and help developing some good citizens really imparting to the future world. I can understand my worth & others’ helps which I still ignore, and rather be truly obliged. I can leave indulging with people in ill-thinking due to illiteracy, physical conditions & wrong environments.

I need to anticipate poor self-esteem. Inappropriate behavior by somebody maybe the result of his / her own mental sickness which needs medication and not the rebuking. Others may need concerns; youngsters need love & not the bashings always. I owe great responsibility towards parents & siblings with whom I grew up. I must help them also, and my motivation / persuasions should pave their ways to knowledge, prosperity & good education. Help people to transform/shape lives & attain life’s unlimited opportunities and gain success. Lead them to go beyond body-limits, and realize some mindfulness in the life. Respect great people of community, and help many to be so. Find time to talk to people, and help them in sailing right paths and fighting odds - mostly self-created social ills. Do something to improve possibilities / opportunities & bring that into use.

I need to raise several questions in day-to-day life, and answer them by brain-storming. Life should be active & not-weeping. Think correct and strategize implementation by abdicating procrastination, being seen in many spheres of life. Make this Today great, take tasks into hand & accomplish. Learn from the process-follies, and resolve not to repeat. There are many unseen numerous wonderful paths. Life has a limited span & energy, but needs be lived fully. Don’t leave its single bit unlived. Fill every moment with greater life, and in all who come into your touch. Often pen down the ideas, and go as deep as possible. Enlighten self by continuing in this path. Mind is great & wonderful when trained in a purposeful channelized way. Speak mind often in pages along with pen. Speak to fellow beings, let them feel your good heart (if so) for them, and do every bit positively for the nation/organization. Be pleased with good intensions and don’t speak ill of others & rather find reasons, if possible, instead of rebuking. Become a forgiving fellow as men act out of their infatuations / habits, and don’t know the correct ways. Be a working fellow, and don’ much bother about others. Be the best worker and produce the excellent results. Behave well & learn from the superiors. Thank God for blessing good mind. Make goals, and do all to accomplish in time. Help superiors in deciding, and clear pendency. Manage things by dividing them into parts & work. Demand work from colleagues without hurting. They should keep good intensions in mind, do happily without feeling pressure taking it as their duty. Make LIFE to live intimately forever, and have intimacy with self & others. Train mind by concentration, and establish self as a good worker. Find more purposes of life more frequently.

 

Pawan Kumar,

13^th December, 2013 Wednesday, Time 00:10 A.M. (Mid Night)

(From my Dairy 14^th April’ 2008, New Delhi Time 4 PM)

Happy Childhood

Happy Childhood

Melodious voices of workers’ children enchant mind-soul

I long to catch that nice giggling, heard few just a before.

 

Elders are busy in day-chores, but children trace free time

They fill love in lives by their naughty-innocent sweet acts.

They do attract our attention, being real gems of the world

Being always active, very curious, and try something new.

 

At times we force silence, by quite severity & seriousness

Ignorant that they carry huge vigour in their little chirpings.

Maybe we’re unable to give full growth-environment to all

Penury & other reasons, keep many without schools even.

 

Crying of babies & toddlers, may trouble parents and others

But it is to draw attention, and crave comforting conditions.

They see big world with widened eyes, & get perplexed a lot

But we all were children once, carried many fears in hearts.

 

They are our parts, and will carry legacy to next generations

They need apt care and guidance, will only run future show.

We must prepare & train them, to face big challenges of life

Else they’ll remain weak prodigies, unable to sustain much.

 

Nobel laureate Kailash Satyarthi likes devote life for children

Began ‘Bachpan Bachao Andolan’ helping to exit hardships.

Provide good environment, wean forced labour-vulnerability

Facilitate them to good schools, bring overall life happiness.

 

Pawan Kumar,

29^th September’ 2023, Friday 7.10 P.M. Evening

(From My dairy 5^th December’ 2014, Friday, 9:22 A.M.)

Mind’s Broodings

Mind’s Broodings

Mind’s broodings are very strange-mysterious

They make him to hate, love & unconcern too.

 

Truly, they don’t distinct really good from bad

But at times, meditates around ultimate good.

In fact, a man doesn’t take timely action often

And knowingly lets things sway in own ways.

 

Concept forms steadily, takes time to conclude

Habit forming guzzles time-energy, & takes toll.

Life behaves in way, often not much predicted

But resists when unprecedented falls in a way.

 

Man is always not very strong to bear harshness

He weeps a lot, when time slips from his hands.

He desists only then, & tries to amend the follies

But after ultimate passing, things aren’t recalled.

 

He feels satisfied, when trying capture moments

Timely action is more required than anything else.

He ought to be sensitive enough to realize nerves

And act accordingly so as to enhance his canvas.

 

Mind’s revelations are indicators of premonitions

Where & what can go wrong, tell in well-advance.

It gives enough hints & time to correct the courses

But own aloofness & lethargy, only make doomed.

 

Procrastination is man’s greatest foe, harms him lot

And not let him to tread ahead with positive attitude.

Timely action is the key stopper of such misfortunes

As a harbinger of all good lot, that makes life benign.

 

There are enough hints, and signals are obvious

But persuasions are there too, trials in process.

Things happen & bring forth most powerful one

And fall on man’s head, even if he is not ready.

 

Misfortunes are nothing, but only ill-preparations

Mainly are lack of good strategy-communication.

One shouldn’t weep, when knows his own pitfalls

But must try to avert ugly situations, even if fails.

 

Fear not of apparently looking difficult & ill-some

But try to win by own sheer will & mighty actions.

Victory surely approaches, coronates worthy one

Soldier gets always glory, even if wounded in field.

 

Innermost-self needs quite innocence & simplicity

And moving in the direction, winners always tread.

Not needing others’ pity but develop competencies

And take self to the glorious heights of self-esteem.

 

How to take out best from self is the real churning

And develop mind’s faculties, and its revelations.

Ought one not try to do big experiments with self

And take out hidden treasures, still lying beneath?

 

One’s self-darkness & the quite amazing myriads

They dread fear & anxiety, no solace is apparent.

Deliriums rope in, maybe sharp divisions invisible

Many mysteries romp around, & victim is doomed.

 

Thoughtfulness will enter,  by applying own mind

But subject is absent, and nothing is in own sight.

In his long journey, man has learnt to explore self

But vanity only stares at present, daring me a lot.

 

Some topic is necessary, before one may venture

And he will find context soon too, if he does desist.

The current dilemma is to trace one worthy subject

Perhaps can choose one of ‘Inner Consciousness’.

 

False layers abound own self, & hid the true stuff

Real jewel treasure is buried deep filth -garbage.

Life shows often, the crude unnecessary is active

And real good ones, are still to find out the ways.

 

Unwavering the avoidable, & revealing essence

Sieving, sorting, storing stuff, & fly away chaffs.

It is to provide a meaning to life, for self’s dignity

Making it glorious, and not let waste in any way.

 

To do away all temptations, and be in own full

And congregate one’s all energies & strengths.

Using them in purposeful manner & creatively

And be conscious in working & achievements.

 

Life is dear, there is no scope for complacency

Come to realistic stage, and aim for betterment.

Not to just get satisfied in status quo of the self

Remember, a lot is to be traversed & achieved.

 

My workings, ways and my processes of mind

Developments, evolutions & questions of kind.

Giving thoughts to all that going on around you

Come to know, realize, sense, enjoy the same.

 

I write this, even when not much seen ahead

But still doing with pen, and try exploring self.

Working on own mind, and it will show a way

And some sensibility will cherish in churning.

 

Inner is real depth with conscious knowledge

But to reach that depth is the main challenge.

Wisdom will divulge suo moto, after very step

And meaning of very concept will be obvious.

 

Frontal lobe of brain is the centre of meditation

And tries squeezing thought to give some idea.

Same tasks repeat selves, for sake to find good

But efforts must go on, to find the correct path.

 

This enlightens one that efforts also fail at times

But will be useful elsewhere, we may not know.

Answers come automatically with right queries

So, persist on giving good brooding to thought.

 

 

Pawan Kumar,

3^rd September, 2023, Sunday, Time 21:30 Hrs. Evening

(My Dairy 8^th Oct’ 2013, Wednesday)  

Raising Levels

Raising Levels

In any society, there are always several difficulties due to economic backwardness & social disabilities for some persons. But these can be done away with determination, character, hard work, ability, adeptness, frugal way of life, good healthy habits, becoming evils-free, education, unity & respect for all, and making others understand your good points. Admittedly, path is difficult but a must for any society/community intending to progress with help of determined people. They need good citizens knowing distinction between worth & bad. There are many Non-Government Organizations for different objectives/ purposes for the children, women, disabled persons, etc. but not many organizations to help the depressed / downtrodden people. Admittedly, many good persons are sincere in removing the society’s evils & pursuing for right world where each has a balanced share. But in this market-oriented world, such people are very less in numbers. Hence, we require dedicated teams of persons towards the right goals. In the Sikh history, Guru Govind Singh Ji Maharaj had asked his father Guru Teg Bahadur to become Shaheed for people’s cause, and history becomes glorious.

In fact, when pious-hearted men explore good goals, dedicate & make sacrifices for changes in the right direction in near future, put their case in right perspective & convincing way, they get enough power to get implemented too, and the society will never remain backward. We need good-educated masses, enlightened people with faces shining with self-confidence. World is a race and one shouldn’t remain back, and should try to match with current trends. If we are to progress, we need certain discard certain rigidities prevalent around. We must concentrate on all individuals, help in making them full human beings. When society has powerful beings, nobody can suppress them. This is the philosophy of victory, self-realization & feeling near to oneness. Actually, one should not become weary of his class/ caste tag but take that in right perspective. If one is from some poor strata, he should try to come above. Although there are always some impediments but one must try to come over them. In Mahabharata epic, Karna overcame the several impediments inflicted on him by virtue of birth. Similarly, many persons from poor segments, depressed low-profile classes, came to the top by way of their sheer dedication & willingness to overcome their limitations.

There is a need to make education compulsory for all with emphasis on girls’ education with quality. Each should be dedicated towards the roles he has. Positively attitude mind-frame shall harmonize them with the general society. Some people are occupied with prejudices with fixed minds. Actually, we must find ways to remove hatred from lives. There may be little bit difficulty with them but that can be overcome. In general, human beings are generous & good-hearted, and if things are shown in right perspective, they will enough consider. But for that you require institutions to nurture where in first place people may come with deviations also. Speaking for rights is not bad when you do your duties sincerely & right. But who will judge your duty-performance? Good judges & international indicators can tell in what condition you lie. There is nothing to be afraid. You won’t lose anything except timidness by becoming bold. Live life fully. World is shrunk to a global village nowadays, and it is very difficult to remain the safest. The whole liberation program was and is for the common people only. People are power. They are given the voting power which they need to use sensibly, and there is nothing to be worried. Take calculated risks & concentrate on children’s education. Keep harmonious relations with neighbors & society’s good people. Sitting in feet of gurus is also not bad but find some true guru. Raise your incomes to live respectable lives lessening dependance on others.

With these words, I am closing.

Many congrats on the Bhim Birthday today of bountiful, fearless & correct pursuer of the right causes.

 

Pawan Kumar,

13^th August, 2023 Sunday Time 17.44 A.M.

(From my Dairy 14^th April, 1999)

Commitments and Actions

Commitments and Actions

 

Man must remember his commitments, not to unnecessarily drag issues

One forgets others too helped when he was beseeching, & faith dithers.

 

It is sarcastic a man continues filling his quotas, but ignores others’ needs

He is basically a selfish & plays clever, and remains busy in own motives.

He must honor his words: it builds enduring relations he may need further

Breaking chain disrupts things & others sulk, won’t respond when needed.

 

Man should not falsely promise, and definitely not give hopes not keepable

Failing then develops unnecessary acrimonies, & relations die themselves.

Others suspect him also badly; workflow slows down & efficiency is marred

Good policy is to act minus hoping in exchange in general, be above pitfalls.

 

No to false hopes, rather our commitments must usher actions on ground

No loose things but keep tight, people believe don’t just in simply words.

General rule is to monitor issues closely & fill gaps early so as to make up

Others too further commit programmes based on what you’ve committed.

 

One should be fair in dealings, pro-active in tasks assigned & agreed upon

Develop facilities at the earliest possible, then benefits spread themselves.

Life blooms with real hard work on ground, and all concerned get satisfied

So no to lethargies & slipping targets, as there is no time to make up even.

 

One must learn to act in rough weathers, it ensures next smooth & cheerful

No complacency or just miracle-beliefs, but efforts & real action-steps taken.

Tightening is detrimental too, loose strings of lute don’t resonate good music

Come out of your pitfalls & adopt best practices, tighten milieu for efficiency.

 

We fasten in many commitments given to public, believing in others’ words

Yes, we bear moral responsibilities on different fronts, and try best to fulfill.

One requires more sincerity in tasks assigned, raise to occasion of success

Every day is important, so be more productive and show actual good results.

 

 

Pawan Kumar,

23^rd July, 2023, Sunday, Time 4:27 P.M.  

(From my Dairy 20^th June, 2023, Tuesday, 8.13 A.M.)