Emergence of Russian economy after the collapse of Soviet Union and how the Chicago school economists ruined the Russian economy by promoting the ideas of free market economy is quite popular amongst the people who neither understand market economy nor Soviet planned economy. I’ll try to summarize the key factors associated with this transition andContinue reading “Privatization of Russian Economy: What Went Wrong?”
Category Archives: Economics
The Problem of Knowledge in Primitive and Civilised Society
The problem of knowledge in human civilization is a central problem which appears difficult to solve owing to our limited cognitive abilities, but we overcome the limitation as civilizations evolve and particular type of institutions emerge to solve the problem. In fact, we can try to study the differences between a primitive and civilised societyContinue reading “The Problem of Knowledge in Primitive and Civilised Society”
A Primer on Yajmani System
The peculiar feature of Indian society in which Jati (caste) system was the fundamental modal of socioeconomic organisation, its sustenance in the rural areas could only be ensured by Yajmani (also spelled Jajmani) system which was intricately intertwined with Jati system. In Yajmani system, the Jatis which were engaged in providing different services and productsContinue reading “A Primer on Yajmani System”
The Economic ‘Non-Logic’ of Reservation for Locals in Private Sector
The socialist paradise of India doesn’t leave any stone unturned in destroying the businesses and labour market because it believes that it can change the rules of Economics by political maneuvering because such attempts often bring vote. The latest entrant in this field is M L Khattar whose government has brought the law to provideContinue reading “The Economic ‘Non-Logic’ of Reservation for Locals in Private Sector”
World Through A Kaleidoscope 