WHO IS KNOWN AS THE FATHER OF INDIAN ECONOMICS ?->(Show Answer!)

1. WHO IS KNOWN AS THE FATHER OF INDIAN ECONOMICS

Answer: DADA BHAI NAVROJI

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MCQ-> If translated into English, most of the ways economists talk among themselves would sound plausible enough to poets, journalists, businesspeople, and other thoughtful though non-economical folk. Like serious talk anywhere — among boat desingers and baseball fans, say — the talk is hard to follow when one has not made a habit of listening to it for a while. The culture of the conversation makes the words arcane. But the people in the unfamiliar conversation are not Martians. Underneath it all (the economist’s favourite phrase) conversational habits are similar. Economics uses mathematical models and statistical tests and market arguments, all of which look alien to the literary eye. But looked at closely they are not so alien. They may be seen as figures of speech-metaphors, analogies, and appeals to authority.Figures of speech are not mere frills. They think for us. Someone who thinks of a market as an ‘invisible hand’ and the organization of work as a ‘production function’ and his coefficients as being ‘significant’, as an economist does, is giving the language a lot of responsibility. It seems a good idea to look hard at his language.If the economic conversation were found to depend a lot on its verbal forms, this would not mean that economics would be not a science, or just a matter of opinion, or some sort of confidence game. Good poets, though not scientists, are serious thinkers about symbols; good historians, though not scientists, are serious thinkers about data. Good scientists also use language. What is more (though it remains to be shown) they use the cunning of language, without particularly meaning to. The language used is a social object, and using language is a social act. It requires cunning (or, if you prefer, consideration), attention to the other minds present when one speaks.The paying of attention to one’s audience is called ‘rhetoric’, a word that I later exercise hard. One uses rhetoric, of course, to warn of a fire in a theatre or to arouse the xenophobia of the electorate. This sort of yelling is the vulgar meaning of the word, like the president’s ‘heated rhetoric’ in a press conference or the ‘mere rhetoric’ to which our enemies stoop. Since the Greek flame was lit, though, the word has been used also in a broader and more amiable sense, to mean the study of all the ways of accomplishing things with language: inciting a mob to lynch the accused, to be sure, but also persuading readers of a novel that its characters breathe, or bringing scholars to accept the better argument and reject the worse.The question is whether the scholar- who usually fancies himself an announcer of ‘results’ or a stater of ‘conclusions’ free of rhetoric — speaks rhetorically. Does he try to persuade? It would seem so. Language, I just said, is not a solitary accomplishment. The scholar doesn’t speak into the void, or to himself. He speaks to a community of voices. He desires to be heeded, praised, published, imitated, honoured, en-Nobeled. These are the desires. The devices of language are the means. Rhetoric is the proportioning of means to desires in speech.Rhetoric is an economics of language, the study of how scarce means are allocated to the insatiable desires of people to be heard. It seems on the face of it a reasonable hypothesis that economists are like other people in being talkers, who desire listeners whey they go to the library or the laboratory as much as when they go to the office or the polls. The purpose here is to see if this is true, and to see if it is useful: to study the rhetoric of economic scholarship.The subject is scholarship. It is not the economy, or the adequacy of economic theory as a description of the economy, or even mainly the economist’s role in the economy. The subject is the conversation economists have among themselves, for purposes of persuading each other that the interest elasticity of demand for investment is zero or that the money supply is controlled by the Federal Reserve.Unfortunately, though, the conclusions are of more than academic interest. The conversations of classicists or of astronomers rarely affect the lives of other people. Those of economists do so on a large scale. A well known joke describes a May Day parade through Red Square with the usual mass of soldiers, guided missiles, rocket launchers. At last come rank upon rank of people in gray business suits. A bystander asks, “Who are those?” “Aha!” comes the reply, ”those are economists: you have no idea what damage they can do!” Their conversations do it.According to the passage, which of the following is the best set of reasons for which one needs to ‘look hard’ at an economist’s language?A. Economists accomplish a great deal through their language.B. Economics is an opinion-based subject.C. Economics has a great impact on other’s lives.D. Economics is damaging.
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MCQ-> Analyse the following passage and provide appropriate answers for the through that follow. Soros, we must note, has never been a champion of free market capitalism. He has followed for nearly all his public life the political ideas of the late Sir Karl Popper who laid out a rather jumbled case for what he dubbed "the open society" in his The Open Society and Its Enemies (1953). Such a society is what we ordinarily call the pragmatic system in which politicians get involved in people's lives but without any heavy theoretical machinery to guide them, simply as the ad hoc parental authorities who are believed to be needed to keep us all on the straight and narrow. Popper was at one time a Marxist socialist but became disillusioned with that idea because he came to believe that systematic ideas do not work in any area of human concern. The Popperian open society Soros promotes is characterized by a very general policy of having no firm principles, not even those needed for it to have some constancy and integrity. This makes the open society a rather wobbly idea, since even what Popper himself regarded as central to all human thinking, critical rationalism, may be undermined by the openness of the open society since its main target is negative avoid dogmatic thinking, and avoid anything that even comes close to a set of unbreachable principles. No, the open society is open to anything at all, at least for experimental purposes. No holds are barred, which, if you think about it, undermines even that very idea and becomes unworkable. Accordingly, in a society Soros regards suited to human community living, the state can manipulate many aspects of human life, including, of course; the economic behavior of individuals and firms. It can control the money supply, impose wage and price controls, dabble in demand or supply-side economics, and do nearly everything a central planning board might —provided it does not settle into any one policy firmly, unbendingly. That is the gist of Soros's Popperian politics. Soros' distrusts capitalism in particular, because of the alleged inadequacy of neoclassical economics, the technical economic underpinnings of capitalist thinking offered up in many university economics departments. He, like many others outside and even inside the economics discipline, fmds the arid reductionism of this social science false to the facts, and rightly so. But the defense of capitalist free markets does not rest on this position. Neo-classical thinking depends in large part on the 18th- and 19th-century belief that human society operates according to laws, not unlike those that govern the physical universe. Most of social science embraced that faith, so economics isn't unusual in its loyalty to classical mechanics. Nor do all economists take the deterministic lawfulness of economic science literally — some understand that the laws begin to operate only once people embark upon economic pursuits. Outside their commercial ventures, people can follow different principles and priorities, even if it is undeniable that most of their endeavors have economic features. Yet, it would be foolish to construe religion or romance or even scientific inquiry as solely explicable by reference to the laws of economics. In his criticism of neo-classical economic science, then, George Soros has a point: the discipline is too dependent on Newtonian physics as the model of science. As a result, the predictions of economists who look at markets as if they were machines need to be taken with a grain of salt. Some — for example the school of Austrian economists — have made exactly that point against the neo-classical. Soros draws a mistaken inference: if one defense of the market is flawed, the market lacks defense. This is wrong. If it is true that from A we can infer B, it does not prove that B can only be inferred from A; C or Z, too, might be a reason for B.As per the paragraph, author believes that
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MCQ-> Choose the best answer for each question.The production of histories of India has become very frequent in recent years and may well call for some explanation. Why so many and why this one in particular? The reason is a two-fold one: changes in the Indian scene requiring a re-interpretation of the facts and changes in attitudes of historians about the essential elements of Indian history. These two considerations are in addition to the normal fact of fresh information, whether in the form of archeological discoveries throwing fresh light on an obscure period or culture, or the revelations caused by the opening of archives or the release of private papers. The changes in the Indian scene are too obvious to need emphasis. Only two generations ago British rule seemed to most Indian as well as British observers likely to extend into an indefinite future; now there is a teenage generation which knows nothing of it. Changes in the attitudes of historians have occurred everywhere, changes in attitudes to the content of the subject as well as to particular countries, but in India there have been some special features. Prior to the British, Indian historiographers were mostly Muslims, who relied, as in the case of Sayyid Ghulam Hussain, on their own recollection of events and on information from friends and men of affairs. Only a few like Abu’l Fazl had access to official papers. These were personal narratives of events, varying in value with the nature of the writer. The early British writers were officials. In the 18th century they were concerned with some aspect of Company policy, or like Robert Orme in his Military Transactions gave a straight narrative in what was essentially a continuation of the Muslim tradition. In the early 119th century the writers were still, with two notable exceptions, officials, but they were now engaged in chronicling, in varying moods of zest, pride, and awe, the rise of the British power in India to supremacy. The two exceptions were James Mill, with his critical attitude to the Company and John Marchman, the Baptist missionary. But they, like the officials, were anglo-centric in their attitude, so that the history of modern India in their hands came to be the history of the rise of the British in India.The official school dominated the writing of Indian history until we get the first professional historian’s approach. Ramsay Muir and P. E. Roberts in England and H. H. Dodwell in India. Then Indian historians trained in the English school joined in, of whom the most distinguished was Sir Jadunath Sarkar and the other notable writers: Surendranath Sen, Dr Radhakumud Mukherji, and Professor Nilakanta Sastri. They, it may be said, restored India to Indian history, but their bias was mainly political. Finally have come the nationalists who range from those who can find nothing good or true in the British to sophisticated historical philosophers like K. M. Panikker.Along the types of historians with their varying bias have gone changes in the attitude to the content of Indian history. Here Indian historians have been influenced both by their local situation and by changes of thought elsewhere. It is this field that this work can claim some attention since it seeks to break new ground, or perhaps to deepen a freshly turned furrow in the field of Indian history. The early official historians were content with the glamour and drama of political history from Plassey to the Mutiny, from Dupleix to the Sikhs. But when the raj was settled down, glamour departed from politics, and they turned to the less glorious but more solid ground of administration. Not how India was conquered but how it was governed was the theme of this school of historians. It found its archpriest in H. H. Dodwell, its priestess in Dame Lilian Penson, and its chief shrine in the Volume VI of the Cambridge History of India. Meanwhile, in Britain other currents were moving, which led historical study into the economic and social fields. R. C. Dutt entered the first of these currents with his Economic History of India to be followed more recently by the whole group of Indian economic historians. W. E. Moreland extended these studies to the Mughal Period. Social history is now being increasingly studied and there is also of course a school of nationalist historians who see modern Indian history in terms of the rise and the fulfillment of the national movement.All these approaches have value, but all share in the quality of being compartmental. It is not enough to remove political history from its pedestal of being the only kind of history worth having if it is merely to put other types of history in its place. Too exclusive an attention to economic, social, or administrative history can be as sterile and misleading as too much concentration on politics. A whole subject needs a whole treatment for understanding. A historian must dissect his subject into its elements and then fuse them together again into an integrated whole. The true history of a country must contain all the features just cited but must present them as parts of a single consistent theme.Which of the following may be the closest in meaning to the statement ‘restored India to Indian history’?
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MCQ-> Read the following passage carefully and answer the questions given at the end. The second issue I want to address is one that comes up frequently - that Indian banks should aim to become global. Most people who put forward this view have not thought through the costs and benefits analytically; they only see this as an aspiration consistent with India’s growing international profile. In its 1998 report, the Narasimham (II) Committee envisaged a three tier structure for the Indian banking sector: 3 or 4 large banks having an international presence on the top, 8-10 mid-sized banks, with a network of branches throughout the country and engaged in universal banking, in the middle, and local banks and regional rural banks operating in smaller regions forming the bottom layer. However, the Indian banking system has not consolidated in the manner envisioned by the Narasimham Committee. The current structure is that India has 81 scheduled commercial banks of which 26 are public sector banks, 21 are private sector banks and 34 are foreign banks. Even a quick review would reveal that there is no segmentation in the banking structure along the lines of Narasimham II.A natural sequel to this issue of the envisaged structure of the Indian banking system is the Reserve Bank’s position on bank consolidation. Our view on bank consolidation is that the process should be market-driven, based on profitability considerations and brought about through a process of mergers & amalgamations (M&As;). The initiative for this has to come from the boards of the banks concerned which have to make a decision based on a judgment of the synergies involved in the business models and the compatibility of the business cultures. The Reserve Bank’s role in the reorganisation of the banking system will normally be only that of a facilitator.lt should be noted though that bank consolidation through mergers is not always a totally benign option. On the positive side are a higher exposure threshold, international acceptance and recognition, improved risk management and improvement in financials due to economies of scale and scope. This can be achieved both through organic and inorganic growth. On the negative side, experience shows that consolidation would fail if there are no synergies in the business models and there is no compatibility in the business cultures and technology platforms of the merging banks.Having given that broad brush position on bank consolidation let me address two specific questions: (i) can Indian banks aspire to global size?; and (ii) should Indian banks aspire to global size? On the first question, as per the current global league tables based on the size of assets, our largest bank, the State Bank of India (SBI), together with its subsidiaries, comes in at No.74 followed by ICICI Bank at No. I45 and Bank of Baroda at 188. It is, therefore, unlikely that any of our banks will jump into the top ten of the global league even after reasonable consolidation.Then comes the next question of whether Indian banks should become global. Opinion on this is divided. Those who argue that we must go global contend that the issue is not so much the size of our banks in global rankings but of Indian banks having a strong enough, global presence. The main argument is that the increasing global size and influence of Indian corporates warrant a corresponding increase in the global footprint of Indian banks. The opposing view is that Indian banks should look inwards rather than outwards, focus their efforts on financial deepening at home rather than aspiring to global size.It is possible to take a middle path and argue that looking outwards towards increased global presence and looking inwards towards deeper financial penetration are not mutually exclusive; it should be possible to aim for both. With the onset of the global financial crisis, there has definitely been a pause to the rapid expansion overseas of our banks. Nevertheless, notwithstanding the risks involved, it will be opportune for some of our larger banks to be looking out for opportunities for consolidation both organically and inorganically. They should look out more actively in regions which hold out a promise of attractive acquisitions.The surmise, therefore, is that Indian banks should increase their global footprint opportunistically even if they do not get to the top of the league table.Identify the correct statement from the following:
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MCQ->A father and his son are waiting at a bus stop in the evening. There is a lamp post behind them. The lamp post, the father and his son stand on the same straight line. The father observes that the shadows of his head and his son's head are incident at the same point on the ground. If the heights of the lamp post, the father and his son are 6 metres, 1.8 metres and 0.9 metres respectively, and the father is standing 2.1 metres away from the post then how far (in metres) is son standing form his father?...