Who is the author of “The Future of India Economics”? ?->(Show Answer!)

1. Who is the author of “The Future of India Economics”?

Answer: Bimal Jalan

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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-> 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-> I think that it would be wrong to ask whether 50 years of India's Independence are an achievement or a failure. It would be better to see things as evolving. It's not an either-or question. My idea of the history of India is slightly contrary to the Indian idea.India is a country that, in the north, outside Rajasthan, was ravaged and intellectually destroyed to a large extent by the invasions that began in about AD 1000 by forces and religions that India had no means of understanding.The invasions are in all the schoolbooks. But I don't think that people understand that every invasion, every war, every campaign, was accompanied by slaughter, a slaughter always of the most talented people in the country. So these wars, apart from everything else led to a tremendous intellectual depletion of the country.I think that in the British period, and in the 50 years after the British period, there has been a kind of regrouping or recovery, a very slow revival of energy and intellect. This isn't an idea that goes with the vision of the grandeur of old India and all that sort of rubbish. That idea is a great simplification and it occurs because it is intellectually, philosophically easier for Indians to manage.What they cannot manage, and what they have not yet come to terms with, is that ravaging of all the north of India by various conquerors. That was ruined not by the act of nature, but by the hand of man. It is so painful that few Indians have begun to deal with it. It is much easier to deal with British imperialism. That is a familiar topic, in India and Britain. What is much less familiar is the ravaging of India before the British.What happened from AD 1000 onwards, really, is such a wound that it is almost impossible to face. Certain wounds are so bad that they can't be written about. You deal with that kind of pain by hiding from it. You retreat from reality. I do not think, for example, that the Incas of Peru or the native people of Mexico have ever got over their defeat by the Spaniards. In both places the head was cut off. I think the pre-British ravaging of India was as bad as that.In the place of knowledge of history, you have various fantasies about the village republic and the Old Glory. There is one big fantasy that Indians have always found solace in: about India having the capacity for absorbing its conquerors. This is not so. India was laid low by its conquerors.I feel the past 150 years have been years of every kind of growth. I see the British period and what has continued after that as one period. In that time, there has been a very slow intellectual recruitment. I think every Indian should make the pilgrimage to the site of the capital of the Vijayanagar empire, just to see what the invasion of India led to. They will see a totally destroyed town. Religious wars are like that. People who see that might understand what the centuries of slaughter and plunder meant. War isn't a game. When you lost that kind of war, your town was destroyed, the people who built the towns were destroyed. You are left with a headless population.That's where modern India starts from. The Vijayanagar capital was destroyed in 1565. It is only now that the surrounding region has begun to revive. A great chance has been given to India to start up again, and I feel it has started up again. The questions about whether 50 years of India since Independence have been a failure or an achievement are not the questions to ask. In fact, I think India is developing quite marvelously, people thought — even Mr Nehru thought — that development and new institutions in a place like Bihar, for instance, would immediately lead to beauty. But it doesn't happen like that. When a country as ravaged as India, with all its layers of cruelty, begins to extend justice to people lower down, it's a very messy business. It's not beautiful, it's extremely messy. And that's what you have now, all these small politicians with small reputations and small parties. But this is part of growth, this is part of development. You must remember that these people, and the people they represent, have never had rights before.When the oppressed have the power to assert themselves, they will behave badly. It will need a couple of generations of security, and knowledge of institutions, and the knowledge that you can trust institutions — it will take at least a couple of generations before people in that situation begin to behave well. People in India have known only tyranny. The very idea of liberty is a new idea. The rulers were tyrants. The tyrants were foreigners. And they were proud of being foreign. There's a story that anybody could run and pull a bell and the emperor would appear at his window and give justice. This is a child's idea of history — the slave's idea of the ruler's mercy. When the people at the bottom discover that they hold justice in their own hands, the earth moves a little. You have to expect these earth movements in India. It will be like this for a hundred years. But it is the only way. It's painful and messy and primitive and petty, but it’s better that it should begin. It has to begin. If we were to rule people according to what we think fit, that takes us back to the past when people had no voices. With self-awareness all else follows. People begin to make new demands on their leaders, their fellows, on themselves.They ask for more in everything. They have a higher idea of human possibilities. They are not content with what they did before or what their fathers did before. They want to move. That is marvellous. That is as it should be. I think that within every kind of disorder now in India there is a larger positive movement. But the future will be fairly chaotic. Politics will have to be at the level of the people now. People like Nehru were colonial — style politicians. They were to a large extent created and protected by the colonial order. They did not begin with the people. Politicians now have to begin with the people. They cannot be too far above the level of the people. They are very much part of the people. It is important that self-criticism does not stop. The mind has to work, the mind has to be active, there has to be an exercise of the mind. I think it's almost a definition of a living country that it looks at itself, analyses itself at all times. Only countries that have ceased to live can say it's all wonderful.The central thrust of the passage is that
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MCQ-> Read the following passage carefully and answer the questions given below it. Certain words/phrases have been printed in bold to help you locate them while answering some of the questions.There are various sectors in India that are to be assessed for their strengths, weaknesses, opportunities and threats. The total population is over 1 billion which will increase to 1.46 billion by 2035 to cross China. The huge population will result in higher unemployment and deterioration of quality. Literacy, in India is yet another factor to be discussed. According to 1991 census, 64.8% of the population was illiterate. The major downtrend of education is due to child labour which has spread all over India and this should be totally eradicated by way of surveillance and a good educational system implemented properly by the Government. Pollution is one more threat to the environment and for the country’s prospects. This has been experienced more in urban areas mainly in metropolitan cities. The water pollution by the sewage seepage into the ground water and improper maintenance will lead to various diseases which in turn will affect the next generation. In most of the cities there is no proper sewage disposal. The Government has to take effective steps to control population which, in turn, will minimize the pollution. Poverty questions the entire strength of India’s political view and minimizes the energetic way of approach. The shortfall of rains, enormous floods, unexpected famine, drought, earthquake and the recent tsunami hit the country in a negative way. The proactive approach through effective research and analytical study helps us to determine the effects in advance. Proper allocation of funds is a prerequisite. In developed countries like. U.S., Japan precautionary methods are adopted to overcome this, but it has to be improved a lot in our systems. Increased population is one of the major reasons for poverty and the Government is unable to allocate funds for basic needs to the society. India has nearly 400 million people living below the poverty line and 90% of active population is in informal economy. The children are forced to work due to their poverty and differential caste system. They work in match industry for daily wages, as servants, mechanics, stone breakers, agricultural workers, etc. To prevent child labour, existing laws which favour the Anti Child Labour Act should be implemented by the Government vigorously. More population results in cheap cost by virtue of the demand supply concept. Most of the foreign countries try to utilize this factor by outsourcing their business in India with a very low capital. According to U.S., India is a “Knowledge pool” with cheap labour. The major advantage is our communication and technical skill which is adaptable to any environment. The cutting edge skill in IT of our professionals helps the outsourcing companies to commensurate with the needs of the consumers in a short span. The major competitors for India are China and Philippines and by the way of an effective communication and expert technical ability, Indians are ahead of the race. The major Metropolitan states are targeting the outsourcing field vigorously by giving various amenities to the outsourcing companies like tax concession, allotting land etc., to start their businesses in its cities without any hurdles. Thereby most of the MNCs prefer India as their destinations and capitalize the resources to maximize their assets. Infrastructure is another key factor for an outsourcing company to start a business in a particular city. It includes road, rail, ports, power and water. The increased input in infrastructure in India is very limited where China’s record is excellent. India in earlier days gave more importance to the development of industry and less importance to other departments. But the scenario has quite changed nowadays by allocating a special budget of funds for security. This is because of the frightening increase in terrorism all around the world especially emerging after the 9/11 terror attack in U.S. In the last ten years, budget towards the development of military forces is higher when compared to others. It shows that the threat from our neighbouring countries is escalating. India has to concentrate more on this security factor to wipe out the problem in the way of cross border terrorism. Making India, a developed country in 2020 is not an easy task. India has to keep in check a variety of factors in order to progress rapidly. To quote China as an example is that they demolished an old building to construct a very big port to meet future demands, but India is still waiting for things to happen. The profits gained by India through various sectors are to be spent for the development and welfare of the country. India’s vision for a brighter path will come true not only by mere words or speech, but extra effort needed at all levels to overcome the pitfalls.Which of the following, according to the author, is/are a result(s) of increased population in India ? (A) Pollution (B)Poverty (C) Unemployment...