Lord Meghnad Desai delivers a virtual talk at Meghnad Desai Academy of Economics
Meghnad Desai Academy of Economics (MDAE) is delighted to announce that Lord Meghnad Desai, Chairman, Meghnad Desai Academy of Economics, renowned academic, Professor Emeritus at the London School of Economics recently delivered a talk at the live online session. MDAE Directors, Board Members, Faculty Members, Academic Council of MDAE and other eminent professors from renowned colleges across India like Fergusson & Symbiosis (Pune), Guru Gobind Singh, Daulat Ram & Satyawati College (Delhi), Kumaraguru College of Liberal Arts & Science, (Coimbatore), K.J. Somaiya, Hinduja College of Commerce, Jai Hind, Ramnarain Ruia & HR college (Mumbai), St. Xavier’s (Ahmedabad) attended the session.
In the extremely engaging and enriching session, Lord Desai touched upon the various current economic issues and news around the world. Talking about MDAE, Lord Desai highlighted the emphasis on practical education and applauded the academy for its efforts to provide quality education.
He spoke about his new book which is due for a launch “Poverty of the political economy” based on increasing hostility of economy to the poor and the disparity between rise in income tax rates vs allowance to the underprivileged and why this kind of economic policy became acceptable and came to be known as a sound economic policy. “Economics is never out of fashion and is always developing”, mentioned Lord Desai while talking about the new global events especially the Russia-Ukraine Crisis.
Lord Desai opened the floor for questions to keep the session engaging & answered various questions posed to him with great delight.
While talking about Bitcoins and cryptocurrency, he mentioned how Bitcoin is a paradox for economics, something which is of no use has exchange value. “Crypto currency is a success only in the idea that you can give it away or else you sell it (it is called boost-trap equilibrium). He also emphasized on how the Indian government should assume the role of regulator and not that of a controller.
Talking about Inflation & Oil prices, he mentioned an historic event in the 70s where the price of oil increased by $5 (along with the effects of stagflation) and drew the comparison with the current situation due to the Russia-Ukraine crisis.
In his closing remarks, he said we need to relook at economics from a fresh perspective, where we value human life and how preserving human life should be the topmost priority of economic policy & advocated the detour towards development economics.