Book Review: Rupal Patel and Jack Meaning, ‘Can’t we just print more money – Economics in ten simple questions’, Cornerstone Press, London, May 2022.
The Bank of England is the first central bank to carry out the set of functions which are today associated with a central bank. It is not the oldest, an honour which goes to the Riksbank established in 1668. After its establishment in 1694 as an issuer of currency and as a government bank, the Bank of England started adding functions over the years. It was only in the second half of the 19th century, when it became a lender of last resort, that the Bank of England came to be acknowledged and regarded as a central bank. Continue reading “Can’t we just print more money?”
No other economist would have probably had more books written on his life than John Maynard Keynes. I am currently reading, slipping in time whenever I can, a recent book by Zachary D. Carter, “The Price of Peace: Money, Democracy, and the Life of John Maynard Keynes” (Random House, New York, 2020). I hope to able to write a brief review of the book soon. Continue reading “Best Books on Keynes”
Robert Shiller starts one of his lectures writing “RITUPARNA” on the board, asking the students who it was. Nobody knew. In Mahabharata, King Rituparna gave Nala, disguised as Bahuka, his charioteer, an estimate of the leaves and fruits on the branches of the Vibhitaka tree, and those on the ground. Nala counted and confirmed the estimate. Rituparna would teach Nala the art of gambling in exchange for the skills of a charioteer. Continue reading “Shiller’s Narrative Economics”
The World Bank has appointed Carmen Reinhart as its new Vice President and Chief Economist, effective from 15 June 2020. Announcing the decision, David Malpass, World Bank Group President said, “Carmen has dedicated her career to understanding and surmounting financial crises in both advanced and developing economies in order to achieve growth and higher living standards. Her thought leadership during this unprecedented period will be invaluable to the Bank Group and our clients.” Continue reading “Carmen Reinhart at the World Bank”
(Note: A much shorter version of this article appeared in Mint dated 13 July 2020. You can read it here.)
In 1872, when Phileas Fogg, Jules Verne’s enigmatic character, wagered with his whist partners at the Reform Club, including an Assistant Governor of the Bank of England, to travel round the world in eighty days, he issued a cheque for £20,000, drawn on Baring Brothers. That was security enough. That was the standing of Baring Brothers, which always paid his cheques “on sight and his account remained invariably in the black.” Moreover, he was accepted as a member of that distinguished society on the recommendation of Baring Brothers with whom he had an unlimited overdraft limit. Continue reading “25 years after Barings: Have the lessons been learnt?”