INTERNATIONAL  INSTITUTE FOR SOCIAL AND ECONOMIC STUDIES 

Fears over the Citizenship (Amendment) Act are unfounded

17.01/2020

The huge hullabaloo over the CAA is difficult to understand unless it is a cynical campaign to rouse communal passions under the garb of protecting the secular nature of the Constitution. 

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Containing China

04.01/2020

PROF. LAL MONTHLY „BUSINESS STANDARD“ COLUMN

Access to American savings through the US securities marketsprovides China a lifeline without having to deal with its debt trap 

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India’s Grand Strategy Needs a Second Act

31.12/2019

Published with the kind permission of the author 

Grand strategy, the historian John Lewis Gaddis said, is the aligning of “potentially unlimited aspirations with necessarily limited capabilities” across “space, time, and scale.” Having witnessed the United States (US) overreach during the Cold War, Gaddis knew the costs of failing to match ends with means all too well. In a somewhat different context, India is facing a chasm between its global aspirations and the reality of its national power. A confluence of disruptive factors has now made the business-as-usual approach simply unsustainable. A course correction if not undertaken and executed sensibly could imperil India’s rise for the next generation. 

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2010-2020: India’s lost decade

25.12/2019

Published with the kind permission of the author 

When India’s economic history is written in some future date, and when a serious examination is done of when India lost its way to its ‘tryst with destiny’, the decade of 2010-20 will be highlighted. The facts speak for themselves. India’s real GDP growth was at its peak in March 2010 when it scaled 13.3%. The nominal GDP at that point was over 16.1%. The nominal GDP in September 2019 was at 6.3%, it’s lowest in the decade. Since then the downward trend is evident and we are now scraping the bottom at about a real GDP growth rate of 4.5%, this too with the push of an arguably inflationary methodology. Our previous CEA, Arvind Subramaniam, estimates that India’s GDP growth is overestimated by at least 2.5%. BJP MP Subramaniam Swamy is even more pessimistic. He estimates it to be 1.5%. 

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Ayodhya, polytheismand the rule of law

13.12/2019

PROF. LAL MONTHLY „BUSINESS STANDARD“ COLUMN 

Why Solomon would have been proud of the Supreme Courtjudgment in the Ayodhya land dispute case

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How Land Disappeared from Economic Theory

09.12/2019

For classical economists, it was a factor of production, and the source of “rent.”

Anyone who has studied economics will be familiar with the ‘factors of production’. The best known ‘are ‘capital’ (machinery, tools, computers) and ‘labour’ (physical effort, knowledge, skills). The standard neo-classical production function is a combination of these two, with capital typically substituting for labour as firms maximize their productivity via technological innovation. The theory of marginal productivity argues that under certain assumptions, including perfect competition, market equilibrium will be attained when the marginal cost of an additional unit of capital or labour is equal to its marginal revenue. The theory has been the subject of considerable controversy, with long debates on what is really meant by capital, the role of interest rates and whether it is neatly substitutable with labour. 

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A Brexit nervousbreakdown

03.12/2019

PROF. LAL MONTHLY „BUSINESS STANDARD“ COLUMN 

The fabric of Britain’s unwritten constitution has been dangerouslydamaged by partisan passions over Brexit 

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Govt trying to either suppress or discredit the statistical system when it throws up bad news: Pronab Sen

01.12/2019

Pronab Sen, director IGC India, speaks about the state of the economy, the challenge before the 15th Finance Commission and the controversy surrounding India’s statistical system.

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What We've Learnt About Globalization

21.11/2019 

Speaking notes during the Beijing Forum 2019 

As noted by Pierre Teilhard de Chardin, “Man came silently into the world". This observation made by the great 19th Century French philosopher and theologian could be referring to globalization. And indeed, globalization came into the world silently, and we don’t truly know when exactly that happened. Some attribute its beginning to the end of the 20th century, while others connect it with the creation of global governance institutions after World War II. Some believe that the foundation of globalization was laid during the Industrial Revolution of the 18th–19th centuries; others push the origins of the global world back to the Age of Discovery in the 15th–16th centuries.

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Eurasia – an economic space from Lisbon to Vladivostok and European security

18.11/2019

- Walter Schwimmer, President of International Institute for Social and Economic Studies; Secretary General, Council of Europe (1999-2004). Vienna, 4 November 2019.

The fall of the Berlin wall opened many previously closed doors. But aren’t there also new obstacles and barriers to use these allegedly open doors? Are there new curtains and walls behind these doors? Are declarations like that of Minsk from February 12, 2015 just empty words, or will the leaders go to implement what they said: Leaders remain committed to the vision of a joint humanitarian and economic space from the Atlantic to the Pacific? 

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Russia- restructuring geopolitics of West Asia

17.10/2019

The last few years have seen a gradual decline of American power in west Asia balanced by a rapid rise in the influence of Russia and China. The European Union has been sidelined in the region as a result of its ancillary position towards the United States and its failed policies in the Libyan and Syrian conflicts. 

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Abhijit Banerjee’s prescription for Indian economy: ‘Stop PMO interference, raise NREGA wages, pray’

15.10/2019

The economist, who was awarded the Nobel prize on Monday, spoke just last week about what Indian policymakers need to do. 

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Indian-origin Abhijit Banerjee, wife Esther Duflo awarded Nobel Prize for Economics

14.10/2019

Fifty-eight-year-old Banerjee was born in 1961. He studied in Calcutta University and Jawaharlal Nehru University and then did a PhD from Harvard in 1988. 

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Equations between leaders matter in a world in flux

08.10/2019

Published with the kind permission of the author

If India is to preserve its strategic autonomy and be a leading power, it must maintain a degree of balance in its relations with big powers such as the US, Russia and China. It need not, and cannot, have the same level of relationship with all three because the nature and content of ties with each of them is different. Modi is calibrating India’s policies accordingly. 

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Is shareholder capitalism passe?

06.10/2019

PROF. LAL MONTHLY „BUSINESS STANDARD“ COLUMN 

The emerging backlash against CSR and the resultant endorsement of shareholder capitalism make sense 

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Comment by Ralf Ostner/ Global Review

30.09/2019

As it stands, the next German government will become a black-green coalition or even a green-black coalition with a green German chancellor. The other more unlikely option would be a green-red-red goverment--however: The Green Party would also play the leading role. . Weber (CSU / EPP) has even described a black-green coalition as a model for the future. The Greens see themselves not only as an environmental party (Umweltpartei) , but also as value orientated party (Wertepartei). 

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Russia joins Paris Climate Change Agreement: clear the way for an EU-Russia Eco-Alliance?

27.09/2019

In the following a programmatic article by the more Putinbiased Russia expert and Gazprom consultant for the EU Prof. Alexander Rahr, in which he propagates an eco-alliance between Russia and the EU. After that my assessment. 

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Are Economists Ideologically Biased?

22.09/2019

Economists like to think they’re immune from ideological influence. New research shows otherwise. 

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The Economic Consequences of Automation

21.09/2019

Economic theory does not provide a clear answer regarding the overall impact of technological progress on jobs. And even if automation has traditionally been beneficial in the long run, policymakers should never ignore its disruptive short-term effects on workers. 

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Dr. Kortunow (Russian Council) : Potentials for a cooperation between the EU and Russia

16.09/2019

Published in accordance with the MOU between IISES and RIAC

After the Russian Council published ideas about a German-Chinese axis which should be transformed in a Eurasian triangle with Russia, Andrej Kortunow, director of the Russian International Affairs Council (RIAC) gave an interview outlining the potentials for an cooperation and coordination between the EU and Russia. The interview is avaiable here.

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