Tuesday, June 26, 2012

A Not So Loony Tune


Times of India: Jagdish Bhagwati, the distinguished international trade economist, saying in affectionate appreciation of Abid Hussain, one of India’s greater economists. Obviously it is meant as a joke:
He loved the witticism that the problem in India was that Adam Smith's Invisible Hand was nowhere to be seen.
If it doesn’t make you smile, you should get out more …

1 Comments:

Blogger airth10 said...

“He loved the witticism that the problem in India was that Adam Smith's Invisible Hand was nowhere to be seen.”

I wonder in what context Hussain saw Adam Smith's invisible hand? Was it in the context of 'domestic bias' or the more contentious one of it leading markets?

Hussain was right about immigrant Indians being of great benefit to America. At one point they were the wealthiest immigrant group in America.

11:33 a.m.  

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