Macroeconomics

The discipline looks out of date as technology disrupts markets and alters the nature of production

What is astonishing is that a government which had earned plaudits for institutionalizing a new monetary policy framework with a clear and transparent mandate for the central bank is now involved in dismantling that very edifice

Search for new consensus is futile, way ahead is more conversations between different macroeconomic schools

None of the contemporary debate would have been possible without the googly that Milton Friedman and Edmund Phelps threw at the economics profession

Economics models are mathematical in nature, and representing the full complexity of human behaviour with math would make models unwieldy

It's doubtful if economists practice what their dismal doctrine preaches, perhaps they realize that the welfare gains of not giving gifts would be more than offset by the welfare losses of being lynched

Eventually, Indian firms will get used to the new dynamics of their businesses, the extraneous factors currently worrying them and the new rules of doing business

A weak economic growth narrative sits uneasily with dramatically improved macroeconomic stability, but a traditional counter-cyclical response is unlikely to be efficacious

An important lesson of Milton Friedman's speech from 50 years ago remains valid: If we want to ensure more people are well-employed, central banks alone will certainly not suffice

The country's macroeconomic indicators now are similar to what they were just before the Indian Economy took off in 2003