Links for 8th May, 2019

  1. “The god question is not easy to answer conclusively because god’s existence is a matter of faith, not science. There is no mathematical proof. God is a construct of belief. The great Austrian-American mathematician Kurt Gödel once attempted to prove the existence of god. His ontological proof of god, by definition, is more axiomatic and derived from semantic logic than from real mathematics. It was not long before it was discredited and the axioms questioned. Undeterred, a group of mathematicians from around the world is using open-source documentation to formalise Gödel’s proof to a level where it can be proven by computer programs. We will wait.”
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    Sachin Kalbag, a guy worth following on Twitter, writes about a near death experience he had some years ago, and asks questions about god, faith, belief and logic.
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  2. “You guys are so angry and militant, you’re going to cause havoc,” he recalls being told, delivering his anecdote with a comic’s timing. “You are not getting any arms. You are not ready to fight. You are raaaaw,” he says, disintegrating into laughter. Instead of war, the 21-year-old studied economics, ending up at the University of East Anglia in England. “When all this fighting is over,” he was told, “there will be a country to run.”
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    A short interview with Tito Mboweni – my only criticism is that it is too short, but then again, that’s the style of the Lunch with FT series. By the way, you might want to try Googling the series. Some extremely interesting interviews.
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  3. “The first two factory acts, one in 1881 and the other in 1891, neglected to shorten working hours. When the 1890 Factory Commission gathered workers’ voices, both male and female workers overwhelmingly demanded a shorter working day. Doorpathee told the commission: ‘It will be better if the hours are shortened.’ The 1891 Factory Act declared Sunday a holiday, limited the work day to 11 hours for female workers and seven hours for child workers (aged between nine and 14). But it left out adult males from the ambit of a shorter work day, and men continued to work between 13 to 16 hours per day.”
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    A truly lovely read about Bombay workers, their living conditions, and about the night schools that started in Bombay at that point of time.
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  4. “In short, strange as it may seem, industrialisation of India is the soundest remedy for the agricultural problems of India. The cumulative effects of industrialisation, namely a lessening pressure (of surplus labour) and an increasing amount of capital and capital goods will forcibly create the economic necessity of enlarging the holding. Not only this, but industrialisation, by destroying the premium on land, will give rise to few occasions for its sub-division and fragmentation. Industrialisation is a natural and powerful remedy…”
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    1918. Dr. Ambedkar wrote the essay from which this excerpt is taken in the year 1918. 101 years later, we still retain policies that keep people tethered to agriculture. Also worth reading is the rest of the article – and indeed, therefore the writings of Dr. B.R. Ambedkar.
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  5. “Sloman and Fernbach cite a survey conducted in 2014, not long after Russia annexed the Ukrainian territory of Crimea. Respondents were asked how they thought the U.S. should react, and also whether they could identify Ukraine on a map. The farther off base they were about the geography, the more likely they were to favor military intervention. (Respondents were so unsure of Ukraine’s location that the median guess was wrong by eighteen hundred miles, roughly the distance from Kiev to Madrid.)”
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    Never be too confident of anything, least of all about whatever it is that you think you know, is my key takeaway from this article – but implementing this is easier said than done!
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Links for 2nd May, 2019

  1. “I think that most capitalists don’t know how to divide the economic pie well and most socialists don’t know how to grow it well, yet we are now at a juncture in which either a) people of different ideological inclinations will work together to skillfully re-engineer the system so that the pie is both divided and grown well or b) we will have great conflict and some form of revolution that will hurt most everyone and will shrink the pie.”
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    Written from an America centric viewpoint, but the article is worth reading for the wealth of data it shares, as also for the viewpoint about the need to reform capitalism.
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  2. “The solution, Wishnatzki believes, is to make a robot that can pick strawberries. He and a business partner, Bob Pitzer, have been developing one for the past six years. With the latest iteration of their invention—known around the farm as Berry 5.1—they are getting close.”
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    Strawberry fields forever. The article is worth reading because it speaks about robots, unemployment, demographics, immigration and the inevitability of agriculture becoming ever more mechanized.
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  3. “He also had a warning to anyone who assumes it will be “business as usual” once America’s Trump fever breaks. The idea that the Trump presidency is some sort of accident, he says, is a fantasy.”
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    An interview with the outgoing French ambassador to America. Worth reading on trade, Israel, Iran and much else besides.
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  4. “The Scrabble career of Nigel Richards went from great to astounding this week, after he won the French-language Scrabble World Championships. A New Zealand native, Richards has won several English-language titles; his new victory follows weeks of studying a French dictionary.”He doesn’t speak French at all, he just learnt the words,” his friend (and former president of the New Zealand Scrabble Association) Liz Fagerlund tells the New Zealand Herald. “He won’t know what they mean, wouldn’t be able to carry out a conversation in French I wouldn’t think.”
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    Oddly depressing, for multiple reasons. Takes the romance out of Scrabble, for one, but also points to the inevitability of automation.
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  5. “What’s woefully underexplored by economists is what the prevalence of caste implies to the Indian economy. A basic premise of the free market model is the absence of entry barriers—not just for firms keen to enter markets for goods and services, but also for people pursuing career options. In theory, companies that are under the pressure of competition to perform would want to hire workers in a way that maximizes the productivity of their workforce; a caste bias would probably stymie the cause of corporate efficiency. None of it may be overtly or even consciously done, but the effects of such a tendency could add up. Caste, thus, would result in an inefficient allocation of human resources across the economy. ”
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    Worth reading if you are starting to learn economics, and aren’t quite sure what competition and barriers to entry mean – but also if you are a student of India today.

Links for 18th March, 2019

  1. “So although the leaders of Bangladesh and India have similar goals, the difference in the country’s development models is making for an interesting experiment. Countries in Africa hoping to follow these two South Asian giants’ growth trajectories should be watching keenly. If Bangladesh grows faster, it will suggest that manufacturing, starting with textiles, is still the ticket to industrialization; but if Bangladesh falters and India sustains its growth, it will imply that poor countries should look to services first.”
    Noah Smith compares and contrasts India’s developmental trajectory with that of Bangaldesh’s. This is a topic with great relevance for anybody who is a student of India’s recent economic history.
  2. “The phenomenon of the modern economic crisis, however, consists of the world abruptly discovering that the surpluses we thought we had — and in many cases pre-emptively consumed — don’t really exist. And the reason they don’t exist is because the new modes of industry or technology we deployed (and convinced ourselves were economic) were in fact not economic after all.”
    Izabella Kaminska traces the etymology of the word “economy”, and highlights how the word has meant different things over time – and reaches a less than pleasant conclusion about the digital economy.
  3. “Born in 1845, Nobin was always prone to experimentation. A failed attempt saw him being kicked out of work with a local confectioner. He set up his own shop to attempt the rosogolla, but was soon mired in debt as the sweet would keep crumbling. In 1868, he figured that the trick lay in the right consistency of sugar syrup—not too thick—to hold it together. But commerce was the last thing on his mind and he would distribute the rosogolla at local addas. Till a Marwari timber merchant who was driving by stopped at his shop for his son to have water, and the father and son were given the sweet to taste. They loved it and, almost fortuitously, rosogolla was extricated out of a neighbourhood and introduced to the community at large. “It may sound ironical but the popularisation and commercialisation of the rosogolla came through a non-Bengali,” says Dhiman.”
    If a tree falls in a forest… Put another way, did a Marwari invent the rosogulla? In a lovely article in Forbes magazine, a loving biography of the rosogulla.
  4. “In sum, the structure of the economy—and the key driver of structural change and growth—has moved from the agricultural sector to the service sector for both Haryana and all India. For Jats, who have been historically associated with land and agriculture, this shift has profound significance.”
    Markets and Mandals is a useful way to think of the issue that Christophe Jaffrelot highlights in this paper in the EPW – the article may be paywalled for some of you. But it worth trying to dig out the issue and read it – a good introduction to the subject.
  5. “Dubai, on the other hand, is a surreal alternate universe version of Las Vegas if Nevada were a Muslim country, right down to the desolate desert setting. The Dubai fountains, a giant choreographed-to-music attraction in front of the Burj Khalifa, was even designed by the same person who did the Bellagio fountains. Instead of casinos there are uber-fancy malls, and instead of prostitutes there are Victoria’s Secrets with no softly-pornographic ads or any lingerie on display at all, but in either place you will be blinded by opulence and easily parted with your money.”
    Travel notes from a visit to the UAE – a useful way to think about the UAE, and Dubai in particular. My own sense is that it is certainly worth a visit, but probably not more than that.