Elementary, My Dear Excel

This broke my heart:

But some researchers are calling Ariely’s large body of work into question after a 17 August blog post revealed that fabricated data underlie part of a high-profile 2012 paper about dishonesty that he co-wrote. None of the five study authors disputes that fabrication occurred, but Ariely’s colleagues have washed their hands of responsibility for it. Ariely acknowledges that only he had handled the earliest known version of the data file, which contained the fabrications.
Ariely emphatically denies making up the data, however, and says he quickly brought the matter to the attention of Duke’s Office of Scientific Integrity. (The university declined to say whether it is investigating Ariely.) The data were collected by an insurance company, Ariely says, but he no longer has records of interactions with it that could reveal where things went awry. “I wish I had a good story,” Ariely told Science. “And I just don’t.”

https://www.sciencemag.org/news/2021/08/fraudulent-data-set-raise-questions-about-superstar-honesty-researcher

I’ve been recommending Dan Ariely’s books and talks to students for years now, and with good reason. But whether he himself was responsible for this, or not, it is certainly the case that a thorough investigation is warranted, both of this specific paper, but also of his entire body of work.


But the point of this post isn’t to just point out this rather depressing fact. The blogpost that broke the story is worth reading in full for the following reasons:

  1. The admirable clarity in how it is written. Anybody who knows the very basics of math and statistics (and I do mean the very basics) will be able to understand what is going on.
  2. You don’t need to know any coding to figure out how they uncovered the fraud. Simple Excel is enough.
  3. The researchers have provided the data for you to play along with as you read the blogpost.

So if you are a student of statistics (and that is all of us, like it or not), I’d strongly encourage you to set aside a couple of hours, and work your way through the post and the Excel file(s).


And finally, a word of advice if you are a student who is just about beginning to play around with data:

  1. Don’t commit fraud. It sounds stupid, almost, to dispense this advice, but please, resist the temptation.
  2. Double check data that has been sent to you by somebody else. Triple check it! And checking means running sanity checks. There is still a chance that you will not be able to detect fraud, if it has been committed, but minimize the chances. Get better at asking questions of the data you are working with!
  3. Stuff like this is, trust me on this, the best way to learn statistics. No amount of end-of-chapter problem solving will help you get your basics clear like a statistical whodunnit. Or a what-was-done, as in this case.

A lengthy excerpt, but a necessary one. What follows are the last three paragraphs of the blogpost that broke this story:

We have worked on enough fraud cases in the last decade to know that scientific fraud is more common than is convenient to believe, and that it does not happen only on the periphery of science. Addressing the problem of scientific fraud should not be left to a few anonymous (and fed up and frightened) whistleblowers and some (fed up and frightened) bloggers to root out. The consequences of fraud are experienced collectively, so eliminating it should be a collective endeavor. What can everyone do?
There will never be a perfect solution, but there is an obvious step to take: Data should be posted. The fabrication in this paper was discovered because the data were posted. If more data were posted, fraud would be easier to catch. And if fraud is easier to catch, some potential fraudsters may be more reluctant to do it. Other disciplines are already doing this. For example, many top economics journals require authors to post their raw data [16]. There is really no excuse. All of our journals should require data posting.
Until that day comes, all of us have a role to play. As authors (and co-authors), we should always make all of our data publicly available. And as editors and reviewers, we can ask for data during the review process, or turn down requests to review papers that do not make their data available. A field that ignores the problem of fraud, or pretends that it does not exist, risks losing its credibility. And deservedly so.

https://datacolada.org/98

If you’re writing a paper, put your data up for public scrutiny. Always, and without fail. It matters.

Arbitrage and Writing

Here are excerpts from two newsletters that you should consider signing up for if you are a student of economics:

In late June, the Reserve Bank of India (RBI), India’s central bank and the banker to the banks, released the household financial debt figures based on select financial indicators. Household financial debt is basically loans that you and I have taken from the formal financial system of the banks (both commercial and cooperative) and the non-banking finance companies (NBFCs).
Of course, there are other ways to borrow as well. One can borrow against gold as a collateral from a local jeweller or simply borrow from a local money lender or borrow money from friends and family, which is why, the RBI calls it household financial debt based on select indicators.
It needs to be kept in mind here that borrowing from the informal sources is perhaps easier but at the same time more expensive, given that the risk for those lending money is higher.
So, what does the RBI data tell us? In absolute terms, the total household financial debt based on select indicators has gone up from Rs 55.38 lakh crore to Rs 73.13 lakh crore, between June 2018 and December 2020.

https://www.livemint.com/mint-top-newsletter/easynomics09072021.html

That is from Vivek Kaul’s (relatively) new newsletter, Easynomics. It is written in Vivek’s trademark style: easy to read, gloriously simple sentences (which is hard to do!), and sprinkled with just enough additional information to keep you engaged as you read through his main points. In short, really, really well done.

Here’s an excerpt from the second newsletter:

Despite this, it is unreasonable to expect that the government will reduce tax on these two fuels. Why? Sample this: excise duties on petrol and diesel accounted for a whopping 28 per cent of the central government’s tax revenue last year. Which government would let such a bounty slip by, especially when the country’s economic recovery is fragile? Think about it.
And, unlike income tax and goods and services tax, which entail a collection cost, oil marketing companies just have to do a simple RTGS transaction to pay the fuel tax they collect from us to the government! The government then uses the money for a range of welfare schemes.

https://businessstandard.substack.com/p/a-litre-of-petrol-takes-up-30-of

You and I may have our own personal opinions about which of these are better to read, but that’s not the point of this blogpost. The point of this blogpost is to point out that both writers have created simple, easy to understand posts about aspects of the Indian economy that matter to the common Indian citizen.

And they have done this by taking data from government websites. This data, as I have discussed here before, is not always easy to acquire. But those of us who have done the hard work of understanding how it is captured, where it is stored, when it is released, and how to go about making it analyzable1, have an advantage over those of us who remain blissfully unaware of all this.

But those of us who are blissfully unaware wouldn’t mind reading about the implications of this data, only if somebody were to take the time and effort to acquire that data and write simple, useful takeaways about it.

In finance, this is called arbitrage:

In economics and finance, arbitrage is the practice of taking advantage of a price difference between two or more markets: striking a combination of matching deals that capitalize upon the imbalance, the profit being the difference between the market prices at which the unit is traded. When used by academics, an arbitrage is a transaction that involves no negative cash flow at any probabilistic or temporal state and a positive cash flow in at least one state; in simple terms, it is the possibility of a risk-free profit after transaction costs. For example, an arbitrage opportunity is present when there is the possibility to instantaneously buy something for a low price and sell it for a higher price. (Emphasis added)

https://en.wikipedia.org/wiki/Arbitrage

If you are an economics student, and you know where all this data hides, and you know enough about how this data impacts the daily lives of citizens, and you want to get better at communication, there is riskless profit to be made. Get the data, analyze it, write about it, and give it away for free.

You learn the art and skill of of acquiring this data, you learn the art and skill of analyzing it, you learn the art and skill of writing about it (and you only get better over time, so don’t worry if the first few pieces aren’t “great”). You get to publish stuff that you can put on your CV – in fact, as I am fond of saying, it has the power to quite literally become your CV. Folks get to read what you’ve written, and they therefore understand our field and its implications in their lives a little bit better.

Nobody loses out, and we all win!

And when that great and glorious day arrives, and governments in India acknowledge that the way they make data available to its citizens is crappy, you have the ability to write a series of posts about exactly how the government could do a better job in this regard.

Learn how to work with data if you are a student of economics in India, and then write about it.

It’s a great form of arbitrage.

  1. what an utterly horrible word![]

The Indian FRED

So from yesterday’s post, this is where you need to go to get the data about India’s agricultural exports. There may be more than one correct answer, of course, but the Excel file that I generated came from here. The DGCIS website also offered to give me the data, but after telling me that I would need to pay the princely amount of Rs. 169 for it. Why Rs. 169? They charge Rs. 1 for each row of data in MS Excel. Nope, I’m not making this up.

A dummy query that I ran on http://ftddp.dgciskol.gov.in/

I can go on and on about the theme of working with data in India. Anybody who works with, or has worked with data published by the Indian government for the last twenty years can go on and on about this. We make it really difficult to access data easily in India, and that in the following ways:

  • It is not clear which site to access to get the data that you want
  • That data may not have been updated for a while
  • That data will probably only be available in PDF format (which is a whole separate level of hell)
  • The website may often be down (looking at you, dbie!)

To give you just one, already painfully familiar example: to download CPI data, should one go to the RBI website or the MOSPI website? If the MOSPI website (which is the correct answer), which MOSPI website? There have been two for a while now: this one, and this one.

And when you eventually do reach what may be the correct page, this is what you get:

http://164.100.34.62:8080/TimeSeries_2012.aspx

For the record, I know you can get CPI data from the old MOSPI website. But the point I am trying to make here is this: surely we can get (and surely we deserve) better data portals? For a country with the kind of software talent that India possesses, surely this is not the best way to design a UI?

I’ve written about this before here on EFE, but every time I write a post about data in India, I get frustrated enough to write about it all over again.

Appoint an educational institute to be the nodal agency, and get them to work on a report about what needs to change, and why and how, for the DBIE website to become better than it is right now. That doesn’t mean (at all) a blind copy of FRED, awesome though FRED definitely is.

https://econforeverybody.com/2021/03/16/playing-around-with-data/

Is there anybody in India working on trying to figure out ways to get Indian data to be more easily accessible? On documenting what data sources are needed, and how to arrange for their capture, their storage, and to make it easy to retrieve it? And this across all three levels of government1? And not for private profit, but so that data is open to all?

If there is such a project, I would be most grateful if you could point me towards it. And if there isn’t one, why are those of us in Indian academia not working towards figuring out how to get this done? This is India, and this is 2021. Surely we can do a better job of making data more accessible to ourselves?

  1. state level data is a whole different problem. And data below that level of government is, well, let’s leave it be for the moment[]

Playing Around With Data

In yesterday’s post, I spoke about collection, and a teeny-tiny bit about the history of the institutions behind data collection exercises in India.1

In today’s post, I’ll compare two websites – one American and one Indian – to show you how both countries allow researchers to use the data that has been collected. Spoiler alert: the American website does a way better job. The idea isn’t to run down the Indian website, but to see how much distance we need to cover in terms of improvement.

And I think it is a worthwhile question to ask – why is the American website so much better? What is it about us that we cannot come up with a website of a similar quality? Is it a question of capacity, of bureaucratic inertia, of not enough demand from the research community in India or something else altogether? This is a topic worth thinking about… but not today.


The American website is FRED, hosted by the St Louis branch of the Federal Reserve. FRED stands for Federal Reserve Economic Data, and it is a magnificent resource. It really and truly is.

Federal Reserve Economic Data (FRED) is a database maintained by the Research division of the Federal Reserve Bank of St. Louis that has more than 765,000 economic time series from 96 sources. The data can be viewed in graphical and text form or downloaded for import to a database or spreadsheet, and viewed on mobile devices. They cover banking, business/fiscal, consumer price indexes, employment and population, exchange rates, gross domestic product, interest rates, monetary aggregates, producer price indexes, reserves and monetary base, U.S. trade and international transactions, and U.S. financial data. The time series are compiled by the Federal Reserve and many are collected from government agencies such as the U.S. Census and the Bureau of Labor Statistics.

The economic data published on FRED are widely reported in the media and play a key role in financial markets. In a 2012 Business Insider article titled “The Most Amazing Economics Website in the World”, Joe Weisenthal quoted Paul Krugman as saying: “I think just about everyone doing short-order research — trying to make sense of economic issues in more or less real time — has become a FRED fanatic.”

https://en.wikipedia.org/wiki/Federal_Reserve_Economic_Data

I’ve been using the website for years now in classes that I teach, but I’m sure there are features of the website that I have not been able to use. It’s got the ability to create charts on the fly, it has embeddable widgets, it even has a functional Excel add-in.

If you’re looking at this website for the first time, try going through these exercises. Or, if you are a video kind of person, try this playlist on YouTube.

It is, all things considered, a wonderful way to take a look at data – mostly American, naturally, but it does have a whole host of other data series as well.


The Indian website is our comparable offering: the database on the Indian economy. As you will see once you click on the link, it isn’t nearly as user-friendly as FRED, and in my experience, the website itself isn’t always “up” all the time. There isn’t, to the best of my knowledge, a YouTube channel that explains how to use the website, and while there is a brochure about DBIE, it isn’t quite as helpful as it ought to be.

Indian researchers will also visit the MOSPI website often. That is the Ministry of Statistics and Programme Implementation. If you read the link supplied in the first footnote of today’s blogpost, you will know that MOSPI is the culmination of India’s data collection exercises – these have been ongoing since at least 1881.

The MOSPI website itself is a bit problematic, because there are two now. One is mospi.nic.in, which is the one I have linked to above, and the other is mospi.gov.in. This one seems to not be fully functional just yet, and the data is far from complete. Gratifyingly, what little data there is on the new website is made available in Excel formats.

That is actually a major problem, because on the old (but current, if you see what I mean) MOSPI, data is given in PDF format. There is an army of Indian researchers who have fought the Great PDF Wars, as a consequence, and therefore have learnt about Chrome extensions, and about Tabula. If you are planning on researching the Indian economy, you will have to acquire these skills sooner or later, for MOSPI and DBIE are the best we have on offer in terms of data portals2.


I said I won’t speak about the “why” regarding data portal quality, but I would like to offer a suggestion about the “how” in terms of improving it.

Appoint an educational institute to be the nodal agency3, and get them to work on a report about what needs to change, and why and how, for the DBIE website to become better than it is right now. That doesn’t mean (at all) a blind copy of FRED, awesome though FRED definitely is.

And if the team that does end up working on this is also allowed to come up with a beta version of the new website, well, that would just be the proverbial cherry on top.

I mean, why not?

  1. Really teeny-tiny bit. Please read the whole thing[]
  2. that are free and government run. There are other data portals available, but of course one must pay for them[]
  3. IGIDR would be a good pick for obvious reasons[]

India: Links for 7th October, 2019

  1. This was a fascinating read. I was aware of the flu and its impact on India, but had no clue about the extent, the severity and the multiple what-might-have-beens. For example:
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    “y 1918, Gandhi was being seen in intellectual circles as a future leader of the nation, but he lacked grass-roots support. That spring, in his native state of Gujarat, he had organised two of his first satyagrahas, but these were followed by thousands of people, not hundreds of thousands. When the flu returned that autumn, he was struck down, as were other leading members of the independence movement who shared his ashram, notably Gangabehn Majmundar, the formidable spinning teacher, and Shankarlal Parikh, who had helped organise one of those early satyagrahas. Gandhi was too feverish to speak or read. He could not shake a sense of doom. “All interest in living had ceased,” he wrote later, in his autobiography.”
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  2. Professor Jayanth Varma is less than impressed with benchmarking for loans, and the rules associated with them:
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    “In the next few years, India needs to work on creating both a better banking system and better financial markets. One of the pre-requisites for this is that regulators should step back from excessive micro-management. For example, the RBI Master Directions require the interest rate under external benchmark to be reset at least once in three months while elementary finance theory tells us that if the floating rate benchmark is a 6-Months Treasury Bill yield, it should reset only once in six months. Either banks will refrain from using the six month benchmark (eroding liquidity in that benchmark) or they will end up with a highly exotic and hard to value floating rate loan resetting every three months to a six month rate. Neither is a good outcome.”
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  3. “The Socioeconomic High-resolution Rural-Urban Geographic Platform for India (SHRUG) is a geographic platform that facilitates data sharing between researchers working on India. It is an open access repository currently comprising dozens of datasets covering India’s 500,000 villages and 8000 towns using a set of a common geographic identifiers that span 25 years.”
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  4. “Prime Minister Narendra Modi, through “Make in India”, has the right idea when he says he wants to make India a global or regional manufacturing hub. But this cannot be accomplished by keeping an inefficient domestic industry shielded behind import barriers forever. Until something is done to change that, the industry will continue to lurch from crisis to crisis, and no lessons will have been learned.”
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    Rupa Subramanya and Vivek Dehejia in Livemint on what ails the automobile industry, and how to correct it.
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  5. Speaking of which
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    “For a car financed to the extent of Rs 6 lakhs and driven for 1500 km every month the effective cost of ownership/operations, with a driver is probably in the region of Rs 28 per kilometre. Shared mobility wins hands down against this arithmetic of ownership costs.”

Tech: Links for 3rd September, 2019

  1. “But analog storage takes up a lot of room. So sending the bulk of human knowledge to space will require a lot of compression. To do this, Spivack tapped Bruce Ha, a scientist who developed a technique for engraving high-resolution, nano-scale images into nickel. Ha uses lasers to etch an image into glass and then deposits nickel, atom by atom, in a layer on top. The images in the resulting nickel film look holographic and can be viewed using a microscope capable of 1000x magnification—a technology that has been available for hundreds of years.”
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    Tardigrades on the moon.
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  2. For folks who ask how to go about learning R. Start here.
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  3. As I have mentioned earlier, I have the app, Peak. I don’t know how much of an impact it has on my mental performance, but I enjoy the routine(s) and am slowly getting better at all the games. They celebrate their fifth anniversary today.
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  4. “When he saw the gilded letters of the Trump hotel, he gave a gleeful chuckle. “Out of all the American Presidents, he is the only one whose speeches I can understand directly, without translation,” he remarked. “There are no big words or complicated grammar. Everything he says is reduced to the simplest possible formulation.””
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    If I could have, I would have excerpted the entire article. An interview with Cixin Liu.
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  5. Teachable.com – of course I would be interested, wouldn’t I?

Tech: Links for 9th July, 2019

  1. “In it, astronaut Sally Jansen has been working to come to grips with a Mars mission that went disastrously wrong, and NASA ended its crewed missions into space. But while she’s trying to move on, scientists detect an object designated 2I/2044 D1 entering our solar system, and when it begins to slow down, they realize that it’s an alien artifact. Jansen is called in to try and intercept the object and figure out what is behind it before it reaches Earth.”
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    Science Fiction is a great way to learn a lot and have a lot of fun while doing so, and for that reason, I thoroughly enjoyed learning about the premise of this book. In similar vein, I recently (and finally) finished The Three Body Problem, and can heartily recommend it.
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  2. “The camera was loaded with machine vision algorithms trained by Hamm himself. They identified whether Metric was coming or going and whether he had prey in his mouth. If the answer was “yes,” the cat flap would lock for 15 minutes and Hamm would get a text. (In a nice flourish, the system also sends a donation, or “blood money” as Hamm calls it, to the National Audubon Society, which protects the birds cats love to kill.)”
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    There are many people who bandy about the word AI these days, but this very short read (and within it, a very entertaining video) helps you understand how it could by applied in myriad ways.
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  3. “LightSail 2 is more ambitious and will actually try to maneuver through space, and even boost itself into different orbits using sunlight. The new mission’s mission control website will let people around the world follow along, including the 23,331 people who contributed to the project’s Kickstarter campaign, which raised $1,241,615 for the spacecraft.”
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    A third link from the same website (either The Verge is on fire, or I am being lazy today), but the best of the lot, in my opinion. It is now possible to crowdfund a satellite launch that contains a sail – and you can now watch your investment in space as it flies above your head. What a time to be alive.
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  4. “But while Tufte’s concerns are not limited to charts, he has spent a lifetime thinking through what he called the “perennial” problem of how to represent a multidimensional world in the two dimensions of the page or screen. At the end of the day, he pulled out a first edition of Galileo Galilei to show how the great minds of the past had grappled with the same issues. He rhapsodized over Galileo’s tiny, in-line sketches of Saturn, which clearly inspired his own advocacy of “sparklines” (tiny charts embedded in text at the same size as the text), as well as some beautifully precise illustrations of sunspots.”
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    Data visualization, medical visits, Galileo and sparklines. As they say, self-recommending.
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  5. “And with 92 percent of future jobs globally requiring digital skills, there’s a focus on helping students develop skills for careers that don’t yet exist. Last year, Sweden declared coding a core subject to be taught from the first year of primary school. And there is an appetite for these skills among students, too, with 85 percent of Brazilians from 16-23 indicating that they want to work in the technology sector. ”
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    Well, there’s a thought – I refer to Sweden’s decision. One, complements, not substitutes. Two, the links are worth following in this link – this is a subject very close to my heart.

Links for 10th April, 2019

  1. “In an ideal world, you shouldn’t have to amortize. The prices will all be reflective of reality, there will always be a rational buyer at a rational price if you want to sell. In an ideal world corporates will not rollover their liquid fund investments every day either – they will know how much money they need, and they will only withdraw that much, leaving enough back in the liquid fund.”
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    The always excellent Deepak Shenoy explains the how, and some of the why when it comes to amortization in debt funds. If you are interested in corporate finance, finance in general, or policy-making when it comes to finance, this is well worth your time.
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  2. “Within the overall context of having asset allocation in an individual’s portfolio, passive investments will play an important role. It will increase overtime as a complementary strategy. It will not be just be plain vanilla passive but smart beta products. Look at these three benefits. Better returns profile, lower risk profile and wider diversification as compared to normal other products. So, it is a clear cut thing from the growth perspective.”..
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    An interview on Bloomberg Quint about smart beta products. As with the first link, a must read if you are a student of finance, especially from India.
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  3. ““If you wanted a snapshot of all your financial assets in one place on your mobile or to share information securely with a lender, it was previously not possible,” says Atluri Krishna Prasad, chief executive of Onemoney, one of the five entities that have secured in-principle approval from the Reserve Bank of India to operate as an account aggregator. “Now, if you give Onemoney your consent, we will fetch all your financial information from different sources, aggregate it and give you a single window with the consolidated information.””
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    If you were worried about data privacy in India, we’re only just getting started. A nice article in FactorDaily that explains how more data sharing between financial organizations will soon be on it’s way.
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  4. “Here, as in so many cases, the analysts haven’t got beyond an intuition that Johan Cruyff, the Dutch father of Barcelona’s football, had nearly 50 years ago. Cruyff played for Barça in the 1970s, coached the team from 1988 to 1996 and largely invented the passing game that the club still play. He could rhapsodise for hours about players who were “turned” the right way. He cared much less about a player’s size and speed.”
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    Just one of many excerpt-able snippets from a fascinating article about how a sporting club is using every last little bit of information about, well, everything to make Barca (for that is the football club in question) even better.
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  5. “He’s agreed to forfeit about $50m. It’s not clear what’s happened to the other $73m, but Rimasauskas was a prolific and baroque money-launderer who squirreled cash away in Cyprus, Lithuania, Hungary, Slovakia, and Latvia. Google has said that “We detected this fraud and promptly alerted the authorities. We recouped the funds and we’re pleased this matter is resolved.”Rimasauskas will be sentenced on July 29. He faces up to 30 years.”
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    One of those articles that truly help you understand Coase/Demsetz and industrial organization overall. But if I am to be honest, a great read in its own right.

Links for 8th April, 2019

  1. “The message of the chart, after all, is the same in both versions. But the takeaway is important: if two series follow each other too closely, it is probably a good idea to have a closer look at the scales.”
    A lovely, lovely read on how even The Economist (gasp!) sometimes gets visualizations wrong. But jokes aside, it is a lovely read on how difficult data visualization is.
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  2. “What I am angry about is our underinvestment in figuring out how to better treat mental health problems. Even with all of the other suffering there is in the world, I believe that suffering from mental health problems is a large part of human suffering. Without referencing his own suffering, Alan did a lot to advance the recognition of the importance of mental health problems—and more broadly, the importance of everything that contributes to a good life—with his research on subjective well-being.”
    Miles Kimball, who was a peer of Alan Krueger’s at Harvard, writes a lovely essay about him, and more besides. Entirely worth a read.
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  3. “Grief is a gift, wrapped in the worst possible package. It shows you who you are, and teaches you lessons you would never have learned otherwise. Your compassion for others is magnified. Your understanding of what motivates people sharpens. You are grateful for small wonders and embrace happy moments as never before, because you know—you are absolutely clear about this—that you must celebrate when you can and while you can. Grief has taught you not to take these moments for granted. You become an open invitation for wonder.”
    I rarely do this, but on this one occasion, it makes sense. From within the essay in 2. above, this essay by Miles Kimball’s wife, Gail. Please make the time to to read it.
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  4. “While studying some of the oldest art in the world found in caves and engraved on animal bones or shells, paleoanthropologist Genevieve von Petzinger has found evidence of a proto-writing system that perhaps developed in Africa and then spread throughout the world.”
    Suggestive or not, accurate or not – it certainly makes for fascinating reading. The chart alone is worth the click. An article about whether there may be a common ancestry to symbols found the world over.
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  5. “Indian fiscal federalism is at a crossroads. The question of how money is to be shared between New Delhi and the states on one hand, and among different states on the other, will continue to resonate. There is a lot of talk about the importance of federalism as well as calls for greater centralization. Decentralization is needed because India is too complex a country to have a uniform approach to development. Centralization is necessary because of the risk that important national public goods, including regional equality, could be underfunded. These tricky questions of federal balance need an institutional mechanism that entails either a more effective NITI Aayog or a permanent Finance Commission.”
    Niranjan Rajadhakshya weighs in on what should replace the NITI Aayog and the Planning Commission,