Crossings at Benaras Junction

This is the author’s foray into theatre. This is a play about a professor of philosophy, taking a train from Delhi to Kolkata, with co-passengers that range from tourists from America and United Kingdom to Indians from different cultural backgrounds. The play is a comedy of cultural conflict with a subtext of philosophical puzzles and moral quandary.

Inequality and Labour Pains

A topic that has come increasingly into limelight is rising economic inequality in the world and the suffering of the labouring classes associated with the rise of new technology—in particular, artificial intelligence and digital platforms. Not surprisingly, these were topics with which the author had some ample engagement during his years as policymaker and this chapter speaks to this new global challenge. The chapter provides some basic information about the state of inequality and the falling share of labour income, and also suggests policy interventions to mitigate some of these problems.

Medley

This chapter, a medley of biographical and personal essays, talks about incidents from the author’s experience in the class room and at home. It contains stories of classroom fiascos, an essay on the author’s mother turning 90, and another one on India turning 60.

Culture and Economics

Culture is often treated as the decoration on the economy, something that is of no consequence for the economy. This chapter takes a contrary line. Through tales and accounts of real-life encounters, the chapter illustrates the important role that culture and social institutions play in the functioning of an economy, at times paving the way for development prosperity, at times blocking growth and economic progress. Trust and trustworthiness are often as important as having a robust legal system for contract enforcement. They can make or break an economy.

Duidoku and Ultimate Duidoku

The closing chapter of the book describes to two variants of the game of Sudoku that the author developed during his game theory lectures to undergraduates at Cornell University, Ithaca, USA. These two-player games, based on similar rules as Sudoku, are called Duidoku and Ultimate Duidoku. The chapter also contains a game-theoretic analysis of Ultimate Duidoku.

Conundrums of Finance and Economics

Finance is for an economy what plumbing is for a home. One is unaware of it till it malfunctions and suddenly causes a deterioration in the real economy or living standard. The chapter discusses a range of themes which provide this kind of quiet foundation for the economy. It describes Ponzis and argues that there can be camouflaged Ponzis, which we are unaware of till they crash. The chapter also discusses the role of law in enabling an economy to function efficiently and well.

The Birth of a New God

This chapter is the author’s translation into English Shibram Chakraborty’s well-known short story, written in Bengali, about superstition, miracles, and human gullibility. At one level it is a hilarious tale, but read carefully, it is commentary on human psychology and vulnerability.

By Debt If Need Be

Shibram Chakraborty was a celebrated Bengali writer who fought for India’s independence, and, as a result, did time in jail. Thereafter, he lived a bachelor in a single-room rented apartment, filling up both paper and walls with his writings. His writings were celebrated for humour, alliteration, and a satirical strain. This chapter is a translation into English by the author of this book of one of Shibram’s most celebrated short stories on indebtedness and loan juggling. Quite apart from the delightful humour that binds this tale, the author has argued elsewhere that the story sheds light on debt problems in economics, including the Latin American debt crisis of the early 1990s.

India and the World

Chapter 9 contains papers and essays written by the author after his move from academe to the world of policymaking. The essays straddle some of the same topics as in the previous chapters—India’s economic trajectory, India’s slowdown and policies to fire up the economy, and the jostling between China and the United States and its fallout for the world. But the essays are now tainted by the author’s direct, first-hand experience in the world of politics and policymaking, in New Delhi and Washington, DC. The chapter also contains an analysis of India’s demonetization policy.

Ambiguity, Equivocation, and Economics

This brief chapter, written in the backdrop of the global financial crisis and the start of the Great Recession, lays out a broad philosophical approach to dealing with policy failures and the need for economists as a profession to introspect. It emphasizes the need for scepticism, in all our contemplation about the world, a philosophical approach that underlies a lot of what follow in this book.