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Old 5th September 2012, 12:18   #151
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Default Re: Why Rupee always falls against $,, ???

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Originally Posted by sagarpadaki View Post
Sir which one would you recommend? Road to Serfdom or the Road to Serfdom :Text and documents. One costs 400 odd .The latter 600 odd
I have got the first one. see my post earlier, I thought I have made a mistake, but so far am doing Ok.

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Originally Posted by alpha1 View Post
Since we are talking about Hayek and the Viennese school of economics, let me also introduce David Friedman.
http://www.daviddfriedman.com/

Gives a totally new insight into the concept of anarchy, and how in anarchy all the forces balance out to yield an equilibrium, which is not much different from the imposed equilibrium (like law & order, capital-rich-poor, social norms, etc)
I thought for a moment you were referring to Milton Freidman, the Nobel Laureate in Economics.

East (Hayek) is East, West (Keynes) is West, never the twain shall meet. This struggle will go on.

All I say is that which economic model has done better, latter day Germany, Maggie's Britain or even Jaswant's NDA. The US was going Keynesian but then the Tea Party Movement came along. India did the right thing in 2008 but then populism took over and we never withdrew. With Industry in the doldrums typical Keynesian measures like MNREGA, FSB, NHRM - though all highly desirable did not help much. When the coffers are empty spend wisely. Remember Dicken's Micawber Income ... result misery.

We have tried Keynes for sixty plus years, so I am not hopeful. Read Hayek's book he does not suggest a free for all, but rather an open system under strict but liberal regulation.

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Old 5th September 2012, 12:33   #152
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Default Re: Why Rupee always falls against $,, ???

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Originally Posted by sgiitk View Post
I have got the first one. see my post earlier, I thought I have made a mistake, but so far am doing Ok.


I thought for a moment you were referring to Milton Freidman, the Nobel Laureate in Economics.

East (Hayek) is East, West (Keynes) is West, never the twain shall meet. This struggle will go on.

All I say is that which economic model has done better, latter day Germany, Maggie's Britain or even Jaswant's NDA. The US was going Keynesian but then the Tea Party Movement came along. India did the right thing in 2008 but then populism took over and we never withdrew. With Industry in the doldrums typical Keynesian measures like MNREGA, FSB, NHRM - though all highly desirable did not help much. When the coffers are empty spend wisely. Remember Dicken's Micawber Income ... result misery.

We have tried Keynes for sixty plus years, so I am not hopeful. Read Hayek's book he does not suggest a free for all, but rather an open system under strict but liberal regulation.
Keynes can never work long term because it is imposed upon with restriction.
And the human beings are best motivated by greed.
This greed and laziness has led to all the economic progress since cave man.
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Old 10th September 2012, 09:41   #153
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Default Re: Why Rupee always falls against $,, ???

Just finished my first read of Hayek. Heavy going, may need two or three more reads to fully understand.

Many similarities with today's India exist. Let me QUOTE from 'Why the Worst get on top'.

Quote:
Since it is the supreme leader who alone determines the ends, his instruments must have no moral convictions of their own. They must, above all, be unreservedly committed to the person of the leader; but next to this the most important thing is that they should be completely unprincipled and literally capable of everything.
He has used to time honoured principle of 'reductio ad Absurdum' to illustrate what can happen in the extreme.
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