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Although known and lauded for his invaluable contributions to politics, law and social reform, Babasaheb Ambedkar’s work in the field of economics solicits equal praise.

“Sachin Tendulkar? Mumbai Indians”.

“Amartya Sen? Nobel Prize”.

“Shah Rukh Khan? Filmfare”.

“Babasaheb Ambedkar? Constitution of India”.

These were some of the answers that I received from my subjects when I had conducted a “Free-Association Word Test” on them, wherein the subject is told to state the first word which comes to their mind in response to the given word. Interestingly, every single subject of mine, spread across various age groups, had correlated Ambedkar with the Constitution of India, while there were largely wide ranging replies in case of the other names on my list.

Though certainly not meant to be an accurate quantifier of society’s opinions, this extreme result, while validating the almost unanimous public acknowledgement of Dr Ambedkar’s huge contribution to India’s political and judicial system, also betrays the fact that his equally or arguably more prominent contributions in other fields such as economics and banking – an example being the establishment of the still-functioning Finance Commission of India – are often overlooked or understated by a significant, if not a major, proportion of Indians.

Born in humble surroundings to a family belonging to the often exploited Mahar caste termed as “Untouchables”, Dr Bhimrao Ramji Ambedkar, popularly known as Babasaheb Ambedkar, had an undying ambition to reform the shackled society that he was born in, and made his way up to the top, going on to get a Bachelor’s degree from the University Of Bombay and then proceeding on to procure two doctorate degrees in Economics from two premier institutions, Columbia University and London School Of Economics (LSE), while also managing to get trained as a lawyer from the prestigious Gray’s Inn at London.

The two dissertations that he wrote for his doctorates in economics at Columbia University and LSE, the first one which discussed the financial relations and financial distribution between central and state Governments, and the second one which was a critique on the Indian Rupee, raised important points of debate and discussion, some of which are still relevant in the current economic system.

Before he shifted course and embarked on a career in law and politics, economics was his foremost area of interest and in 1918 he was appointed for a brief period of time as a professor of political economy at Sydenham College. During that period, he wrote a famous essay on farm land holdings, for publication in a journal run by the Indian Economic Society, titled “Small Holdings In India And Their Remedies”, which still remains an article subject to critical evaluation and analysis by current economists.

Pramit Bhattacharya examines this essay and highlights Ambedkar’s farsightedness and evident mastery of the subject, in an article for LiveMint, titled “The Economics of Ambedkar”, writing “What is most remarkable about Ambedkar’s analysis is that he was able to conceive the notion of “disguised unemployment” much before it came into vogue in development economics, and that he was able to anticipate one of the key insights of Nobel Prize-winning Economist Arthur Lewis three decades before Lewis formulated his famous two-sector model of the economy.”

Dr Ambedkar pointed out that, the sole presence of many places in the country, where there is a combination of a large agricultural population coupled with a very low proportion of land under cultivation, meant that a significant percentage of the agricultural population was sitting idle. This was a forerunner to the idea of “Disguised Unemployment” which came up a few decades later.

While it is not possible to fully summarise in depth the wide reaching topics that Dr Ambedkar touched in his many works, one very significant argument he came up with was that the country was in dire need of industrialisation, which would curb the problem of idle agricultural population as well as smoothen out numerous other complications associated with the agricultural economy.

Besides that, he was against the supporters of minimum state intervention in the economy, or mainly industries and agriculture. He felt that capitalism would go against the principles of economic democracy and that unregulated economic activity would only lead to widening of the economic gap between the rich and the poor, and the exploitation of the latter. Thus he advocated an economy which would be regulated to some extent by the government.

Such ideas might seem common and basic to the current generation, but at that time, with the subject of economics not having been as explored and practiced at depth as it is today, and with old countries breaking up and new ones materializing, the decision of choosing a particular economic system to follow, after independence, was an arduous task. The fact that India’s political and economic framework is not extreme and reflects moderance and has largely remained stable over the decades is a testament to Dr Ambedkar and his fellow policy makers’ successful economic planning.

Apart from research papers and journals, Dr Ambedkar also wrote three books on the subject. He studied the financial and administrative system of the East India Company, and the British India Government in depth, and included many components in the post-Independence models. He is also credited with the establishment of the two most important institutions of the Indian economy, the Finance Commission Of India and the Reserve Bank of India.

Citing fiscal imbalances between the central and state Governments and between state Governments themselves, he conceptualised the Finance Commission in 1951, when he was serving as the Law Minister. Dr Ambedkar had presented an outline and various guidelines with respect to the formation of a central bank to the Hilton Young Commission. Based on these, the Commission came up with a set of recommendations which were later instrumental in the conceptualisation of the Reserve Bank Of India.

“While discussing the multidimensional personality of Dr B R Ambedkar, it is but natural and forgivable to forget that first and foremost he was an economist”, writes Abhinav Prakash Singh for Swarajya. He indeed touched countless lives, was involved in a vast number of fields and played numerous roles during his fulfilling existence as an Indian citizen, and wouldn’t have minded being remembered by his fellow citizens in any of those roles. But as a mark of gratitude and respect for his contributions, we ought to remember every single one of them.

Feature Image Credits : Pam And Phil Blog

Araba Kongbam

[email protected]



Examining the strategic disinvestment policies of the government, their relevance and otherwise

On November 20th this year, the government announced that it would sell stakes in several public sector undertakings (PSUs) and even give up management control in some. The Central government will cede full management control to buyers in the case of oil marketing company Bharat Petroleum Corporation Ltd. (BPCL), Shipping Corporation of India (SCI) and Container Corporation of India Limited (CONCOR). The government will transfer its 74.2% stake in THDC India Limited (formerly Tehri Hydro Development Corporation of India) and its 100% stake in North Eastern Electric Power Corporation Limited (NEEPCO) to another public sector unit and power distribution major, National Thermal Power Corporation (NTPC) Limited.

On the one hand, it is the government’s role to encourage and facilitate a business environment that is conducive to economic growth, and at the same time the competence of the government does not lie in earning profits by the sale of public goods such as coal, steel and power. In tune with its welfare motives, the government always has to spend more than it can earn in terms of revenue through taxes or other means. Hence, additional income from the sale of a stake or disinvesting in a PSUs, tends to be a welcome move for its coffers. This is especially so in the case of India, where it has fallen on to the government to spend high amounts on infrastructure to boost economic growth as well as to deal with its existing expenditure on the health and education sectors.

Historically, since the 1991 era of LPG in the country (liberalisation, privatisation, globalisation) under the PV Narasimha Rao government, there has been an on-off trend of disinvestment in the country’s policies. Arun Shourie, the country’s first Disinvestment Minister in 2006, gave an impetus to the exercise. He is credited with the privatisation of Maruti, Bharat Aluminium Company Ltd., Videsh Sanchar Nigam Limited and Hindustan Zinc through the strategic sale process. Even when the Vajpayee government had ceded ownership of a handful of public sector undertakings (PSUs) to private buyers in 2001-02, the move had been met with unrelenting criticism for its pricing and choice of buyers for the exercise. 

The proceeds from strategic sales give the government an extra spending cushion. This fiscal has been a ‘year without precedent’ for the government on the fiscal front. The Reserve Bank of India gave the Central government a record dividend payout of about ?1.76 lakh crore. The joy over this would have been short-lived as the government has had to execute a corporate tax cut — to mitigate the effects of a slowdown — and will suffer an annual loss of ?1.45 lakh crore, according to The Hindu.

So at least meeting the year’s disinvestment target, if not exceeding it, would give the government some respite from the string of bad fiscal news that has been flowing its way.


Private owners have an incentive to minimize costs as long as they reap part of the benefit in the form of higher profit. By contrast, if the bureaucrats running the PSUs do a bad job, the losers are the taxpayers and customers, whose only recourse is the political system. Put simply, a way of ensuring that firms are efficiently run, the voting booth is a less reliable option than the profit motive. 


Feature Image Credits: NTPC Limited


Bhavya Pandey 

[email protected] 


Economics is one of the most sought after courses at the University of Delhi (DU). If you are in your last year of pursuing Economics Honours, here are a few career prospects you can explore for yourself.

Economics is a multidisciplinary subject that finds its place in the three verticals of the contemporary Indian education – Science, Arts, and Commerce. It is not everyone’s cup of tea and calls for one to have a knack for it. Here are a bunch of things you could consider after completing your graduation as an Economics Honours student:

     1.Masters in Economics

This option is an ideal and obvious choice for someone who wishes to increase their in-depth knowledge of Economics as a discipline and further consider options in academia. It will allow you to specialise in a certain branch of Economics and comfortably call yourself an expert in the subject. Prestigious institutions in India such as Delhi School of Economics and Jawaharlal Nehru University await you in case to decide to take this up.

  1. Analysis

To gain a headstart in the corporate world, taking up an analysis-based job is a great idea. Be it as an investment analyst or a financial analyst, this field can be considered to be a typical job profile for an Economics graduate who has achieved a good academic record. These options provide you with an excellent chance of getting to work with big multinational giants in the initial years of your career itself.

  1. Think Tanks

Think Tanks are resource bodies that are responsible for the deconstruction of economic phenomenon and issues for the prime purpose of policy interventions and offering recommendations.  Niti Ayog, the Department of Industrial Policy and Promotion, and the Center of Policy Research are among the top think tanks of India that work in the field of public policy and economics where you could consider applying.

  1. Business Journalism

If you have a flair for writing and an understanding of economic events, then this is your go-to option. Research papers, journals, magazines, and newspapers can be your working ground and you can hone both your skills by taking up this career path.

So, get out there, make the most of your learning and create a niche for yourself in a world that is controlled by the reins of economics.


Feature Image Credits: DU Beat Archives


Bhavya Pandey

[email protected]

Read on to know how this indoctrinated system of privilege makes us blind towards the condition of those who come under the reserved categories. 

On entering your University of Delhi (DU) college, you will find people who belong to the reserved categories. Before you pass a quick, seemingly harmless judgement, here are several things you must consider.

  • Equality vs Equity:

Reservation and equality are talked about simultaneously. While reservation is not synonymous to equality, it becomes imperative to know that the reserved and the unreserved categories do not have the same pedestal to start from. High-handed statements about reservation having been there for seven decades, and that there is no discrimination in the ‘India of today’ will instantly evaporate on reading a newspaper, with headlines screaming of caste-based discrimination and violence. 

We must also understand that caste-based and economic discrimination are not very different from each other. In a society where we have certain jobs like manual scavenging, cleaning toilets, etc. ascribed to a particular section of society, we must not take education away from them because it is the only tool that they have to dream of an upward social mobility. 

  • They get it easier:

People who have access to convents and DPSs, with world-class education, and people who don’t even have funds for a decent basic education, write the same board exams, and are marked irrespective of their social background. For that student to score above 75%, with the limited amount of resources is, if anything, more difficult than their privileged counterparts. 

22.5 per cent of the total numbers of seats is reserved in DU for candidates belonging to Scheduled Caste/Scheduled Tribes (15 per cent for Scheduled Caste and 7.5 per cent for Scheduled Tribes, interchangeable, if necessary), as per DU’s website. And although the numbers vary in different surveys, the amount of SC and ST inhabitants in the country is over 25%. Therefore, to say that every reservation candidate will get into DU is a rather poorly researched argument. 

  • It is time reservations should end: 

“Discrimination is already illegal in India. In fact, so is murder. Yet court after court is acquitting self-confessed brutal mass murderers of Dalits,” Vidyut, Founder of the website Aam Janta, writes. People feel reservations are divisive, and they are. But they are the effect, and not the cause. People should take it upon themselves to end discrimination, and the need of reservation will end, thereof. 

  • The fault in our systems: 

 “If the general category students think they are losing out of seats then their fight should be for more colleges and universities,” says Niharika Dabral, an outgoing student of the Varsity. Rather than ending caste-based reservations, management quotas that reek of nepotism and networking is the real fault that exists in our system. 

For a central educational institution like DU, it becomes a moral responsibility to make sure it has seats reserved for the underprivileged to safeguard their rights because they do not have the kind of money to pay the tuition for privately-funded institutions, let alone give donations to get admitted – as is not uncommon. 

All being said, reservation isn’t the medicine that the society is meant to ingest to cure it of caste-based discrimination. Rather, it is a protective measure that is here to stay till the psychological cleansing has been done, and people recognise each other for what they are – humans. 

Feature Image Credits: Aam Janta

Maumil Mehraj

[email protected] 

Only days after Hon’ble Minister of Finance, Nirmala Sitharaman, an M. Phil in Economics from the Jawaharlal Nehru University (JNU) presented her maiden financial budget successfully, another Economics graduate from the University of Delhi (DU) has been entrusted as the next Managing Director and Chief Financial Officer of The World Bank Group, making her the first woman to hold this prestigious post.

Ms. Kant will be responsible for financial and risk management of the World Bank Group, reporting directly to Mr. David Malpass, Group’s President at Washington D.C. Her duties will include risk management and financial reporting and she will work with the bank’s CEO Kristalina Georgieva on mobilization of International Development Association (IDA),  WB and other financial resources.

As a student of the University, Ms. Kant has an Honours degree in Economics from Lady Shri Ram College and a post-graduate degree in Economics as well  from the Delhi School of Economics.

“Anshula brings more than 35 years of expertise in finance, banking, and innovative use of technology through her work as CFO of the State Bank of India,” quotes Mr. Malpass. 

“She’s excelled at a diverse array of leadership challenges including risk, treasury, funding, regulatory compliance and operations. I look forward to welcoming her to our management team as we work to increase our effectiveness in supporting good development outcomes,” he adds further. 

Over her three-decade long service at the State Bank of India (SBI), Kant rose significantly to emerge as the group’s MD by sheer hard work and dedication, as shared by her colleagues. Kant has also served as Chief General Manager of Mumbai SBI and was Deputy MD of Operations for National Banking Group. Appointed as the MD and member of the Board since September 2018, till the date of her superannuation in September 2020, Kant will now join the league of Aparna Subramani, Saroj Kumar Jha, Sumila Gulyani & other qualified Indian officials holding key positions at the IRDB or World Bank. Since 1965, Indians continue to form the tThird largest Ethnic group at the World Bank earning prestige and honor for the Indian soil, and aspiring millions to achieve such big feats. 

Ms. Anjula Kant is a fine paradigm of global Indian women who are excelling at Banking & Economy;, the likes of Arundhati Bhattacharya,  Archana Bhargava, Usha Ananthasubramanian, and Naina Lal Kidwai being some other worthy mentions, adding to the field’s foster for equality of opportunity. 

Ms. Kant is a huge inspiration for many students, especially those of Delhi University who aspire to achieve these great feat. 

Team DU Beat wishes her very best! 

Feature Image Credits: The Economic Times

Md. Faizan Salik

[email protected]

With the High Court ordering University of Delhi (DU) to scrap the new admission criteria for B. Com. (Hons.) and BA Economics (Hons.), other courses may also be given the same relaxation.

The University of Delhi (DU) has now repealed the new eligibility requirements for admission to the B. Com. (Honours) and BA Economics (Honours) courses. This move comes following the Delhi High Court orders, after a considerate amount of criticism and a plea against the controversial move to include Mathematics in Best Four Subjects aggregate for the two courses.

DU has released a new Bulletin of Information for admission to undergraduate courses on Monday, based on the 2018-19 eligibility criteria. It has been observed that the new eligibility criteria for other courses has similarly been replaced with that of the last year.

The Court had previously called this move arbitrary, and beyond requesting the varsity to repeal it. It also had asked to extend the process till June 22nd, which was previously June 14th. This order has also been implemented.

A bench of Justice Anu Malhotra and Justice Talwant Singh stated, “There is no dispute that you (DU) to be in tune with the times. Nothing prevents you from improving the education standards. No one is saying your decision is not right, but your timing may not be right.” They further added that these criteria can be applied only with six months’ prior notice.

These changes were put forth by recommendations from different departments in the varsity and then needed approval from the Standing Committee, Academic  Council. But the members of the Executive Council, prior to the conundrum, requested the Vice Chancellor in a letter to not give his approval.

While the inclusion of Mathematics in best of four for B.A. Economics (Hons.), and 50% marks in Mathematics for B. Com. (Hons.) are now not compulsorily required. There is currently a requirement of 55% marks in English for B.A. English (Honours) and in Hindi for B.A. Hindi (Honours). B.A. Programme, B.A. Urdu (Hons.), Arabic (Hons.), and Persian (Hons.) also have a new eligibility criterion for 40% in class 10th or 12th in the respective subjects.

Stuti Tanotra, a Delhi University aspirant expressed her joy stating, “Under the new criteria, my Best of Four (BoF) was getting reduced and I was apprehensive about getting a good college for Economics. Now that this has been scrapped, I am very happy my BoF has increased, and now I look forward to studying Economics at DU.”

This change has led to a lot of changes in not just the extending of admissions, but also a delay in releasing cut-offs as well as the dates for the trials of extracurricular activities, and consequently admissions. St. Stephen’s College has also extended its dates and the cut-off for interviews will now be released on June 24th.

Applicants can check the new corrigendum on the University’s official website: http://www.du.ac.in/adm2019/


Feature Image Credits: The Times of India

Shivani Dadhwal

[email protected]


On 10th June, the Delhi High Court sought the position of the Centre and the University of Delhi (DU) on the plea which challenges the jolting changes made to the admission criteria for two of the most popular courses —  B.A. (Honours) Economics and B.Com (Honours). The Court further went on to call this amendment arbitrary due to its short notice.

This alteration of admission criteria was made a day before the University’s applications for Undergraduate (UG) courses were opened. This unforeseen step took several students by surprise, and raised the level of difficulty as well as complexity with respect to getting admitted to the said course.

After several discontented students contacted him, Sahibdeep Singh, an alumnus of Shri Ram College of Commerce, took up the cause. He first submitted an application to the Dean of Students’ Welfare Office and also started an online petition on change.org. This petition is called Roll Back New Admission Criteria: Request to University of Delhi, which is addressed to Yogesh Tyagi, the Vice Chancellor. It has already achieved 887 signatures and aims to reach 1000.  

The aforementioned plea by lawyer, Charanpal Singh Bagri, insisted that this step was in violation with the principle of natural justice. This plea further seeks to repeal the sudden amendment and urges that the previous criteria should prevail. Two members of the University’s Executive Council and three members from the Academic Council have also written a joint letter to the Vice Chancellor for immediate roll back.

The Court has further asked the Ministry of Human Resource Development represented by Advocate Brajesh Kumar, and the varsity to file its response in four days, by 14th June. That will be the date for the next hearing on this matter.

Devyani Arora, a B.Com (Honours) student commented, “This stand of the High Court has been a ray of hope to the students. The decision will be based on careful consideration, keeping in mind the lakhs of students holding their breath.”

St. Stephen’s and Jesus and Mary College will continue with the previous admission criteria.

Feature Image Credits: Jagran Josh


Shivani Dadhwal

[email protected]


The Econometrics exam of second-year B.A (Hons.) Economics was conducted on 22nd May 2019. It had a lot of errors which created a problem for many students.

The last exam of B.A. (Hons) Economics for the fourth semester students was conducted by the University on 22nd May 2019.  According to sources, the Econometrics question paper was full of errors which created a lot of confusion among the students. In Jesus and Mary College, Atma Ram Sanatan Dharam College, and Guru Tegh Bahadur Khalsa College, students were informed about the corrections around 11:40 a.m. which was very late. By that time it was not feasible to attempt the questions according to the new changes. However, many colleges like Hindu College and Deshbandhu College did not receive the corrections at all.

In one of the questions, there was a change of sign from ‘+’ (positive sign) to ‘-’ (negative sign). This created a huge problem for those students who had already attempted the question with the positive sign since the paper was extremely lengthy. Moreover, the students were not left with any time to make the changes.

Riya, a student of Maitreyi College said, “Due to the hassle of errors and corrections in the exam, the students sitting in the examination hall felt distracted and I found it harder to concentrate. One of the corrections came around 10:30 a.m. or 10:45 a.m. I had already attempted half of that question. After the change in the signs, I had almost no time to redo the question since the paper was lengthy in itself.”

A student of Hindu College informed DU Beat that the students were not informed about any corrections and the exam was pretty easy. However,  the students are now worried about their marks since the paper they attempted wasn’t uniform with the other colleges.

According to a student of Kamala Nehru College, except for the first and second question, all the other questions had major errors. “There were corrections or clarifications in almost every question and the usual format of writing standard errors below the estimated error further below the estimated parameters was not followed which led to confusions. Some questions also had wrong signs of ‘T ratios’ but since there wasn’t much time, nothing could be done about it”, said Sanjana Sejwal, a student of Kamala Nehru College.

However, another student of Kamala Nehru College says, “The errors in the questions I attempted were general so I did not face much problem. The changes in the answers were also a matter of few minutes. So overall the exam was fine for me.”

It is also important that the University should recheck the question papers for any corrections beforehand so that the students do not face any problem during the examination. Making corrections in the question paper at the last moment also leads to low confidence level during the exams. Announcing the corrections in the examination hall distracts many students and creates a panicky situation.

A similar situation arose in the General Elective exam where there was a change in the format of the question paper and students were supposed to attempt five questions out of eight instead of four. It must be noted that some colleges asked students to attempt only four questions whereas students of other colleges were asked to attempt five questions.

However, it is necessary that the University and the Examination Committee looks into the matter and work out a solution which helps the students.


Feature Image Credits: Edexlive

Priya Chauhan

[email protected]

Any Economics student at Delhi University who has done a modicum of reading about history of economic thought shall be able to see that Economics as an academic discipline is dominated by Neoclassical Economics, with some Keynesian Economics here and there. And this is true for Universities all over the world.


From the very first class, we are fed “Ten Principles of Economics” from Gregory Mankiw’s book like they are supreme laws of nature, followed by rigorous mathematical analysis of demand and supply, of markets, of consumption and production, et-cetera. The schools of macroeconomic thought enter the picture in the fourth semester where they are given, generally, as much attention as agriculture gets from mainstream media. One reason is also their low share in the marking scheme of semester examinations.
I believe, the most appropriate way to learn a social science subject is to approach it historically. Because each distinct theory has to be seen in its historical context to be understood completely. For natural sciences, the laws are pretty much timeless. But Economics, despite of such rigorous mathematics used in its study, is a social science; and we need to study each theorist (economist) in the light of times he/she lived in.
For this, the ‘Economic Schools of Thought’ should be the very first chapter in Economics syllabus at DU. This shall guide students to see that each economist was a product of its time, that Economics developed in many ways from many different ideas about human nature and social constructs. For example, a deeper reading of neoclassical economics shows that it stems out from the philosophy of ‘Humanism’ and Keynesian Economics has an element of ‘Structuralism’. If nothing else, this might introduce students to the plurality of Economics right at the beginning, so that we at least know that there is more to economics than unrealistic assumptions in the name of ceteris paribus.
When we are fed equations and assumptions about consumer behavior, demand, and supply, investment, growth etc. like they are foolproof equations of natural sciences, the introduction of schools of thought in the fourth semester doesn’t do much to expand our horizon of understanding. It’s almost as if things would be same without such an inclusion.
Post financial crisis, there have been numerous critiques of neoclassical economics, of the financial system, the banking system, of capitalism itself. But despite everything, there have been no major reforms in the syllabus of Economics at universities in India. If we look at the syllabus of Economics Honours before CBCS in Delhi University, we shall see that the foundation subjects of theory are still exactly the same. We are still fed the same ‘laws’ and ‘principles’ of neoclassical economics until we are programmed to accept them as absolute truths rather than just one interpretation of reality amongst many others.
At this point, it must be made clear that neo-classical economics is not an altogether wrong branch of economics. The ‘free market – rational individual – independent agents’ formulations of economic theories do give many useful insights about the economic phenomena around the world. And these models are extremely feasible to base research on. The problem arises when we never learn to question those theories any further than some of the questions raised by John Maynard Keynes. The problem arises when our tendency of ‘not questioning’ translates into single-mindedness about the supremacy of one theory. When global events have repeatedly proved many neo-classical models and theories to be faulty and at times, even misguided, why do we still study the same syllabus without even looking at it critically?
We study textbooks written primarily by American authors – or authors who are not American but reside in America. In the process of learning to solve problems that concern advance capitalist economies, we become arrogant ‘specialists’ who are very prone to giving first world solutions to third world problems.
While I am a second-year student and there are two semesters on Development Economics and Indian Economy in the third year, I doubt, with my neo-classical training in theory, how much I would really be able to grasp the problems by their roots concerning India. Or will I just see the problems as much as they are written in my readings, as most of us do?
I am certain that there are others like me who feel that there is a huge problem with Economics as an academic discipline here in India and across the world. We study such a plural subject by almost reducing it to singularity. The notion of an inherently stable economy is fit into our minds like a testament. But during class, while learning the models like the Walrasian Equilibrium, the Efficient Market Hypothesis, our mind is constantly confused from the fictionality of the premises of those models.
It is completely true that the arrival of Economics as a mainstream distinct academic discipline began with the Classical Economists’ works, like those of Adam Smith, David Ricardo, Jevons, Walras, Vilfred Pareto etc. It is absolutely necessary to study these giant intellectuals and their theories to learn economics. But we must also notice that neo-classical economics did not really build beyond providing a mathematical proof of earlier theorems under certain assumptions, while the world, clearly, has changed a lot. And when the models developed by top neo-classical experts around the world (including Nobel Laureates) have failed (sometimes very miserably) time and again in predicting as well as averting financial crashes, we must now collectively call for reform.
I strongly advocate the inclusion of Neo-Classical Economics in undergrad syllabus, because we can’t do anything without it. But I am sternly against the dominance of one branch in academia, politics and the financial sector. We must be introduced to Marx, to the Austrians, to the causes of various financial crashes and where the neo-classicals went wrong. We must be taught the problem of ‘Unequal Exchange’ as proposed by Samir Amin as importantly as we are taught the PPP theory. Because the way we are going right now, according to me, we shall become arrogant self-proclaimed specialists who think they know more than the laymen and understand the world, but lack the basic element of ‘intellectual plurality’.
We must also be taught, as an additional Skill Enhancement Course, about the day to day working of Banks and Financial Institutions in India, about things as basic as how to buy insurance policy or how to manage our bank accounts. Things very basic, but extremely relevant to the real world. I have noticed that I know complex things like how Banks galvanize the credit-creation process, but not so much the simpler things which really matter in day to day survival.
The purpose of my education in Economics, for me, is to be part of a global intellectual workforce, who pioneer in bridging the gap between complex economic phenomena and the common people. The world is a complex place, extremely difficult to understand. As economics students, our goal must be to make it simpler for everyone. We must learn to rigorously criticize our own discipline, because at this crucial juncture in history, Economics needs it.

Alyasa Abbas

Alyasa Abbas is a second-year student of Economics Hons. at Zakir Husain Delhi College.

Arthagya, The Economics Association of IP College celebrated Economics in a new light at its festival Arthullas 2016 on 3rd and 4th March. Day 1 began with a Panel Discussion on ‘Economics and Politics of Caste-based Discrimination’. Dr. Sujoy Chakravarty, from Centre for Economic Studies and Planning, School of Social Sciences, Jawaharlal Nehru University was the chairperson for the event and the esteemed panel included Prof. Satish Deshpande, Department of Sociology, Prof. Ashwini Deshpande, Delhi School of Economics, and Dr. Nishant Chadha, Assistant Professor, Shiv Nadar University. While Prof. Satish Deshpande spoke on “What is the opposite of discrimination?”, Prof. Ashwini focused on “Myths and Realities of Affirmative Action”, and Dr. Nishant on “New ways of thinking: The Economics and Politics of Caste Networks”. When asked for a solution from the panelists, it was mentioned that as long as the problem exists, so do solutions, no matter how biased.

This was followed by InQUIZitive, an Economics, Business and Finance Quiz and The Triwizard Tournament, a Harry Potter-fused Economics event. While the quiz saw professional quizzers battle it out ferociously, the Potterheads played their best to win eternal glory at The Triwizard Tournament.

Day 2 began with three simultaneous events amidst the rainy weather. The All India Political Parties’ Meet discussed at length the issues of Farmer Suicides and implementation of Mahatma Gandhi National Rural Employment Guarantee Act. Super Street, a superhero-themed Mock Stock, saw a lot of participation from both fans and Mock Stock enthusiasts. Clever Clogs, a Case Study event saw teams competing with each other through their justifications and furious interjections.

All in all, the decorations of the venue were bright and varied, analogous to the variety of events.


Ayesha Sareen

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