Praxeology: My Reflexions on India

Indian currency rupee is depreciating quickly against the US dollar recently. It has lost 14% of its purchasing power against US dollar since the beginning of May, 2013. It is one of the worst performing currency in Asia. It hit its lowest level of 65.56 rupee/dollar last week. All the efforts of the Indian central bank RBI is failing in stemming the fall of rupee in the Forex market. Why the rupee is depreciation against US dollar and other currencies like Euro and British pound? What is the root cause of this devaluation? I analyze these questions in my economic report below. In nutshell, Indian government and RBI's loose monetary policy is to blame for this fall in rupee's value.   

The frequent question which people ask me whenever I talk about free markets and a totally free society without a presence of the State is, can we humans organize our societies without the help of the State aka government? Few go as far as saying, that without the State life itself is impossible! Some of the questions people ask are fairly typical Statist responses e.g., who will build the roads in the absence of the State or who will run the schools, hospitals, gardens etc., or who will provide protection - police as well as national defense etc. In my past write-ups I have already tackled the issues of privatized roads and highways, privatized national as well as local defense, privatized schooling etc. Not only this, many people ask me to show them some real life examples of some Stateless societies. Today I want to tackle this issue of living or historical examples of such Stateless societies. People will be surprised to know that in our own backyard, i.e., in Indian neighborhood...

Yesterday the Surat City Citizen Council organized a lecture by Lord Bhikhu Parekh on The Future of Democracy in India in the Southern Gujarat Chamber of Commerce and Industry auditorium here in my hometown Surat. Since Lord Parekh is a big name amongst the Indian intellectuals - he is a member of the UK parliament house of lords , a Professor emeritus of Political Philosophy at the University of Westminster and Hull, a Padma Bhusan, and, importantly, a member of Overseas Indians' Global Advisory Council which advises prime minister Manmohan Singh - I went to hear him. Below I briefly summarize his lecture with my critical remarks. Prof. Parekh's lecture was music to my ears, at least till the time he discussed his solutions. Prof. Parekh blasted the Indian democratic system and counted many of its flaws like no deliberations in policy making (e.g., dysfunctional parliamentary system where politicians don't discuss anything and pass important bills), government officia...

Recently Nobel prize winning Indian economist Amartya Sen created lot of flurry by saying, that he does not want Gujarat chief minister Narendra Modi as his prime minister or India's prime minister. In the economic academia world the debate is on-going between two rival camps about how to make the Indian economy and society progress. Amartya Sen is on one side of this debate and Columbia economists Jagdish Bhagwati and Arvind Panagaria are on the other side. Sen's growth model gives priority to social sectors of education and health, whereas Bhagwati and Panagaria are for more economic growth first. Here I want to show you that both Sen and Bhagwati-Panagaria are wrong. Indians neither need the Sen model nor the Bhagwati Model. What Indians need is total freedom from the parasitic State aka the government, which none of the above mentioned models are promising or even talking about. Let's briefly take a look at both Sen and Bhagwati model. Sen's ideas re his social en...