"Where is the railway station?" he asks me. "There," I say, pointing at the post office, "and would you please post this letter for me on the way?" "Yes," he says, determined to open the envelope and check whether it contains something valuable.
People's identities as Indians, as Asians, or as members of the human race seemed to give way — quite suddenly — to sectarian identification with Hindu, Muslim, or Sikh communities.
The behavioral foundations of capitalism do, of course, continue to engage attention, and the pursuit of self-interest still occupies a central position in theories about the workings and successes of capitalism. But in these recent theories, interests are given a rather different—and much more "positive"—role in promoting efficient allocation of resources through informational economy as well as the smooth working of incentives, rather than the negative role of blocking harmful passions.
I personally have great skepticism about the theories extolling the wonders of "Asian values." They are often based on badly researched generalizations and frequently uttered by governmental spokesmen countering accusations of authoritarianism and violations of human rights (as happened spectacularly at the World Conference on Human Rights in Vienna in 1993).
Globalization is not in itself a folly: It has enriched the world scientifically and culturally and benefited many people economically as well.
John Kenneth Galbraith doesn't get enough praise. The Affluent Society is a great insight, and has become so much a part of our understanding of contemporary capitalism that we forget where it began. It's like reading Hamlet and deciding it's full of quotations.
Given what can be achieved through intelligent and humane intervention, it is amazing how inactive and smug most societies are about the prevalence of the unshared burden of disability.
Libertarian logic for non-interference, when consistently exp\xadlored, can have extraordinarily stern implications in invalidating the right to assistance from the society when one is hit by self-harming behaviour. If that annulment is not accepted, then the case for libertarian “immunity” from interference is also correspondingly undermined.We should not readily agree to be held captive in a half-way house erected by an inadequate assessment of the demands of liberty.
Democracy has to be judged not just by the institutions that formally exist but by the extent to which different voices from diverse sections of the people can actually be heard.
Ambedkar is my Father in Economics. He is true celebrated champion of the underprivileged. He deserves more than what he has achieved today. However he was highly controversial figure in his home country, though it was not the reality. His contribution in the field of economics is marvelous and will be remembered forever..!
Smith distinguishes with great sophistication the different kinds of reasons people have in taking an interest in the lives of others, separating out sympathy, generosity, public spirit and other motivations. Even though he acknowledged the role of mental attitudes and predispositions, he went on to discuss how reasoning, which is at the heart of rationality, must have a big role in preventing us from being – consciously or unconsciously – too self-centred, or thoughtlessly uncaring.
Smith had no illusion that this would be easy to do, nor did he suffer from the delusion that such an exercise would, in any sense, be perfect. But he did have the conviction that the exercise could still be very useful, and the best should not be made into an enemy of the good.