“I have a student called Suby Roy…”: Reflections on Frank Hahn (1925-2013), my master in economic theory


1. “What was relatively weak at LSE was general economic theory. We were good at deriving the Best Linear Unbiased Estimator but left unsatisfied with our grasp of the theory of value that constituted the roots of our discipline. I managed a First and was admitted to Cambridge as a Research Student in 1976, where fortune had Frank Hahn choose me as a student. That at the outset was protection from the communist cabal that ran “development economics” with whom almost all the Indians ended up. I was wholly impecunious in my first year as a Research Student, and had to, for example, proof-read Arrow and Hahn’s General Competitive Analysis for its second edition to receive 50 pounds sterling from Hahn which kept me going for a short time. My exposure to Hahn’s subtle, refined and depthless thought as an economist of the first rank led to fascination and wonderment, and I read and re-read his “On the notion of equilibrium in economics”, “On the foundations of monetary theory”, “Keynesian economics and general equilibrium theory” and other clear-headed attempts to integrate the theory of value with the theory of money — a project Wicksell and Marshall had (perhaps wisely) not attempted and Keynes, Hicks and Patinkin had failed at.



Hahn insisted a central question was to ask how money, which is intrinsically worthless, can have any value, why anyone should want to hold it. The practical relevance of this question is manifest. India today in 2007 has an inconvertible currency, vast and growing public debt financed by money-creation, and more than two dozen fiscally irresponsible State governments without money-creating powers. While pondering, over the last decade, whether India’s governance could be made more responsible if States were given money-creating powers, I have constantly had Hahn’s seemingly abstruse question from decades ago in mind, as to why anyone will want to hold State currencies in India, as to whether the equilibrium price of those monies would be positive. (Lerner in fact gave an answer in 1945 when he suggested that any money would have value if its issuer agreed to collect liabilities in it — as a State collects taxes – and that may be the simplest road that bridges the real/monetary divide.)



Though we were never personal friends and I did not ingratiate myself with Hahn as did many others, my respect for him only grew when I saw how he had protected my inchoate classical liberal arguments for India from the most vicious attacks that they were open to from the communists. My doctoral thesis, initially titled “A monetary theory for India”, had to be altered due to paucity of monetary data at the time, as well as the fact India’s problems of political economy and allocation of real resources were more pressing, and so the thesis became “On liberty and economic growth: preface to a philosophy for India”. When no internal examiner could be found, the University of Cambridge, at Hahn’s insistence, showed its greatness by appointing two externals: C. J. Bliss at Oxford and T. W. Hutchison at Birmingham, former students of Hahn and Joan Robinson respectively. My thesis received the most rigorous and fairest imaginable evaluation from them…”



2. “Frank Hahn believed in throwing students in at the deep end — or so it seemed to me when, within weeks of my arrival at Cambridge as a 21 year old Research Student, he insisted I present my initial ideas on the foundations of monetary theory at his weekly seminar.




I was petrified but somehow managed to give a half-decent lecture before a standing-room only audience in what used to be called the “Keynes Room” in the Cambridge Economics Department. (It helped that a few months earlier, as a final year undergraduate at the LSE, I had been required to give a lecture at ACL Day’s Seminar on international monetary economics. It is a practice I came to follow with my students in due course, as there may be no substitute in learning how to think while standing up.) I shall try to publish exactly what I said at my Hahn-seminar when I find the document; broadly, it had to do with the crucial problem Hahn had identified a dozen years earlier in Patinkin’s work by asking what was required for the price of money to be positive in a general equilibrium, i.e. why do people everywhere hold and use money when it is intrinsically worthless. Patinkin’s utility function had real money balances appearing along with other goods; Hahn’s “On Some Problems of Proving the Existence of an Equilibrium in a Monetary Economy” in Theory of Interest Rates (1965), was the decisive criticism of this, where he showed that Patinkin’s formulation could not ensure a non-zero price for money in equilibrium. Hence Patinkin’s was a model in which money might not be held and therefore failed a vital requirement of a monetary economy. The announcement of my seminar was scribbled by a young Cambridge lecturer named Oliver Hart, later a distinguished member of MIT and Harvard University.”



3.   Then there was Sraffa…I saw him many a time, in the Marshall Library… He would smile very broadly at me and without saying anything  indicate with his hand to invite me to his office.. I fled in some fear… It was very stupid of me of course… Joan Robinson cornered me once and took me into the office she shared with EAG… She came at me for an hour or so wishing to supervise me, I kept declining politely… saying I was with Frank Hahn and wished to work on money… “What does Frankie know about India?” she said… I said I did not know but he did know about monetary theory and that was what I needed for India;  I also said I did not think much about the Indian Marxists she had supervised… and mentioned a prominent name… she said about him, “Yes most of what he does can go straight into the dustbin”…



4.   “I had been attracted to Cambridge partly by its old reputation for philosophy, especially that of Wittgenstein. But I met no worthwhile philosophers there until a few months before I was to leave for the United States in 1980, when I chanced upon the work of Renford Bambrough. Hahn had challenged me with the question, “how are you so sure your value judgements promoting liberty blah-blah are better than those of Chenery and the development economists?” It was a question that led inevitably to ethics and its epistemology — when I chanced upon Bambrough’s work, and that of his philosophical master, John Wisdom, the immense expanse of metaphysics (or ontology) opened up as well. “Then felt I like some watcher of the skies, When a new planet swims into his ken; Or like stout Cortez when with eagle eyes, He star’d at the Pacific…””



5. “I went to Virginia because James M. Buchanan was there, and he, along with FA Hayek, were whom Hahn decided to write on my behalf. Hayek said he was too old to accept me but wrote me kind and generous letters praising and hence encouraging my inchoate liberal thoughts and arguments. Buchanan was welcoming and I learnt much from him and his colleagues about the realities of public finance and democratic politics, which I quickly applied in my work on India…” Hahn told me he did not know Buchanan but he did know Hayek well and that his wife Dorothy had been an original member of the Mont Pelerin Society in 1947 or 1948. Hence I am amused reading a prominent NYU “American Austrian” say about Frank’s passing “I do think economics would have been better off if the Arrow-Debreu-Hahn approach had not been taken so seriously by the profession. I think it turned out to be an intellectual straight-jacket that prevented the discussion of valuable outside-the-box ideas”, and am tempted to paraphrase the closing lines of Tractatus — “Whereof one cannot speak, thereof one must be silent/About what one can not speak, one must remain silent” — to read “Of that of which we are ignorant, we should at least try not to gas about…” Hahn and Hayek were friends, from when Hayek taught at the London School of Economics in Robbins’ seminar, and Hahn was Robbins’ doctoral student.



6. “The Hawaii project manuscript contained inter alia a memorandum by Milton Friedman done at the request of the Government of India in November 1955, which had been suppressed for 34 years until I published it in May 1989. Milton and Rose Friedman refer to this in their memoirs Two Lucky People (Chicago 1998). Peter Bauer had told me of the existence of Friedman’s document during my doctoral work at Cambridge under Frank Hahn in the late 1970s, as did N. Georgescu-Roegen in America. Those were years in which Brezhnev still ruled in the Kremlin, Gorbachev was yet to emerge, Indira Gandhi and her pro-Moscow advisers were ensconced in New Delhi, and not even the CIA had imagined the Berlin Wall would fall and the Cold War would be over within a decade. It was academic suicide at the time to argue in favour of classical liberal economics even in the West. As a 22-year-old Visiting Assistant Professor at the Delhi School of Economics in 1977, I was greeted with uproarious laughter of senior professors when I spoke of a possible free market in foreign exchange. Cambridge was a place where Indian economists went to study the exploitation of peasants in Indian agriculture before returning to their friends in the well-known bastions of such matters in Delhi and Calcutta. It was not a place where Indian (let alone Bengali) doctoral students in economics mentioned the unmentionable names of Hayek or Friedman or Buchanan, and insisted upon giving their works a hearing. My original doctoral topic in 1976 “A monetary theory for India” had to be altered not only due to paucity of monetary data at the time but because the problems of India’s political economy and allocation of resources in the real economy were far more pressing. The thesis that emerged in 1982 “On liberty and economic growth: preface to a philosophy for India” was a full frontal assault from the point of view of microeconomic theory on the “development planning” to which everyone routinely declared their fidelity, from New Delhi’s bureaucrats and Oxford’s “development” school to McNamara’s World Bank with its Indian staffers. Frank Hahn protected my inchoate liberal arguments for India; and when no internal examiner could be found, Cambridge showed its greatness by appointing two externals, Bliss at Oxford and Hutchison at Birmingham, both Cambridge men.”



7. “I have a student called Suby Roy…”  Frank sends me to America in 1980 to work with Jim Buchanan… One letter from him was all it took…






And then five years later in 1985 he calls me “probably the outstanding young Hayekian”, says I had brought “a good knowledge of economics and of philosophy to bear on the literature on economic planning”, had “a good knowledge of economic theory” and that my “critique of Development Economics was powerful not only on methodological but also on economic theory grounds” — all that to me has been a special source of delight.




We did not meet often after I left Cambridge but he wrote very kindly always, and finally said, hearing of my travails and troubles and adventures, “well you are having an interesting life…”…



In America, I once met Robert M Solow in a hotel elevator as we were on a  panel at a conference together; I  introduced myself as Hahn’s student… “Aren’t you lucky?” said Solow with a smile…and he was right… I was lucky…



I said of Milton Friedman that he had been “the greatest economist after John Maynard Keynes”;  Milton’s critic, Frank Hahn, may have been the greatest economic theorist of modern times.




                                                                      Frank Hahn (1925-2013)


Decision-making in terrorist-hostage situations: Observations from the Mumbai case

From Facebook various dates between Nov 26 2008 and Nov 26 2009:


Subroto Roy

thinks any developing terrorist situation suffers from Clausewitz’s “fog of war”, viz., “The great uncertainty of all data in war is a peculiar difficulty, because all action must, to a certain extent, be planned in a mere twilight, which in addition not infrequently — like the effect of a fog or moonshine — gives to things exaggerated dimensions and unnatural appearance.”


thinks in terrorist-hostage situations, the commander of the first-responding units should be the prima facie decision-maker whose directions need to be followed even by (more high-powered) reinforcements because of the Hayekian reason that person may be presumed to have the best/deepest/longest knowledge of the particular circumstances.


is led to think DCP Patil, the first responder at the Taj, had correctly identified where the terrorists were and begged for reinforcements which came far too late because the Army captain given orders to surround the hotel refused to move inside without further orders, and the Navy commandos did not turn up. Mumbai police were as brave as they could be — the military (including the NSG) have a lot to answer for.


is coming to the view that the Army general who sent the contingent to the Taj without orders to assist the police fully was a key person yet to be held accountable.


says: Of course one has to go location by location. But the Taj was in a sense the most signficant and the one where victory was closest and possible the earliest. DCP Patil was the first responder who was in position and had pinpointed the room the terrorists were in for long. This was *before* the handlers ordered the fire. Patil repeatedly pleaded for an armed force to attack, which he would have joined. The Army turned up and then the Captain in charge said he could not join this attack without further Army orders. Had that attack occurred, say by 40 men against 2 or 4, the Taj would have been secured, perhaps prisoners captured.  Secondly, the capture of Kasab was entirely done by the police, no military involved. The commando operations at Nariman House looked rather ham-handed, even inept. The single most critical failure appears to have been that Army Captain saying he did not have orders to join an attack inside the Taj. (And it was less the Captain’s failure than the General’s who had sent him.) The remainder was part of the “fog of war”.


says: My assessment is that the police did what they could and knew how to given a surprise attack of unknown dimensions and given poor resources. I do not blame a policeman armed with a lathi or a .303 if he takes cover or flees from an assault-rifle. They told the Chief Secretary to ask for Army help who did so. The Army, Navy and NSG were where tangible failures of leadership may have occurred, though of course there were individual NSG men and officers who were exceptional. The initial attack that DCP Patil had recommended would not only have worked (because there was no fire/smoke at the time) but would have swung the battle decisively. As it turned out, it took 60+hours to kill 9 men, plus a lot of casualties and damage.

Nandan Nilekani’s Nonsensical Numbering (Updated to 11 January 2013)

Original post: 14 Sep 2009

I have been a rather harsh critic of Indian English-language media but I was pleased to see Mr Karan Thapar with good research systematically expose the other day the nonsense being purveyed by Mr Nandan Nilekani about the idea of branding each of a billion Indians with a government number. This is not Auschwitz.   Nor can India create an American-style Social Security Administration.  Mr Nilekani seems not to have the faintest idea about India’s poor and destitute, else he would not have made a statement like “We need one single, non-duplicate way of identifying a person and we need a mechanism by which we can authenticate that online anywhere because that can have huge benefits and impact on public services and also on making the poor more inclusive in what is happening in India today.”  (italics added)

What does he plan to do?  Haul away the hundreds of thousands of  homeless from the streets  and  flyovers of our major cities and start interrogating, measuring, photographing and fingerprinting them against their will?  On what ploy?  That without the number  he will give them they will not be able to continue to live and do what they have been doing for half a generation?  Or that they will get a delicious hot meal from the Taj or Oberoi if they cooperate?  And what about rural India?  Does he plan to make an aerial survey of India’s rural landscapes by helicopter to find whom he can catch to interrogate and fingerprint? It will be grotesquely amusing to see his cohorts try to identify and then haul away India’s poor from their normal activities — he and his friends will likely come to grief trying to do so!  Guaranteed.  And the people will cheer because they know fakery when they see it.

Mr Nilekani needs to ask his economist-friends to teach him about asymmetric information, incentive-compatiblity theory etc.  There have been several  Bank of Sweden prizes given to economists for this material, beginning with FA Hayek in 1974 or even earlier.

(As for the wholly different stated agenda of preventing crime and terrorism using Mr Nilekani’s numbering, might we recall that Kasab’s dead companions have remained unclaimed in a Mumbai morgue for almost ten months now?)

The whole exercise that Prime Minister Manmohan Singh has with such fanfare set Mr Nilekani is ill-conceived and close to complete nonsense  — designed only to keep in business the pampered industry that Mr Nilekani has been part of as well as its bureaucratic friends.   The Prime Minister has made another error and should put a stop to it before it gets worse.   The poor have their privacy and their dignity.    They are going to refuse to waste their valuable time  at the margins of survival volunteering for such gimmickry.

A Discussion Regarding Mr Nilekani’s Public Project

September 15, 2009 — drsubrotoroy | Edit

In response to my “Nandan Nilekani’s Nonsensical Numbering”,

Friendly Critic says:

I don’t think registering everyone in the country is such a bad idea. It may be difficult. But the post office reaches letters to anyone in the country, even the homeless. I don’t think it is doing anything wrong.

I replied:

The post office reaches letters to those with an address.

Friendly Critic replied:

You are mistaken. It reaches letters to beggars, addressed to the nearest pan shop. To repeat, I do not think it is wrong to register all residents; there are some good uses for it. If it is all right to enumerate residents once every ten years, there is nothing wrong in maintaining a continuous inventory. Only the British have an aversion to doing so, on grounds of piracy. But even their electoral registers are based on enumeration. And to attack Nilekani simply because he has taken on a job offered seems excessive to me.

I replied:

Thanks for this correspondence.  We may be slightly at cross-purposes and there may be some miscomprehension.  Of course if a beggar has a pan-shop as an address, that is an address.   But we are not talking about the efficiency or lack thereof of our postal services.

We are talking about the viability and utility of trying to attach a number, as an identification tag, to every Indian — for the declared purposes of (a) battling absolute poverty (of the worst kind); and(b) battling terrorism and crime.

Many Indians have passports, driving licenses, Voter cards,  PAN numbers, mobile numbers etc.    I am sure giving them a Nandan Nilekani Number will be easy.  It will be, incidentally, lucrative for the IT industry.

It will also be pointless to the extent that these people, who may number into the hundreds of millions, are already adequately identifiable by one or two other forms of photo id-cards.   (By way of analogy incidentally, Americans used to cash cheques at supermarkets using one or two photo ids — but the Social Security Card or number was not allowed to be one of them as it had no photo.)

Neither of the two declared objectives will have been explicitly served by giving Nandan Nilekani Numbers to those already adequately identifiable.

My point about incentive-compatibility is that the intended beneficiaries in any program of this kind (namely the anonymous absolute poor) need to have clear natural incentives to participate in order to make it work.  Here there are none.  Taking the very poorest people off the streets or out of their hamlets to be interrogated, photographed, fingerprinted and enumerated against their will, when they may have many more valuable things to be doing with their time in order to survive, is a violation of their freedom, privacy and dignity.   Even if they submit to all this voluntarily, there are no obvious tangible benefits accruing to them as individuals as a result of this number (that many will not be able to read).

If those already adequately identifiable easily get an NNN (at low cost and without violation of indvidual freedom or dignity), while those who are the intended beneficiaries do not do so (except at high cost and with violations of individual freedom and dignity), that would enhance inequality.

Because such obvious points have failed to be accounted ab initio in this Big Business scheme paid for by public money, I have had to call it nonsensical.

Some follow-up  11 January 2013

From Facebook 11 January 2013

A biometrically generated large number is given to a very poor barely literate person and he/she is instructed that that is the key, the *sole* key, to riches and benefits from the state. The person lives on the margins of survival, eking out a daily income for himself/herself plus dependents under trying conditions. It is that absolute anonymous poor — who are *not* already identifiable easily through mobile numbers, voter id cards, drivers’ licenses etc — who are the intended beneficiaries. Suppose that person loses the card or has it stolen. Has the key to the riches and benefits from the state vanished? Those who are already easily identifiable need only produce alternative sources of identification and so for them to get the number as a means of identification is redundant, yet it is they who will likely have better access to the supposed benefits rather than the absolute poor. What New Delhi’s governing class fails to see is that the masses of India’s poor are not themselves a mass waiting for New Delhi’s handouts: they are *individuals*, free, rational, thinking individuals who know their own lives and resources and capacities and opportunities, and how to go about living their lives best. What they need is security, absence of state or other tyranny, roads, fresh water, electricity, functioning schools for their children, market opportunities for work, etc, not handouts from a monarch or aristocrats or businessmen….

Thoughts, words, deeds: My work 1973-2010

Thoughts, words, deeds

My work 1973-2010

Subroto Roy

This is an incomplete bibliography of my writings, public lectures etc 1973-2010 including citations, reviews, comments.  I have been mostly an academic economist who by choice or circumstance over 36 years has had to venture also into science, philosophy, public policy, law, jurisprudence, practical politics, history, international relations, military strategy, financial theory, accounting, management, journalism, literary criticism, psychology, psychoanalysis, theology, aesthetics, biography, children’s fables, etc.   If anything unites the seemingly diverse work recorded below it is that I have tried to acquire a grasp of the nature of human reason and then apply this comprehension in practical contexts as simply and clearly as possible. Hence I have ended up following the path of Aristotle, as described in modern times (via Wittgenstein and John Wisdom) by Renford Bambrough.  The 2004 public lecture in England, “Science, Religion, Art & the Necessity of Freedom”, may explain and illustrate all this best.  A friend has been kind enough to call me an Academician, which I probably am, though one who really needs his own Academy because the incompetence, greed and mendacity encountered too often in the modern professoriat is dispiriting.

1-289 refer mostly to writings and publications printed on paper; 290-382 refer to  writings or items not printed on paper — as new media break space, cost and other  constraints of traditional publishing, a little repetition and overlap has occurred too. Also in a few cases, e.g., Aldous Huxley’s essay on DH Lawrence, nothing has been done except discover and republish.  Several databases have been created and released in the public interest, as have been some rare maps.  There is also some biographical and autobiographical material.  Several inconsequential errors remain in the text, which shall take time to be rectified as documents come to be rediscovered and collated.


1. “Behavioural study of mus musculus”, Haileybury College, Supervised by J de C Ford-Robertson MA (Oxon). (Due to be published here 2010).

2. “Chemistry at Advanced & Special Level: Student Notes 1972-73” (Due to be published here 2010).

3. “Biology at Advanced & Special Level: Student Notes 1972-73”, (Due to be published here 2010).

4.  “Physics at Advanced Level: Student Notes 1972-73”, (Due to be published here 2010).

5. “Revolution: theoria and praxis”, London, mimeo (Due to be published here 2010).

6. “Gandhi vs Marx”, London, mimeo (Due to be published here 2010).


7. “Relevance of downward money-wage rigidity to the problem of maintaining full-employment in the classical and Keynesian models of income determination”, London School of Economics, mimeo (Due to be published here 2010).

8. “Testing aircraft fuels at Shell Finland”.


9. “Oxford Street experiences: down and out in London town”.

10. “SE Region Bulk Distribution Survey”, Unilever, Basingstoke.

11. “Four London poems”, in JCM Paton (ed)  New Writing (London, Great Portland Street: International Students House).  (Due to be republished here 2010)

12. “On economic growth models and modellers”, London School of Economics, mimeo. (Due to be published here 2010).


13. “World money: system or anarchy?”, lecture to Professor ACL Day’s seminar, London School of Economics, Economics Department, April. (Due to be published here 2010).

14. “A beginner’s guide to some recent developments in monetary theory”, lecture to Professor FH Hahn’s seminar, Cambridge University Economics Department, November 17 (Due to be published here 2010). See also “Announcement of My “Hahn Seminar”,  published here June 14 2008.


15. “Inflation and unemployment: a survey”, mimeo, Fitzwilliam College, Cambridge. (Due to be published here 2010).

16. “On short run theories of dual economies”, Cambridge University Economics Department “substantial piece of work” required of first year Research Students.  Examiner: DMG Newbery, FBA. (Due to be published here 2010).


17. “Pure theory of developing economies 1 and 2”, Delhi School of Economics mimeo (Due to be published here 2010).

18. “Introduction to some market outcomes under uncertainty”, Delhi School of Economics mimeo (Due to be published here 2010).

19. “On money and development”, Corpus Christi College, Cambridge, mimeo, September.  (Due to be published here 2010)

20. “Notes on the Newbery-Stiglitz model of sharecropping”, Corpus Christi College, Cambridge, mimeo November.  (Due to be published here 2010).


21. “A theory of rights and economic justice”, Corpus Christi College Cambridge mimeo. (Due to be published here 2010).

22. “Monetary theory and economic development”, Corpus Christi College Cambridge, mimeo  (Due to be published here 2010).

23. “Foundations of the case against ‘development planning’”, Corpus Christi College Cambridge, mimeo, November.   (Due to be published here 2010).


24. Correspondence with Renford Bambrough (1926-1999), philosopher of St John’s College, Cambridge (Due to be published here 2010).


25. “Models before the monetarist storm”, New Statesman letters

26. “Disciplining rulers and experts”, Corpus Christi College, Cambridge, mimeo.  (Due to be published here 2010).


27. “On liberty & economic growth: preface to a philosophy for India”, Cambridge University doctoral thesis, supervisor FH Hahn, FBA; examiners CJ Bliss, FBA; TW Hutchison, FBA  (Due to be published here 2010). 27a Response of FA Hayek on a partial draft February 18 1981.  27b Response of Peter Bauer, 1982.  27c Response of Theodore W Schultz, 1983.  27d. Response of Frank Hahn 1985.


28. “Knowledge and freedom in economic theory Parts 1 and 2”, Centre for Study of Public Choice, Virginia Polytechnic Institute & State University, Working Papers.

29. “Economic Theory and Development Economics”. Lecture to American Economic Association, New York, Dec 1982.  Panel: RM Solow, HB Chenery, T Weisskopf, P Streeten, G Rosen, S Roy. Published in 29a.


29a “Economic Theory and Development Economics: A Comment”. World Development, 1983. [Citation: Stavros Thefanides “Metamorphosis of Development Economics”, World Development 1988.]

30. “The Political Economy of Trade Policy (Comment on J. Michael Finger)”, Washington DC: Cato Journal, Winter 1983/84. See also 000 “Risk-aversion explains resistance to freer trade”, 2008.


31. “Considerations on Utility, Benevolence and Taxation”, History of Political Economy, 1984.   31a Response of Professor Sir John Hicks May 1 1984.

[Citations: P. Hennipman, “A Tale of Two Schools”, De Economist 1987, “A New Look at the Ordinalist Revolution”, J. Econ. Lit. Mar 1988; P. Rappoport, “Reply to Professor Hennipman”, J. Econ. Lit. Mar 1988; Eugene Smolensky et al “An Application of A Dynamic Cost-of-Living Index to the Evaluation of Changes in Social Welfare”, J. Post-Keynesian Econ.IX.3. 1987.]

32. Pricing, Planning and Politics: A Study of Economic Distortions in India, London: Institute of Economic Affairs, London 1984.

[Citations: Lead editorial of The Times of London May 29 1984, “India’s economy”, Times letters June 16 1984. John Toye “Political Economy & Analysis of Indian Development”, Modern Asian Studies, 22, 1, 1988; John Toye, Dilemmas of Development; D. Wilson, “Privatization of Asia”, The Banker Sep. 1984 etc].  See also 370 “Silver Jubilee of ‘Pricing, Planning and Politics: A Study of Economic Distortions in India’” 2009.

33. Review of Utilitarianism and Beyond, Amartya Sen & Bernard Williams (eds) Public Choice.

34. Review of Limits of Utilitarianism, HB Miller & WH Williams (eds.), Public Choice.

35. Deendayal lecture (one of four invited lecturers), Washington DC, May.


36. (with one other) “Does the Theory of Logical Types Inform the Theory of Communication?”, Journal of Genetic Psychology., 148 (4), Dec. 1987 [Citation:

37. “Irrelevance of Foreign Aid”, India International Centre Quarterly, Winter 1987.

38. Review of Development Planning by Sukhamoy Chakravarty for Economic Affairs, London 1987.


39. (with two others) “Introduction” to Lessons in Development: A Comparative Study of Asia and Latin America. San Francisco: Inst. of Economic Growth.

40. “A note on the welfare economics of regional cooperation”, lecture to Asia-Latin America conference, East West Center Honolulu, published 2009.


41. Philosophy of Economics: On the Scope of Reason in Economic Inquiry, London & New York: Routledge (International Library of Philosophy) 1989, paperback 1991. Internet edition 2007.   [Reviews & Citations: Research in Economics, 1992; De Economist 1991 & 1992; Manch.Sch. Econ.Studs. 59, 1991; Ethics 101.88 Jul. 1991; Kyklos 43.4 1990; Soc. Science Q. 71.880. Dec.1990; Can. Phil. Rev. 1990; J. Econ. Hist. Sep. 1990; Econ. & Phil. Fall 1990; Econ. Affairs June-July 1990; TLS May 1990; Choice March 1990; J. App.Phil. 1994, M. Blaug: Methodology of Economics, 2nd ed., Cambridge, 1992;  Hist. Methods. 27.3, 1994; J. of Inst. & Theoretical Econ.,1994;  Jahrbucker fur Nationaleconomie 1994, 573:574. Mark A Lutz in Economics for the Common Good, London: Routledge, 1999, et al].  See also 339 “Apropos Philosophy of Economics”, Comments of Sidney Hook, KJ Arrow, Milton Friedman, TW Schultz, SS Alexander, Max Black, Renford Bambrough, John Gray et al.

42. Foreword to Essays on the Political Economy by James M. Buchanan, Honolulu: University of Hawaii Press 1989.

43. “Modern Political Economy of India”, edited by Subroto Roy & William E James,  Hawaii mimeo May 21 1989.  This published for the first time a November 1955 memorandum to the Government of India by Milton Friedman.  See also 43a, 53.

43a. Preface to “Milton Friedman’s extempore comments at the 1989 Hawaii conference: on India, Israel, Palestine, the USA, Debt and its uses, Erhardt abolishing exchange controls, Etc”,  May 22 1989, published here for the first time October 31 2008.

44. Milton Friedman’s defence of my work  in 1989.

45. Theodore W. Schultz’s defence of Philosophy of Economics


46. “Letter to Judge Evelyn Lance: On A Case Study in Private International Law” (Due to be published here in 2010).

47-49. Selections from advisory work on economic policy etc for Rajiv Gandhi, Leader of the Opposition in the Parliament of India,  published in 47a-49a.


41b Philosophy of Economics: On the Scope of Reason in Economic Inquiry, Paperback edition.

50. “Conversations and correspondence with Rajiv Gandhi during the Gulf war, January 1991”   (Due to be published here 2010).

47a. A Memo to Rajiv I:  Stronger Secular Middle”, The Statesman, Jul 31 1991.

48a “A Memo to Rajiv II: Saving India’s Prestige”, The Statesman, Aug 1 1991.

49a “A Memo to Rajiv III: Salvation in Penny Capitalism”, The Statesman, Aug 2 1991  47b-49b “Three Memoranda to Rajiv Gandhi 1990-91”, 2007 republication here.

51. “Constitution for a Second Indian Republic”, The Saturday Statesman, April 20 1991.  Republished here 2009.

52. “On the Art of Government: Experts, Party, Cabinet and Bureaucracy”, New Delhi mimeo March 25 1991, published here July 00 2009.


53. Foundations of India’s Political Economy: Towards an Agenda for the 1990s Edited and with an Introduction by Subroto Roy & William E. James New Delhi, London, Newbury Park: Sage: 1992.   Citation: Milton and Rose Friedman Two Lucky People (Chicago 1998), pp. 268-269.

54. Foundations of Pakistan’s Political Economy: Towards an Agenda for the 1990s Edited and with an Introduction by William E. James & Subroto Roy, Hawaii MS 1989, Sage: 1992, Karachi: Oxford 1993.

Reviews of 53 & 54 include: Bus. Today, Mar-Apr 1992; Political Studies March 1995; Econ Times 21 March 1993; Pakistan Development Review 1992. Hindustan Times 11 July 1992. Pacific Affairs 1993; Hindu 21 March 1993, 15 June 1993; Pakistan News International 12 June 1993. Book Reviews March 1993; Deccan Herald 2 May 1993; Pol.Econ.J. Ind. 1992. Fin Express 13 September 1992;  Statesman 16 Jan. 1993.  J. Royal Soc Asian Aff. 1994, J. Contemporary Asia, 1994 etc.

55. “Fundamental Problems of the Economies of India and Pakistan”, World Bank, Washington, mimeo  (Due to be published here 2010).

56.“The Road to Stagflation: The Coming Dirigisme in America, or, America, beware thy economists!, or Zen and Clintonomics,” Washington DC, Broad Branch Terrace, mimeo, November 17.


57. “Exchange-rates and manufactured exports of South Asia”, IMF Washington DC mimeo.  Published in part in 2007-2008 as 58-62:

58. “Path of the Indian Rupee 1947-1993”, 2008.

59.  “Path of the Pakistan Rupee 1947-1993”, 2008.

60. “Path of the Sri Lankan Rupee 1948-1993”, 2008.

61. “Path of the Bangladesh Taka 1972-1993”, 2008.

62. “India, Pakistan, Sri Lanka, Bangladesh Manufactured Exports, IMF Washington DC mimeo”, published 2007.

63. “Economic Assessment of US-India Merchandise Trade”, Arlington, Virginia, mimeo, published in slight part in Indo-US Trade & Economic Cooperation, ICRIER New Delhi, 1995, and in whole 2007.

64. “Towards an Economic Solution for Kashmir”, mimeo, Arlington, Virginia, circulated in Washington DC 1993-1995, cf 82, 111 infra. Comment of Selig Harrison.


65. “Comment on Indonesia”, in The Political Economy of Policy Reform edited by John Williamson, Washington, DC: Institute for International Economics.

66a “Gold reserves & the gold price in anticipation of Central Bank behaviour”, Greenwich, Connecticut, mimeo. 67b. “Portfolio optimization and foreign currency exposure hedging” Greenwich, Connecticut mimeo.


68. “On the logic and commonsense of debt and payments crises: How to avoid another Mexico in India and Pakistan”, Scarsdale, NY, mimeo, May 1.

69. “Policies for Young India”, Scarsdale, NY, pp. 350, manuscript.


70. US Supreme Court documents, published in part in 2008 as  “Become a US Supreme Court Justice!” 70a, 70b (Due to be published in full here in 2010 as Roy vs University of Hawaii, 1989- including the expert testimonies of Milton Friedman and Theodore W Schultz.).

71. “Key problems of macroeconomic management facing the new Indian Government”, May 17.  Scarsdale, New York, mimeo.  (Due to be published here 2010).

72. “Preventing a collapse of the rupee”, IIT Kharagpur lecture July 16 1996.

73. “The Economist’s Representation of Technological Knowledge”, Vishleshlaya lecture to the Institution of Engineers, September 15 1996, IIT Kharagpur.


74. “Union and State Budgets in India”, lecture at the World Bank, Washington DC, May 00.

75. “State Budgets in India”, IIT Kharagpur mimeo, June 6.


76. “Transparency and Economic Policy-Making:  An address to the Asia-Pacific Public Relations Conference” (panel on Transparency chaired by CR Irani) Jan 30 1998, published here 2008.

77. Theodore W. Schultz 1902-1998,  Feb 25.

78. “The Economic View of Human Resources”, address to a regional conference on human resources, IIT Kharagpur.

79.  “Management accounting”, lecture at Lal Bahadur Shastri Academy, Mussourie,

80a “The Original Reformer”, Outlook letters, Jan 23 1998

81. “Recent Developments in Modern Finance”, IIM Bangalore Review, 10, 1 & 2, Jan.-Jun 1998. Reprinted as “From the Management Guru’s Classroom”: 81a “An introduction to derivatives”, Business Standard/Financial Times, Bombay 18 Apr 1999; 81b “Options in the future, Apr 25 1999; 81c “What is hedging?”, May 2 1999; 81d “Teaching computers to think”, May 9 1999.

82. “Towards an Economic Solution for Kashmir”, Jun 22 1998, lecture at Heritage Foundation, Washington DC.  Cf 111 Dec 2005.

83. “Sixteen Currencies for India: A Reverse Euro Model for Monetary & Fiscal Efficacy”, Lecture at the Institute of  Economic Affairs, London, June 29 1998.  Due to be published here 2010.

84. “Fable of the Fox, the Farmer, and the Would-Be Tailors”, October  (Published here July 27 2009).

85. “A Common Man’s Guide to Pricing Financial Derivatives”, Lecture to “National Seminar on Derivatives”, Xavier Labour Research Institute, Jamshedpur, Dec. 16 1998.   See 98.


86. “An Analysis of Pakistan’s War-Winning Strategy: Are We Ready for This?”, IIT Kharagpur mimeo, published in part as 86a.“Was a Pakistani Grand Strategy Discerned in Time by India?” New Delhi:  Security & Political Risk Analysis Bulletin, July 1999, Kargil issue.  See also 000

80b. “The Original Reformer”, Outlook letters, Sep 13 1999.


87. “On Freedom & the Scientific Point of View”, SN Bose National Centre for Basic Sciences, Feb 17 2000.  Cf 100 below.

88. “Liberalism and Indian economic policy”, lecture at IIM Calcutta,  Indian Liberal Group Meetings Devlali, Hyderabad; also Keynote address to UGC Seminar Guntur, March 30 2002.  (Due to be published here 2010).

89. “Towards a Highly Transparent Fiscal & Monetary Framework for India’s Union & State Governments”, Invited address to Conference of State Finance Secretaries, Reserve Bank of India, Bombay, April 29, 2000.  Published 2008.

90. “On the Economics of Information Technology”, two lectures at the Indian Institute of Information Technology, Bangalore, Nov 10-11, 2000.

91. Review of A New World by Amit Chaudhuri in Literary Criterion, Mysore.


92. Review of AD Shroff: Titan of Finance and Free Enterprise by Sucheta Dalal, Freedom First., January.

93. “Encounter with Rajiv Gandhi: On the Origins of the 1991 Economic Reform”, Freedom First, October. See also 93a in 2005 and  93b in 2007.

94. “A General Theory of Globalization & Modern Terrorism with Special Reference to September 11”, a keynote address to the Council for Asian Liberals & Democrats, Manila, Philippines, 16 Nov. 2001.  Published as 91a.

95. “The Case for and against The Satanic Verses: Diatribe and Dialectic as Art”, Dec 22 republished in print 95a The Statesman Festival Volume, 2006.


94a “A General Theory of Globalization & Modern Terrorism with Special Reference to September 11”, in September 11 & Political Freedom in Asia, eds. Johannen, Smith & Gomez, Singapore 2002.


96. “Recording vivid dreams: Freud’s advice in exploring the Unconscious Mind” (Due to be published here in 2010).


97. “Key principles of government accounting and audit”, IIT Kharagpur mimeo.

98. “Derivative pricing & other topics in financial theory: a student’s complete lecture notes” (Due to be published here in 2010).


99. “Collapse of the Global Conversation”, International Institute for Asian Studies, Leiden, Netherlands, Jul 2004.

100. “Science, Religion, Art & the Necessity of Freedom”, a public lecture, University of Buckingham, UK, August 24 2004.  Published here 2007.


93a Rajiv Gandhi and the Origins of India’s 1991 Economic Reform (this was the full story; it appeared in print for the first time in The Statesman Festival Volume 2007).

101. “Can India become an economic superpower (or will there be a monetary meltdown)?” Cardiff University Institute of Applied Macroeconomics Monetary Economics Seminar, April 13, Institute of Economic Affairs, London, April 27, Reserve Bank of India, Bombay, Chief Economist’s Seminar on Monetary Economics, May 5.

102. Margaret Thatcher’s Revolution: How it Happened and What it Meant, Edited and with an Introduction by Subroto Roy & John Clarke, London & New York: Continuum, 2005; paperback 2006; French translation by Florian Bay, 2007.

103. “Iqbal & Jinnah vs Rahmat Ali in Pakistan’s Creation”, Dawn, Karachi, Sep 3.

104. “The Mitrokhin Archives II from an Indian Perspective: A Review Article”, The Statesman, Perspective Page, Oct 11 .

105. “After the Verdict”, The Statesman, Editorial Page, Oct 20.

106.   “US Espionage Failures”, The Statesman, Perspective Page, Oct 26

107.  “Waffle But No Models of Monetary Policy”, The Statesman, Perspective Page, Oct 30.

108. “On Hindus and Muslims”, The Statesman, Perspective Page, Nov 6.

109. “Assessing Vajpayee: Hindutva True and False”, The Statesman, Editorial Page, Nov  13-14″.

110. “Fiction from the India Economic Summit”, The Statesman, Front Page, Nov 29.

111. “Solving Kashmir: On an Application of Reason”, The Statesman Editorial Page

I.  “Give the Hurriyat et al Indian Green Cards”, Dec 1

II.  “Choice of Nationality under Full Information”, Dec 2

III.  “Of Flags and Consulates in Gilgit etc”, Dec 3.


112. “The Dream Team: A Critique”, The Statesman Editorial Page

I : New Delhi’s Consensus (Manmohantekidambaromics), Jan 6

II: Money, Convertibility, Inflationary Deficit Financing, Jan 7

III:  Rule of Law, Transparency, Government Accounting, Jan 8.

113. “Unaccountable Delhi: India’s Separation of Powers’ Doctrine”, The Statesman, Jan 13.

114. “Communists and Constitutions”, The Statesman, Editorial Page, Jan 22.

115. “Diplomatic Wisdom”, The Statesman, Editorial Page, Jan 31.

116.  “Mendacity & the Government Budget Constraint”, The Statesman, Front Page  Feb 3.

117. “Of Graven Images”, The Statesman, Editorial Page, Feb5.

118. “Separation of Powers, Parts 1-2”, The Statesman, Editorial Pages Feb 12-13.

119. “Public Debt, Government Fantasy”, The Statesman, Front Page Editorial Comment, Feb 22.

120. “War or Peace Parts 1-2”, The Statesman, Editorial Page, Feb 23-24.

121. “Can You Handle This Brief, Mr Chidambaram?” The Statesman, Front Page  Feb 26.

122. “A Downpayment On the Taj Mahal Anyone?”, The Statesman, Front Page  Comment on the Budget 2006-2007, Mar 1.

123. “Atoms for Peace (or War)”, The Sunday Statesman, Editorial Page Mar 5.

124. “Imperialism Redux: Business, Energy, Weapons & Foreign Policy”, The Statesman, Editorial Page, Mar 14.

125.  “Logic of Democracy”,  The Statesman, Editorial Page, Mar 30.

126. “Towards an Energy Policy”, The Sunday Statesman, Editorial Page, Apr 2.

127. “Iran’s Nationalism”, The Statesman, Editorial Page, Apr 6.

128. “A Modern Military”, The Sunday Statesman, Editorial Page, Apr 16.

129.  “On Money & Banking”, The Sunday Statesman, Editorial Page, Apr 23.

130.  “Lessons for India from Nepal’s Revolution”, The Statesman, Front Page Apr 26.

131. “Revisionist Flattery (Inder Malhotra’s Indira Gandhi: A Review Article)”, The Sunday Statesman, May 7.

132. “Modern World History”, The Sunday Statesman Editorial Page, May 7.

133. “Argumentative Indians: A Conversation with Professor Amartya Sen on Philosophy, Identity and Islam,” The Sunday Statesman,  May 14 2006.  “A Philosophical Conversation between Professor Sen and Dr Roy”,  2008.  Translated into Bengali by AA and published in 00.

134. “The Politics of Dr Singh”, The Sunday Statesman, Editorial Page, May 21.

135. “Corporate Governance & the Principal-Agent Problem”, lecture at a conference on corporate governance, Kolkata May 31.  Published here 2008.

136. “Pakistan’s Allies Parts 1-2”, The Sunday Statesman, Editorial Page, Jun 4-5.

137. “Law, Justice and J&K Parts 1-2”, The Sunday Statesman, Editorial Page, Jul 2, The Statesman Editorial Page Jul 3.

138. “The Greatest Pashtun (Khan Abdul Ghaffar Khan)”, The Sunday Statesman, Editorial Page, Jul 16.

139. “Understanding Pakistan Parts 1-2”, The Sunday Statesman, Editorial Page, Jul 30, The Statesman Editorial Page Jul 31.

140.  “Indian Money and Credit”, The Sunday Statesman, Editorial Page, Aug 6.

141.  “India’s Moon Mission”, The Sunday Statesman, Editorial Page,  Aug 13.

142. “Jaswant’s Journeyings: A Review Article”, The Sunday Statesman Magazine, Aug 27.

143. “Our Energy Interests, Parts 1-2”, The Sunday Statesman, Editorial Page, Aug 27, The Statesman Editorial Page Aug 28.

144. “Is Balochistan Doomed?”, The Sunday Statesman, Editorial Page, Sep 3 2006.

145. “Racism New and Old”, The Statesman, Editorial Page, Sep 8 2006

146. “Political Economy of India’s Energy Policy”, address to KAF-TERI conference, Goa Oct 7, published in 146a.

147. “New Foreign Policy? Seven phases of Indian foreign policy may be identifiable since Nehru”, Parts 1-2, The Sunday Statesman, Oct 8, The Statesman Oct 9.

148. “Justice & Afzal:  There is a difference between law and equity (or natural justice). The power of pardon is an equitable power. Commuting a death-sentence is a partial pardon”, The Sunday Statesman Editorial Page Oct 14

149. “Non-existent liberals (On a Liberal Party for India)”, The Sunday Statesman Editorial Page Oct 22.

150. “History of Jammu & Kashmir Parts 1-2”,  The Sunday Statesman, Oct 29, The Statesman Oct 30, Editorial Page.

151. “American Democracy: Does America need a Prime Minister and a longer-lived Legislature?”, The Sunday Statesman Nov 5.

152. “Milton Friedman A Man of Reason 1912-2006”, The Statesman Perspective Page,  Nov 22.

153. “Postscript to Milton Friedman Mahalanobis’s Plan  (The Mahalanobis-Nehru “Second Plan”) The Statesman Front Page Nov 22.

154.  “Mob Violence and Psychology”, Dec 10,  The Statesman, Editorial Page.

155. “What To Tell Musharraf: Peace Is Impossible Without Non-Aggressive Pakistani Intentions”, The Statesman Editorial Page Dec 15.

156. “Land, Liberty and Value: Government must act in good faith treating all citizens equally – not favouring organised business lobbies and organised labour over an unorganised peasantry”,  The Sunday Statesman Editorial Page Dec 31.


157. “Hypocrisy of the CPI-M: Political Collapse In Bengal: A Mid-Term Election/Referendum Is Necessary”, The Statesman, Editorial Page, Jan 9.

158. “On Land-Grabbing: Dr Singh’s India, Buddhadeb’s Bengal, Modi’s Gujarat have notorious US, Soviet and Chinese examples to follow ~ distracting from the country’s real economic problems,” The Sunday Statesman, Editorial Page Jan 14.

159. “India’s Macroeconomics:  Real growth has steadily occurred because India has shared the world’s technological progress. But bad fiscal, monetary policies over decades have led to monetary weakness and capital flight” The Statesman Editorial Page Jan 20.

160. “Fiscal Instability: Interest payments quickly suck dry every year’s Budget. And rolling over old public debt means that Government Borrowing in fact much exceeds the Fiscal Deficit”, The Sunday Statesman, Editorial Page, Feb 4.

161. “Our trade and payments Parts 1-2”  (“India in World Trade and Payments”),The Sunday Statesman, Feb 11 2007, The Statesman, Feb 12 2007.

162. “Our Policy Process: Self-Styled “Planners” Have Controlled India’s Paper Money For Decades,” The Statesman, Editorial Page, Feb 20.

163. “Bengal’s Finances”, The Sunday Statesman Editorial Page, Feb 25.

164. “Fallacious Finance: Congress, BJP, CPI-M may be leading India to Hyperinflation” The Statesman Editorial Page Mar 5.

165. “Uttar Pradesh Polity and Finance: A Responsible New Govt May Want To Declare A Financial Emergency” The Statesman Editorial Page, Mar 24

166. “A scam in the making” in The Sunday Statesman Front Page Apr 1 2007, published here in full as “Swindling India”.

167. “Maharashtra’s Money: Those Who Are Part Of The Problem Are Unlikely To Be A Part Of Its Solution”, The Statesman Editorial Page Apr 24.

146a. “Political Economy of Energy Policy” in India and Energy Security edited by Anant Sudarshan and Ligia Noronha, Konrad Adenauer Stiftung, New Delhi 2007.

168.  “Presidential Qualities: Simplicity, Genuine Achievement Are Desirable; Political Ambition Is Not”, The Statesman, Editorial Page, May 8.

169. “We & Our Neighbours: Pakistanis And Bangladeshis Would Do Well To Learn From Sheikh Abdullah”, The Statesman, Editorial Page May 15.

170. “On Indian Nationhood: From Tamils To Kashmiris And Assamese And Mizos To Sikhs And Goans”, The Statesman, Editorial Page, May 25.

171. A Current Example of the Working of the Unconscious Mind, May 26.

172. Where I would have gone if I was Osama Bin Laden, May 31.

173. “US election ’08:America’s Presidential Campaign Seems Destined To Be Focussed On Iraq”,  The Statesman, Editorial Page, June 1.

174. “Home Team Advantage: On US-Iran talks and Sunni-Shia subtleties: Tehran must transcend its revolution and endorse the principle that the House of Islam has many mansions”,  The Sunday Statesman Editorial Page, June 3

175. “Unhealthy Delhi: When will normal political philosophy replace personality cults?”,  The Statesman, Editorial Page, June 11.

176. “American Turmoil: A Vice-Presidential Coup – And Now a Grassroots Counterrevolution?”,  The Statesman, Editorial Page, June 18

177.  “Political Paralysis: India has yet to develop normal conservative, liberal and socialist parties. The Nice-Housing-Effect and a little game-theory may explain the current stagnation”,  The Sunday Statesman, Editorial Page, June 24.

177. “Has America Lost? War Doctrines Of Kutusov vs Clausewitz May Help Explain Iraq War”,  The Statesman, Editorial Page, July 3.

178. “Lal Masjid ≠ Golden Temple: Wide differences are revealed between contemporary Pakistan and India by these two superficially similar military assaults on armed religious civilians”, The Sunday Statesman, Editorial Page July 15

179 “Political Stonewalling: Only Transparency Can Improve Institutions”, The Statesman, Editorial Page July 20.

180. “Gold standard etc: Fixed versus flexible exchange rates”, July 21.

181. “US Pakistan-India Policy: Delhi & Islamabad Still Look West In Defining Their Relationship”, The Statesman, Editorial Page, July 27.

182. “Works of DH Lawrence” July 30

183. “An Open Letter to Professor Amartya Sen about Singur etc”, The Statesman, Editorial Page,  July 31.

184.  “Martin Buber on Palestine and Israel (with Postscript)”, Aug 4.

185. “Auguste Rodin on Nature, Art, Beauty, Women and Love”,  Aug 7.

186. “Saving Pakistan: A Physicist/Political Philosopher May Represent Iqbal’s “Spirit of Modern Times”, The Statesman, Editorial Page, Aug 13.

187. Letter to Forbes.com  16 Aug.

188. “Need for Clarity: A poorly drafted treaty driven by business motives is a recipe for international misunderstanding”, The Sunday Statesman, Editorial Page, Aug 19.

189. “No Marxist MBAs? An amicus curiae brief for the Hon’ble High Court”,  The Statesman, FrontPage, Aug 29.

190. On Lawrence, Sep 4.

191. Dalai Lama’s Return: In the tradition of Gandhi, King, Mandela, Sep 11.

192. Of JC Bose, Patrick Geddes & the Leaf-World, Sep 12.

193. “Against Quackery: Manmohan and Sonia have violated Rajiv Gandhi’s intended reforms; the Communists have been appeased or bought; the BJP is incompetent  Parts 1-2”, in The Sunday Statesman and The Statesman, Editorial Pages of Sep 23-24.

194. Karl Georg Zinn’s 1994 Review of Philosophy of Economics, Sep 26.

195. DH Lawrence’s Phoenix, Oct 3.

93b. “Rajiv Gandhi and the Origins of India’s 1991 Economic Reform”, Statesman Festival Volume.

196. “Iran, America, Iraq: Bush’s post-Saddam Saddamism — one flip-flop too many?”, The Statesman, Editorial Page, Oct 16.

197. “Understanding China: The World Needs to Ask China to Find Her True Higher Self”,  The Statesman, Editorial Page, Oct 22.

198. “India-USA interests: Elements of a serious Indian foreign policy”,  The Statesman, Editorial Page, Oct 30.

199. “China’s India Aggression : German Historians Discover Logic Behind Communist Military Strategy”,  The Statesman, Editorial Page Special Article, Nov 5.

200. Sonia’s Lying Courtier (with Postscript), Nov 25.

201. “Surrender or Fight? War is not a cricket match or Bollywood movie. Can India fight China if it must?” The Statesman, Dec 4, Editorial Page.

202. Hutton and Desai: United in Error Dec 14

203. “China’s Commonwealth: Freedom is the Road to Resolving Taiwan, Tibet, Sinkiang”,  The Statesman, Dec 17.


204. “Nixon & Mao vs India: How American foreign policy did a U-turn about Communist China’s India aggression. The Government of India should publish its official history of the 1962 war.”  The Sunday Statesman, Jan 6, The Statesman Jan 7  Editorial Page.

205. “Lessons from the 1962 War:  Beginnings of a solution to the long-standing border problem: there are distinct Tibetan, Chinese and Indian points of view that need to be mutually comprehended”, The Sunday Statesman, January 13 2008.

206. “Our Dismal Politics: Will Independent India Survive Until 2047?”, The Statesman Editorial Page, Feb 1.

207. Median Voter Model of India’s Electorate Feb 7.

208. “Anarchy in Bengal: Intra-Left bandh marks the final unravelling of “Brand Buddha””, The Sunday Statesman, Editorial Page, Feb 10.

209. Fifty years since my third birthday: on life and death.

210. “Pakistan’s Kashmir obsession: Sheikh Abdullah Relied In Politics On The French Constitution, Not Islam”, The Statesman, Editorial Page, Feb 16.

211.  A Note on the Indian Policy Process  Feb 21.

212. “Growth & Government Delusion: Progress Comes From Learning, Enterprise, Exchange, Not The Parasitic State”, The Statesman, Editorial Page, Feb 22.

213.  “How to Budget: Thrift, Not Theft, Needs to Guide Our Public Finances”, The Statesman, Editorial Page, Feb 26.

214. “India’s Budget Process (in Theory)”, The Statesman, Front Page Feb 29.

215.  “Irresponsible Governance: Congress, BJP, Communists, BSP, Sena Etc Reveal Equally Bad Traits”, The Statesman, Editorial Page, March 4.

216. “American Politics: Contest Between Obama And Clinton Affects The World”, The Statesman, Editorial Page, March 11.

217. “China’s India Example: Tibet, Xinjiang May Not Be Assimilated Like Inner Mongolia And Manchuria”, The Statesman, Editorial Page, March 25.

218. “Taxation of India’s Professional Cricket: A Proposal”, The Statesman, Editorial Page, April 1.

219. “Two cheers for Pakistan!”,  The Statesman, Editorial Page, April 7.

220. “Indian Inflation: Upside Down Economics From The New Delhi Establishment Parts 1-2”, The Statesman, Editorial Page, April 15-16.

221. “Assessing Manmohan: The Doctor of Deficit Finance should realise the currency is at stake”, The Statesman, Editorial Page Apr 25.

222. John Wisdom, Renford Bambrough: Main Philosophical Works, May 8.

223.  “All India wept”: On the death of Rajiv Gandhi,  May 21.

224. “China’s force and diplomacy: The need for realism in India” The Statesman, Editorial Page May 31.

226. Serendipity and the China-Tibet-India border problem  June 6

227. “Leadership vacuum: Time & Tide Wait For No One In Politics: India Trails Pakistan & Nepal!”, The Statesman Editorial Page June 7.

228. My meeting Jawaharlal Nehru Oct13 1962

229.  Manindranath Roy 1891-1958

230. Surendranath Roy 1860-1929

231.  The Roys of Behala 1928.

232. Sarat Chandra visits Surendranath Roy 1927

233. Nuksaan-Faida Analysis = Cost-Benefit Analysis in Hindi/Urdu Jun 30

234.  One of many reasons John R Hicks was a great economist July 3

236.  My father, Indian diplomat, in the Shah’s Tehran 1954-57  July 8

237 Distribution of Govt of India Expenditure (Net of Operational Income) 1995 July 27

238. Growth of Real Income, Money & Prices in India 1869-2008, July 28.

239. Communism from Social Democracy? But not in India or China!  July 29

240. Death of Solzhenitsyn, Aug. 3

240a. Tolstoy on Science and Art, Aug 4.

241. “Reddy`s reckoning: Where should India’s real interest rate be relative to the world?” Business Standard Aug 10

242. “Rangarajan Effect”, Business Standard Aug 24

243. My grandfather’s death in Ottawa 50 years ago today  Sep 3

244. My books in the Library of Congress and British Library Sep 12

245. On Jimmy Carter & the “India-US Nuclear Deal”, Sep 12

246. My father after presenting his credentials to President Kekkonen of Finland Sep 14 1973.

247. “October 1929?  Not!”, Business Standard, Sep 18.

248. “MK Gandhi, SN Roy, MA Jinnah in March 1919: Primary education legislation in a time of protest”

249. 122 sensible American economists Sept 26

250. Govt of India: Please call in the BBC and ask them a question Sep 27

251. “Monetary Integrity and the Rupee:  Three British Raj relics have dominated our macroeconomic policy-making” Business Standard Sep 28.

252a.  Rabindranath’s daughter writes to her friend my grandmother Oct 5

252b.  A Literary Find: Modern Poetry in Bengal, Oct 6.

253. Sarat writes to Manindranath 1931,  Oct 12

254. Origins of India’s Constitutional Politics 1913

255. Indira Gandhi in Paris, 1971

256. How the Liabilities/Assets Ratio of Indian Banks Changed from 84% in 1970 to 108% in 1998, October 20

257a. My Subjective Probabilities on India’s Moon Mission Oct 21

258. Complete History of Mankind’s Moon Missions: An Indian Citizen’s Letter to ISRO’s Chairman, Oct 22.

259. Would not a few million new immigrants solve America’s mortgage crisis? Oct 26

260. “America’s divided economists”, Business Standard Oct 26

261. One tiny prediction about the Obama Administration, Nov 5

262. Rai Bahadur Umbika Churn Rai, 1827-1902,  Nov 7 2008

263. Jawaharlal Nehru invites my father to the Mountbatten Farewell  Nov 7 2008

70a. “Become a US Supreme Court Justice! (Explorations in the Rule of Law in America) Preface” Nov 9

70b. “Become a US Supreme Court Justice! (Explorations in the Rule of Law in America) Password protected.” Nov 9.

257b. Neglecting technological progress was the basis of my pessimism about Chandrayaan,  Nov 9.

264. Of a new New Delhi myth and the success of the University of Hawaii 1986-1992 Pakistan project Nov 15

265. Pre-Partition Indian Secularism Case-Study: Fuzlul Huq and Manindranath Roy Nov 16

266. Do President-elect Obama’s Pakistan specialists suppose Maulana Azad, Dr Zakir Hussain, Sheikh Abdullah were Pakistanis (or that Sheikh Mujib wanted to remain one)?  Nov 18

267. Jews have never been killed in India for being Jews until this sad day, Nov 28.

268. In international law, Pakistan has been the perpetrator, India the victim of aggression in Mumbai,  Nov 30.

269. The Indian Revolution, Dec 1.

270. Habeas Corpus: a captured terrorist mass-murderer tells a magistrate he has not been mistreated by Mumbai’s police Dec 3

271. India’s Muslim Voices (Or, Let us be clear the Pakistan-India or Kashmir conflicts have not been Muslim-Hindu conflicts so much as intra-Muslim conflicts about Muslim identity and self-knowledge on the Indian subcontinent), Dec 4

272. “Anger Management” needed? An Oxford DPhil recommends Pakistan launch a nuclear first strike against India within minutes of war, Dec 5.

273. A Quick Comparison Between the September 11 2001 NYC-Washington attacks and the November 26-28 2008 Mumbai Massacres (An Application of the Case-by-Case Philosophical Technique of Wittgenstein, Wisdom and Bambrough), Dec 6

274. Dr Rice finally gets it right (and maybe Mrs Clinton will too) Dec 7

275. Will the Government of India’s new macroeconomic policy dampen or worsen the business-cycle (if such a cycle exists at all)? No one knows! “Where ignorance is bliss, ‘Tis folly to be wise.”  Dec 7

276. Pump-priming for car-dealers: Keynes groans in his grave (If evidence was needed of the intellectual dishonesty of New Delhi’s new macroeconomic policy, here it is) Dec 9.

277. Congratulations to Mumbai’s Police: capturing a terrorist, affording him his Habeas Corpus rights, getting him to confess within the Rule of Law, sets a new world standard  Dec 10

278. Two cheers — wait, let’s make that one cheer — for America’s Justice Department, Dec 10

279. Will Pakistan accept the bodies of nine dead terrorists who came from Pakistan to Mumbai? If so, let there be a hand-over at the Wagah border, Dec 11.

280. Kasab was a stupid, ignorant, misguided youth, manufactured by Pakistan’s terrorist masterminds into becoming a mass-murdering robot: Mahatma Gandhi’s India should punish him, get him to repent if he wishes, then perhaps rehabilitate him as a potent weapon against Pakistani terrorism Dec 12.

281. Pakistan’s New Delhi Embassy should ask for “Consular Access” to nine dead terrorists in a Mumbai morgue before asking to meet Kasab, Dec 13

282. An Indian Reply to President Zardari: Rewarding Pakistan for bad behaviour leads to schizophrenic relationships Dec 19

283. Is my prediction about Caroline Kennedy becoming US Ambassador to Britain going to be correct?  Dec 27

284. Chandrayaan adds a little good cheer! Well done, ISRO!, Dec 28

285. How sad that “Slumdog millionaire” is SO disappointing! Dec 31

289. (with Claude Arpi) “Transparency & history: India’s archives must be opened to world standards” Business Standard New Delhi Dec 31, 2008, published here Jan 1 .


290. A basis of India-Pakistan cooperation on the Mumbai massacres: the ten Pakistani terrorists started off as pirates and the Al-Huseini is a pirate ship Jan 1.

291. India’s “pork-barrel politics” needs a nice (vegetarian) Hindi name! “Teli/oily politics” perhaps? (And are we next going to see a Bill of Rights for Lobbyists?) Jan 3

292. My (armchair) experience of the 1999 Kargil war (Or, “Actionable Intelligence” in the Internet age: How the Kargil effort got a little help from a desktop)  Jan 5

293. How Jammu & Kashmir’s Chief Minister Omar Abdullah can become a worthy winner of the Nobel Peace Prize: An Open Letter,  Jan 7

294. Could the Satyam/PwC fraud be the visible part of an iceberg? Where are India’s “Generally Accepted Accounting Principles”? Isn’t governance rather poor all over corporate India? Bad public finance may be a root cause Jan 8

295. Satyam does not exist: it is bankrupt, broke, kaput. Which part of this does the new “management team” not get? The assets belong to Satyam’s creditors. Jan 8

296. Jews are massacred in Mumbai and now Jews commit a massacre in Gaza!  Jan 9

297. And now for the Great Satyam Whitewash/Cover-Up/Public Subsidy! The wrong Minister appoints the wrong new Board who, probably, will choose the wrong policy Jan 12

298. Letter to Wei Jingsheng  Jan 14

299. Memo to the Hon’ble Attorneys General of Pakistan & India: How to jointly prosecute the Mumbai massacre perpetrators most expeditiously Jan 16

300. Satyam and IT-firms in general may be good candidates to become “Labour-Managed” firms Jan 18

301. “Yes we might be able to do that. Perhaps we ought to. But again, perhaps we ought not to, let me think about it…. Most important is Cromwell’s advice: Think it possible we may be mistaken!” Jan 20.

302. RAND’s study of the Mumbai attacks Jan 25

303. Didn’t Dr Obama (the new American President’s late father) once publish an article in Harvard’s Quarterly Journal of Economics? (Or did he?) Jan 25.

304. “A Dialogue in Macroeconomics” 1989 etc: sundry thoughts on US economic policy discourse Jan 30

305. American Voices: A Brief Popular History of the United States in 20 You-Tube Music Videos Feb 5

306. Jaladhar Sen writes to Manindranath at Surendranath’s death, Feb 23

307. Pakistani expansionism: India and the world need to beware of “Non-Resident Pakistanis” ruled by Rahmat Ali’s ghost, Feb 9

308. My American years Part One 1980-90: battles for academic integrity & freedom Feb 11.

309. Thanks and well done Minister Rehman Malik and the Govt of Pakistan Feb 12

310. Can President Obama resist the financial zombies (let alone slay them)? His economists need to consult Dr Anna J Schwartz Feb 14

311. A Brief History of Gilgit, Feb 18

312. Memo to UCLA Geographers: Commonsense suggests Mr Bin Laden is far away from the subcontinent Feb 20

313. The BBC gets its history and geography deliberately wrong again Feb 21

314. Bengal Legislative Council 1921, Feb 28

315. Carmichael visits Surendranath, 1916, Mar 1

316. Memo to GoI CLB: India discovered the Zero, and 51% of Zero is still Zero Mar 10

317. An Academic Database of Doctoral & Other Postgraduate Research Done at UK Universities on India, Pakistan, Sri Lanka, Bangladesh and Other Asian Countries Over 100 Years, Mar 13

318. Pakistan’s progress, Mar 18

319. Risk-aversion explains resistance to free trade, Mar 19

320. India’s incredibly volatile inflation rate!  Mar 20

321. Is “Vicky, Cristina, Barcelona” referring to an emasculation of (elite) American society?,  Mar 21

322. Just how much intellectual fraud can Delhi produce? Mar 26

323. India is not a monarchy! We urgently need to universalize the French concept of “citoyen”!  Mar 28

324. Could this be the real state of some of our higher education institutions? Mar 29

325. Progress! The BBC retracts its prevarication! Mar 30

326. Aldous Huxley’s Essay “DH Lawrence” Mar 31

327. Waffle not institutional reform is what (I predict) the “G-20 summit” will produce, April 1

328. Did a full cricket team of Indian bureaucrats follow our PM into 10 Downing Street? Count for yourself! April 3

329. Will someone please teach the BJP’s gerontocracy some Economics 101 on an emergency basis?  April 5

330. The BBC needs to determine exactly where it thinks Pakistan is!, April 5

331. Alfred Lyall on Christians, Muslims, India, China, Etc, 1908, April 6

332. An eminent economist of India passes away April 9

333. Democracy Database for the Largest Electorate Ever Seen in World History, April 12

334. Memo to the Election Commission of India April 14 2009, 9 AM, April 14

335. Caveat emptor! Satyam is taken over, April 14

336. India’s 2009 General Elections: Candidates, Parties, Symbols for Polls on 16-30 April Phases 1,2,3, April 15

337. On the general theory of expertise in democracy: reflections on what emerges from the American “torture memos” today, April 18

338. India’s 2009 General Elections: 467 constituencies (out of 543) for which candidates have been announced as of 1700hrs April 21, April 21

339. Apropos Philosophy of Economics, Comments of Sidney Hook, KJ Arrow, Milton Friedman, TW Schultz, SS Alexander, Max Black, Renford Bambrough, John Gray et al., April 22.

340. India’s 2009 General Elections: Names of all 543 Constituencies of the 15th Lok Sabha, April 22.

341. India’s 2009 General Elections: How 4125 State Assembly Constituencies comprise the 543 new Lok Sabha Constituencies, April 23.

342. Why has America’s “torture debate” yet to mention the obvious? Viz., sadism and racism, April 24

343. India’s 2009 General Elections: the advice of the late “George Eliot” (Mary Ann Evans, 1819-1880) to India’s voting public, April 24.

344. India’s 2009 General Elections: Delimitation and the Different Lists of 543 Lok Sabha Constituencies in 2009 and 2004, April 25

345. Is “Slumdog Millionaire” the single worst Best Picture ever?

346. India’s 2009 General Elections: Result of Delimitation — Old (2004) and New (2009) Lok Sabha and Assembly Constituencies, April 26

347. India’s 2009 General Elections: 7019 Candidates in 485 (out of 543) Constituencies announced as of April 26 noon April 26

348. What is Christine Fair referring to? Would the MEA kindly seek to address what she has claimed asap? April 27

349. Politics can be so entertaining 🙂 Manmohan versus Sonia on the poor old CPI(M)!, April 28

350. A Dozen Grown-Up Questions for Sonia Gandhi, Manmohan Singh, LK Advani, Sharad Pawar, Km Mayawati and Anyone Else Dreaming of Becoming/Deciding India’s PM After the 2009 General Elections, April 28

351. India’s 2009 General Elections: How drastically will the vote-share of political parties change from 2004? May 2

352. India’s 2009 General Elections: And now finally, all 8,070 Candidates across all 543 Lok Sabha Constituencies, May 5

353. India’s 2009 General Elections: The Mapping of Votes into Assembly Segments Won into Parliamentary Seats Won in the 2004 Election, May 7

354. Will Messrs Advani, Rajnath Singh & Modi ride into the sunset if the BJP comes to be trounced? (Corrected), May 10

355. India’s 2009 General Elections: 543 Matrices to Help Ordinary Citizens Audit the Election Commission’s Vote-Tallies  May 12

356. Well done Sonia-Rahul! Two hours before polls close today, I am willing to predict a big victory for you (but, please, try to get your economics right, and also, you must get Dr Singh a Lok Sabha seat if he is to be PM) May 13

357. Buddhadeb Bhattacharjee must dissolve the West Bengal Assembly if he is an honest democrat: Please try to follow Gerard Schröder’s example even slightly! May 16

358. India’s 2009 General Elections: Provisional Results from the EC as of 1400 hours Indian Standard Time May 16

359. Memo to the Hon’ble President of India: It is Sonia Gandhi, not Manmohan Singh, who should be invited to our equivalent of the “Kissing Hands” Ceremony May 16

360. Time for heads to roll in the BJP/RSS and CPI(M)!, May 17.

361. Inviting a new Prime Minister of India to form a Government: Procedure Right and Wrong  May 18

362. Starting with Procedural Error: Why has the “Cabinet” of the 14th Lok Sabha been meeting today AFTER the results of the Elections to the 15th Lok Sabha have been declared?!  May 18

363. Why has the Sonia Congress done something that the Congress under Nehru-Indira-Rajiv would not have done, namely, exaggerate the power of the Rajya Sabha and diminish the power of the Lok Sabha? May 21

364. Shouldn’t Dr Singh’s Cabinet begin with a small apology to the President of India for discourtesy? May we have reviews and reforms of protocols and practices to be followed at Rashtrapati Bhavan and elsewhere?  May 23

365. Parliament’s sovereignty has been diminished by the Executive: A record for future generations to know May 25

366. How tightly will organised Big Business be able to control economic policies this time? May 26

367. Why does India not have a Parliament ten days after the 15th Lok Sabha was elected? Nehru and Rajiv would both have been appalled May 27

368. Eleven days and counting after the 15th Lok Sabha was elected and still no Parliament of India! (But we do have 79 Ministers — might that be a world record?) May 28

369. Note to Posterity: 79 Ministers in office but no 15th Lok Sabha until June 1 2009! May 29

370. Silver Jubilee of Pricing, Planning & Politics: A Study of Economic Distortions in India May 29

371. How to Design a Better Cabinet for the Government of India May 29

372. Parliament is supposed to control the Government, not be bullied or intimidated by it: Will Rahul Gandhi be able to lead the Backbenches in the 15th Lok Sabha? June 1

373. Mistaken Macroeconomics: An Open Letter to Prime Minister Dr Manmohan Singh, June 12

374. Why did Manmohan Singh and LK Advani apologise to one another? Is Indian politics essentially collusive, not competitive, aiming only to preserve and promote the post-1947 Dilli Raj at the expense of the whole of India? We seem to have no Churchillian repartee (except perhaps from Bihar occasionally) June 18

375. Are Iran’s Revolutionaries now Reactionaries? George Orwell would have understood. A fresh poll may be the only answer Are Iran’s Revolutionaries now Reactionaries? George Orwell would have understood. A fresh poll may be the only answer  June 22

376. My March 25 1991 memo to Rajiv (which never reached him) is something the present Government seems to have followed: all for the best of course! July 12

377. Disquietude about France’s behaviour towards India on July 14 2009 July 14

378. Does the Govt. of India assume “foreign investors and analysts” are a key constituency for Indian economic policy-making? If so, why so? Have Govt. economists “learnt nothing, forgotten everything”? Some Bastille Day thoughts July 14

379. Letter to the GoI’s seniormost technical economist, May 21.July 19

380. Excuse me but young Kasab in fact confessed many months ago, immediately after he was captured – he deserves 20 or 30 years in an Indian prison, and a chance to become a model prisoner who will stand against the very terrorists who sent him on his vile mission  July 20

381. Finally, three months late, the GoI responds to American and Pakistani allegations about Balochistan July 24

382.  Thoughts, words, deeds: My work 1973-2010

M1. Map of Asia c. 1900

M2. Map of Chinese Empire c. 1900

M3. Map of Sinkiang, Tibet and Neighbours 1944

M4. China’s Secretly Built 1957 Road Through India’s Aksai Chin

M5. Map of Kashmir to Sinkiang 1944

M6. Map of India-Tibet-China-Mongolia 1959

M7. Map of India, Afghanistan, Russia, China, 1897

M8. Map of Xinjiang/Sinkiang/E Turkestan

M9. Map of Bombay/Mumbai 1909

M10-M13. Himalayan Expedition, West Sikkim 1970 – 1,2,3,4

My American years Part One 1980-90: battles for academic integrity & freedom

On the Blacksburg campus February 1982, my second year in America.

I had come to Blacksburg in August 1980 thanks to a letter Professor Frank Hahn had written on my behalf to Professor James M Buchanan in January 1980.

I was in an “All But Dissertation” stage at Cambridge when I got to Blacksburg; I completed the thesis while teaching in Blacksburg, sent it from there in September 1981, and went back to Cambridge for the viva voce examination in January 1982.

Professor Buchanan and his colleagues were welcoming and I came to learn much from them about the realities of public finance and democratic politics, which I very soon applied to my work on India.

Jim Buchanan had a reputation for running very tough conferences of scholars. He invited me to one such in the Spring of 1981. We were made to work very hard indeed. One of the books prescribed is still with me, In Search of a Monetary Constitution, ed. Leland Yeager, Harvard 1962, and something I still recommend to anyone wishing to understand the classical liberal position on monetary policy. The week-long 1981 conference had one rest-day; it was spent in part at an excellent theatre in a small rural town outside Blacksburg. This photo is of Jim Buchanan on the left and Gordon Tullock on the right; in between them is Ken Minogue of the London School of Economics — who, as it happened, had been Tutor for Admissions when I became a freshman there seven years earlier.

(I must have learnt something from Jim Buchanan about running conferences because nine years later in May-June 1989 at the University of Hawaii, I made the participants of the India-perestroika and Pakistan-perestroika conferences work very hard too.)

My first rooms in America in 1980 were in the attic of 703 Gracelyn Court, where I paid $160 or $170 per month to my marvellous landlady Betty Tillman. There were many family occasions I enjoyed with her family downstairs, and her cakes, bakes and puddings all remain with me today.

A borrowed electric typewriter may be seen in the photo: the age of the personal computer was still a few years away. The Department had a stand-alone “AB-Dic” word-processor which we considered a marvel of technology; the Internet did not exist but there was some kind of Intranet between geeks in computer science and engineering departments at different universities.

It was at Gracelyn Court that this letter reached me addressed by FA Hayek himself.

Professor Buchanan had moved to Blacksburg from Charlottesville some years earlier with the Centre for Study of Public Choice that he had founded. The Centre came to be housed at the President’s House of Virginia Tech (presumably the University President himself had another residence).

I was initially a Visiting Research Associate at the Centre and at the same time a Visiting Assistant Professor in the Economics Department. I was very kindly given a magnificent office at the Centre, on the upper floor, perhaps the one on the upper right hand side in the picture. It was undoubtedly the finest room I have ever had as an office. I may have had it for a whole year, either 1980-81 or 1981-82. When Professor Buchanan and the Centre left for George Mason University in 1983, the mansion returned to being the University President’s House and my old office presumably became a fine bedroom again.

I spent the summer of 1983 at a long libertarian conference in the Palo Alto/Menlo Park area in California. This is a photo from a barbecue during the conference with Professor Jean Baechler from France on the left; Leonard Liggio, who (along with Walter Grinder) had organised the conference, is at the right.

The first draft of the book that became Philosophy of Economics was written (in long hand) during that summer of 1983 in Palo Alto/Menlo Park. The initial title was “Principia Economica”, and the initial contracted publisher, the University of Chicago Press, had that title on the contract.

My principal supporter at the University of Chicago was that great American Theodore W. Schultz, then aged 81,

to whom the Press had initially sent the manuscript for review and who had recommended its prompt publication. Professor Schultz later told me to my face better what my book was about than I had realised myself, namely, it was about economics as knowledge, the epistemology of economics.

My parents came from India to visit me in California, and here we are at Yosemite.


Also to visit were Mr and Mrs Willis C Armstrong, our family friends who had known me from infancy. This is a photo of Bill and my mother on the left, and Louise and myself on the right, taken perhaps by my father. In the third week of January 1991, during the first Gulf War, Bill and I (acting on behalf of Rajiv Gandhi) came to form an extremely tenuous bridge between the US Administration and Saddam Hussain for about 24 hours, in an attempt to get a withdrawal of Iraq from Kuwait without further loss of life. In December 1991 I gave the widow of Rajiv Gandhi a small tape containing my long-distance phone conversations from America with Rajiv during that episode.

I had driven with my sheltie puppy from Blacksburg to Palo Alto  — through Tennessee, Arkansas, Oklahoma, Texas, New Mexico and Arizona; my parents and I now drove with him back to Blacksburg from California, through Nevada, Arizona, Colorado, Kansas, Missouri, Illinois, Indiana, Kentucky, West Virginia.  It may be a necessary though not sufficient condition to drive across America (or any other country) in order to understand it.

After a few days, we drove to New York via Pennsylvania where I became Visiting Assistant Professor in the Cornell Economics Department (on leave from being Assistant Professor at Virginia Tech). The few months at Cornell were noteworthy for the many long sessions I spent with Max Black. I shall add more about that here in due course. My parents returned to India (via Greece where my sister was) in the Autumn of 1983.

In May 1984, Indira Gandhi ruled in Delhi, and the ghost of Brezhnev was still fresh in Moscow. The era of Margaret Thatcher in Britain and Ronald Reagan in America was at its height. Pricing, Planning & Politics: A Study of Economic Distortions in India emerging from my doctoral thesis though written in Blacksburg and Ithaca in 1982-1983, came to be published by London’s Institute of Economic Affairs on May 29 as Occasional Paper No. 69, ISBN: 0-255 36169-6; its text is reproduced elsewhere here.


It was the first critique after BR Shenoy of India’s Sovietesque economics since Jawaharlal Nehru’s time. The Times, London’s most eminent paper at the time, wrote its lead editorial comment about it on the day it was published, May 29 1984.


It used to take several days for the library at Virginia Tech in Blacksburg to receive its copy of The Times of London and other British newspapers. I had not been told of the date of publication and did not know of what had happened in London on May 29 until perhaps June 2 — when a friend, Vasant Dave of a children’s charity, who was on campus, phoned me and congratulated me for being featured in The Times which he had just read in the University Library. “You mean they’ve reviewed it?” I asked him, “No, it’s the lead editorial.” “What?” I exclaimed. There was worse. Vasant was very soft-spoken and said “Yes, it’s titled ‘India’s Bad Example’” — which I misheard on the phone as “India’s Mad Example” 😀 Drat! I thought (or words to that effect), they must have lambasted me, as I rushed down to the Library to take a look.

The Times had said

“When Mr. Dennis Healey in the Commons recently stated that Hongkong, with one per cent of the population of India has twice India’s trade, he was making an important point about Hongkong but an equally important point about India. If Hongkong with one per cent of its population and less than 0.03 per cert of India’s land area (without even water as a natural resource) can so outpace India, there must be something terribly wrong with the way Indian governments have managed their affairs, and there is. A paper by an Indian economist published today (Pricing, Planning and Politics: A Study of Economic Distortions in India by Subroto Roy, IEA £1.80) shows how Asia’s largest democracy is gradually being stifled by the imposition of economic policies whose woeful effect and rhetorical unreality find their echo all over the Third World. As with many of Britain’s former imperial possessions, the rot set in long before independence. But as with most of the other former dependencies, the instrument of economic regulation and bureaucratic control set up by the British has been used decisively and expansively to consolidate a statist regime which inhibits free enterprise, minimizes economic success and consolidates the power of government in all spheres of the economy. We hear little of this side of things when India rattles the borrowing bowl or denigrates her creditors for want of further munificence. How could Indian officials explain their poor performance relative to Hongkong? Dr Roy has the answers for them. He lists the causes as a large and heavily subsidized public sector, labyrinthine control over private enterprise, forcibly depressed agricultural prices, massive import substitution, government monopoly of foreign exchange transactions, artificially overvalued currency and the extensive politicization of the labour market, not to mention the corruption which is an inevitable side effect of an economy which depends on the arbitrament of bureaucrats. The first Indian government under Nehru took its cue from Nehru’s admiration of the Soviet economy, which led him to believe that the only policy for India was socialism in which there would be “no private property except in a restricted sense and the replacement of the private profit system by a higher ideal of cooperative service.” Consequently, the Indian government has now either a full monopoly or is one of a few oligipolists in banking, insurance, railways, airlines, cement, steel, chemicals, fertilizers, ship-building, breweries, telephones and wrist-watches. No businessman can expand his operation while there is any surplus capacity anywhere in that sector. He needs government approval to modernize, alter his price-structure, or change his labour shift. It is not surprising that a recent study of those developing countries which account for most manufactured exports from the Third World shows that India’s share fell from 65 percent in 1953 to 10 per cent in 1973; nor, with the numerous restrictions on inter-state movement of grains, that India has over the years suffered more from an inability to cope with famine than during the Raj when famine drill was centrally organized and skillfully executed without restriction. Nehru’s attraction for the Soviet model has been inherited by his daughter, Mrs. Gandhi. Her policies have clearly positioned India more towards the Soviet Union than the West. The consequences of this, as Dr Roy states, is that a bias can be seen in “the antipathy and pessimism towards market institutions found among the urban public, and sympathy and optimism to be found for collectivist or statist ones.” All that India has to show for it is the delivery of thousands of tanks in exchange for bartered goods, and the erection of steel mills and other heavy industry which help to perpetuate the unfortunate obsession with industrial performance at the expense of agricultural growth and the relief of rural poverty.”…..

I felt this may have been intended to be laudatory but it was also inaccurate and had to be corrected. I replied dated June 4 which The Times published in their edition of June 16 1984:


I was 29 when Pricing, Planning and Politics was published, I am 54 now. I do not agree with everything I said in it and find the tone a little puffed up as young men tend to be; it was also five years before my main “theoretical” work Philosophy of Economics would be published. My experience of life in the years since has also made me far less sanguine both about human nature and about America than I was then. But I am glad to find I am not embarrassed by what I said then, indeed I am pleased I said what I did in favour of classical liberalism and against statism and totalitarianism well before it became popular to do so after the Berlin Wall fell. (In India as elsewhere, former communist apparatchiks and fellow-travellers became pseudo-liberals overnight.)

The editorial itself may have been due to a conversation between Peter Bauer and William Rees-Mogg, so I later heard. The work sold 700 copies in its first month, a record for the publisher. The wife of one prominent Indian bureaucrat told me in Delhi in December 1988 it had affected her husband’s thinking drastically. A senior public finance economist told me he had been deputed at the Finance Ministry when the editorial appeared, and the Indian High Commission in London had urgently sent a copy of the editorial to the Ministry where it caused a stir. An IMF official told me years later that he saw the editorial on board a flight to India from the USA on the same day, and stopped in London to make a trip to the LSE’s bookshop to purchase a copy. Professor Jagdish Bhagwati of Columbia University had been a critic of aspects of Indian policy; he received a copy of the monograph in draft just before it was published and was kind enough to write I had “done an excellent job of setting out the problems afflicting our economic policies, unfortunately government-made problems!”  My great professor at Cambridge, Frank Hahn, would be kind enough to say that he thought my “critique of Development Economics was powerful not only on methodological but also on economic theory grounds” — something that has been a source of delight to me.

Siddhartha Shankar Ray told me when we first met that he had been in London when the editorial appeared and had seen it there; it affected his decision to introduce me to Rajiv Gandhi as warmly as he came to do a half dozen years later.

In the Autumn of 1984, I went, thanks to Edwin Feulner Jr of the Heritage Foundation,  to attend the Mont Pelerin Society Meetings being held at Cambridge (on “parole” from the US immigration authorities as my “green card” was being processed at the time). There I met for the first time Professor and Mrs Milton Friedman.

Milton Friedman’s November 1955 memorandum to the Government of India is referred to in my monograph as “unpublished” in note 1; when I met Milton and Rose, I gave them a copy of my monograph; and requested Milton for his unpublished document; when he returned to Stanford he sent to me in Blacksburg his original 1955-56 documents on Indian planning. I published the 1955 document for the first time in May 1989 during the University of Hawaii perestroika-for-India project I was then leading, it appeared later in the 1992 volume Foundations of India’s Political Economy: Towards an Agenda for the 1990s, edited by myself and WE James. (The results of the Hawaii project reached Rajiv Gandhi through my hand in September 1990, as told elsewhere here in “Rajiv Gandhi and the Origins of India’s 1991 Economic Reform”.) The 1956 document was published in November 2006 on the front page of The Statesman, the same day my obituary of Milton appeared in the inside pages.

Meanwhile, my main work within economic theory, the “Principia Economica” manuscript, was being read by the University of Chicago Press’s five or six anonymous referees. One of them pointed out my argument had been anticipated years earlier in the work of MIT’s Sidney Stuart Alexander. I had no idea of this and was surprised; of course I knew Professor Alexander’s work in balance of payments theory but not in this field. I went to visit Professor Alexander in Boston, where this photo came to be taken perhaps in late 1984:

Professor Alexander was extremely gracious, and immediately declared with great generosity that it was clear to him my arguments in “Principia Economica” had been developed entirely independently of his work. He had come at the problem from an American philosophical tradition of Dewey, I had done so from a British tradition of Wittgenstein. (CS Peirce was probably the bridge between the two.) He and I had arrived at some similar conclusions but we had done so completely independently.

Also, I was much honoured by this letter of May 1 1984 sent to Blacksburg by Professor Sir John Hicks (1904-1989), among the greatest of 20th Century economists at the time, where he acknowledged his departure in later life from the position he had taken in 1934 and 1939 on the foundations of demand theory.

He later sent me a copy of his Wealth and Welfare: Collected Essays on Economic Theory, Vol. I, MIT Press 1981, as a gift. The context of our correspondence had to do with my criticism of the young Hicks and support for the ghost of Alfred Marshall in an article “Considerations on Utility, Benevolence and Taxation” I was publishing in the journal History of Political Economy published then at Duke University. In Philosophy of Economics, I would come to say about Hicks’s letter to me “It may be a sign of the times that economists, great and small, rarely if ever disclaim their past opinions; it is therefore an especially splendid example to have a great economist like Hicks doing so in this matter.” It was reminiscent of Gottlob Frege’s response to Russell’s paradox; Philosophy of Economics described Frege’s “Letter to Russell”, 1902 (Heijenoort, From Frege to Gödel, pp. 126-128) as “a document which must remain one of the most noble in all of modern scholarship; a fact recorded in Russell’s letter to Heijenoort.”

In Blacksburg, by the Summer and Fall of 1984 I was under attack following the arrival of what I considered “a gang of inert game theorists” — my theoretical manuscript had blown a permanent hole through what passes by the name of “social choice theory”, and they did not like it. Nor did they like the fact that I seemed to them to be a “conservative”/classical liberal Indian and my applied work on India’s economy seemed to their academic agenda an irrelevance. This is myself at the height of that attack in January 1985:

Professor Schultz at the University of Chicago came to my rescue and at his recommendation I was appointed Visiting Associate Professor in the Economics Department at Brigham Young University in Provo, Utah.

I declined, without thanks, the offer of another year at Virginia Tech.

On my last day in Blacksburg, a graduate student whom I had helped when she had been assaulted by a senior professor, cooked a meal before I started the drive West across the country. This is a photo from that meal:

In Provo, I gratefully found refuge at the excellent Economics Department led at the time by Professor Larry Wimmer.

It was at Provo that I first had a personal computer on my desk (an IBM as may be seen) and what a delight that was (no matter the noises that it made).  I recall being struck by the fact a colleague possessed the incredible luxury of a portable personal computer (no one else did) which he could take home with him.   It looked like an enormous briefcase but was apparently the technology-leader at the time.  (Laptops seem not to have been invented as of 1985).

In October 1985, Professor Frank Hahn very kindly wrote to Larry Wimmer revising his 1980 opinion of my work now that the PhD was done, the India-work had led to The Times editorial and the theoretical work was proceeding well.

I had applied for a permanent position at the University of Hawaii, Manoa, and had been interviewed positively at the American Economic Association meetings (in New York) in December 1985 by the department chairman Professor Fred C. Hung. At Provo, Dr James Moncur of the Manoa Department was visiting. Jim became a friend and recommended me to his colleagues in Manoa.

Professor Hung appointed me to that department as a “senior” Assistant Professor on tenure-track beginning September 1986. I had bargained for a rank of “Associate Professor” but was told the advertisement did not allow it; instead I was assured of being an early candidate for promotion and tenure subject to my book “Principia Economica” being accepted for publication. (The contract with the University of Chicago Press had become frayed.)

Hawaii was simply a superb place (though expensive).

Professor James Buchanan won the Economics “Nobel” in 1986 and I was asked by the Manoa Department to help raise its profile by inviting him to deliver a set of lectures, which he did excellently well in March 1988 to the University as well as the Honolulu community at large. Here he is at my 850 sq ft small condominium at Punahou Towers, 1621 Dole Street:

In August 1988, my manuscript “Principia Economica” was finally accepted for publication by Routledge of London and New York under the title Philosophy of Economics: On the Scope of Reason In Economic Inquiry. The contract with University of Chicago Press had fallen through and the manuscript was being read by Yale University Press and a few others but Routledge came through with the first concrete offer. I was delighted and these photos were taken in the Economics Department at Manoa by a colleague in September 1988 as the publisher needed them.

Milton and Rose Friedman came to Honolulu on a private holiday perhaps in January 1989; they had years earlier spent a sabbatical year at the Department.

Here is a luncheon that was arranged in their honour. They had in the Fall of 1988 been on their famous visit to China, and as I recall that was the main subject of discussion on the occasion.

Milton phoned me in my Manoa office and invited me to meet him and Rose at their hotel for a chat; we had met first at the 1984 Mont Pelerin meetings and he wished to know me better. I was honoured and turned up dutifully and we talked for perhaps an hour. I recall making a strong recommendation that he write his memoirs, especially so that the rumours and innuendo surrounding eg the Chile episode could be cleared up; I also said a “Collected Works” would be a great idea; when Milton and Rose published their memoirs Two Lucky People (Chicago 1998) I wondered if my first suggestion had come to be taken; as to the second, he wrote to me years later saying he felt no Collected Works were necessary.

From 1986 onwards, I had been requested by the University of Hawaii to lead a project with William E James on the political economy of “South Asia” .I had said there was no such place, that “South Asia” was a US State Department abstraction but there were India and Pakistan and Sri Lanka and Bangladesh and Afghanistan etc. Sister projects on India and Pakistan had been sponsored by the University, and in 1989 important conferences had been planned by myself and James in May for India and in June for Pakistan.

I was determined to publish for the first time Milton’s 1955 memorandum on India which the Government of India had suppressed or ignored at the time. At the hotel-meeting, I told Milton that and requested him to come to the India-conference in May; Milton and Rose said they would think about it, and later confirmed he would come for the first two days.

This is a photo of the initial luncheon at the home of the University President on May 21 1989. Milton and India’s Ambassador to the USA at the time were both garlanded with Hawaiian leis. The first photo was one of a joke from Milton as I recall which had everyone laughing.

There was no equivalent photo of the distinguished scholars who gathered for the Pakistan conference a month later.

The reason was that from February 1989 onwards I had become the victim of a most vicious racist defamation, engineered within the Economics Department at Manoa by a senior professor as a way to derail me before my expected Promotion and Tenure application in the Fall. All my extra time went to battling that though somehow I managed to teach some monetary economics well enough in 1989-1990 for a Japanese student to insist on being photographed with me and the book we had studied.

I was being seen by two or three temporarily powerful characters on the Manoa campus as an Uppity Indian who must be brought down. This time I decided to fight back — and what a saga came to unfold! It took me into the United States District Court for the District of Hawaii and then the Ninth Circuit and upto the United States Supreme Court, not once but twice.

Milton Friedman and Theodore Schultz stood valiantly among my witnesses — first writing to the University’s authorities and later deposing in federal court.

Unfortunately, government lawyers, far from wanting to uphold and respect the laws of the United States, chose to deliberately violate them — compromising a judge, suborning demonstrable perjury and then brazenly purchasing my hired attorney (and getting caught doing it). Since September 2007, the State of Hawaii’s attorneys have been invited by me to return to the federal court and apologise for their unlawful behaviour as they are required by law to do.

They had not expected me to survive their illegalities but I did: I kept going.

Philosophy of Economics was published in London and New York in September 1989




The hardback quickly sold out on its own steam and the book went into paperback in 1991, and I was delighted to learn from a friend that it had been prescribed for a course at Yale Law School and was strewn along an alley in the bookshop:


The sister-volumes on India and Pakistan emerging from the University of Hawaii project led by myself and James were published in 1992 and 1993 in India, Pakistan, Britain and the United States.


As described elsewhere, the manuscript of the India-volume contributed to the origins of India’s 1991 economic reform during my encounter with Rajiv Gandhi in his last months; the Pakistan-volume came to contribute to the origins of the Pakistan-India peace process. The Indian publisher who had promised paperback volumes of both books reneged under leftwing pressure in Delhi; he has since passed away and James and I still await the University of Hawaii’s permission to publish both volumes freely on the Internet as copyright rests with the University President.

In 2004 from Britain, I wrote to the 9/11 Commission stating that it was possible that had the vicious illegalities against me not occurred at Manoa starting in 1989, we may have gone on after India and Pakistan to study Afghanistan, and come up with a pre-emptive academic analysis a decade before September 11 2001.

To be continued in Part Two.

Introduction and Some Biography

My two main works, namely my book of 19 years ago Philosophy of Economics: On the Scope of Reason in Economic Inquiry (first published by Routledge, London & New York, 1989, 1991), and my monograph of 24 years ago Pricing, Planning and Politics: A Study of Economic Distortions in India (first published by the Institute of Economic Affairs, London, 1984) are both now republished here, each with a new preface. I have also published here for the first time the full story of my encounter with Rajiv Gandhi — an abbreviated version appeared in Freedom First in October 2001 which focussed on economic policy and deliberately excluded mention of my warnings about his vulnerability to assassination and my attempts in vain to get people around him to do something about it. I have also republished my three advisory memoranda to him between September 1990 and March 1991, which were first published in The Statesman‘s Editorial Page of July 31, August 1 and August 2 1991.

I have also published here now for the first time a public lecture I gave as the Wincott Visiting Professor of Economics at the University of Buckingham in 2004 titled “Science, Religion, Art and the Necessity of Freedom”. Also republished is “A General Theory of Globalization and Modern Terrorism” which was my keynote address to the Council of Asian Liberals and Democrats at their Manila meeting in November 2001; it appeared first in September 11 & Political Freedom: Asian Perspectives (eds. Smith, Gomez & Johannen) in Singapore in 2002.

I have also published for the first time my April 29 2000 address titled “Towards a Highly Transparent Monetary & Fiscal Framework for India’s Union and State Governments” to the Reserve Bank’s Annual “Conference of State Finance Secretaries”.

Also to be found in one place are my most recent signed writings since 2005 in The Statesman and elsewhere on India’s economy and foreign policy, Jammu & Kashmir, Pakistan, Afghanistan, China, Tibet, Taiwan, the United States, etc.

My political affiliation in India would be to a non-existent party — as may be seen from the article on a Liberal Party for India; and I trust it will be seen that I have dispensed criticism upon the present-day Congress Party, BJP/RSS and Communists equally harshly.

Readers are welcome to quote from my work under the normal “fair use” rule, but please quote me by name and indicate the place of original publication. Readers are also welcome to comment or correspond by email, though please try to introduce yourself.

The new preface of Philosophy of Economics is reproduced below as it is partly biographical.

“(Philosophy of Economics) germinated when I was 18 or 19 years of age in Paris, Helsinki and London, and it was first published when I was 34 in Honolulu. I came to economics from natural science (biology, chemistry, physics), not mathematics. It was inevitable I would be drawn to the beauty of philosophy as a theoretical discipline while being driven, as a post-Independence Indian, to economics as the practical discipline that might unlock secrets to India’s prosperity and progress. I belonged to an ancient family of political men, and my father, who had joined India’s new foreign service the year before I was born, inculcated in me as a boy an idea that I had “a mission” (though he later forgot he had done so).

I was fortunate to fail to enter Oxford’s PPE and instead go to the London School of Economics. LSE was at an intellectual peak in the early 1970s. DHN Johnson in international law, ACL Day in international monetary economics, Brian Griffiths vs Marcus Miller in monetary economics with everyone still in awe of Harry Johnson’s graduate lectures in macroeconomics, Ken Wallis, Graham Mizon, JJ Thomas, David Hendry in econometrics with the odd lecture by Durbin himself – I was exposed to a fully grown up intellectual seriousness from the day I arrived as an 18 year old. Michio Morishima as my professorial tutor told me frankly that, as an Indian, I would face less prejudice in Western academia than in the private sector, and said he was speaking from experience as a fellow-Asian. He turned out to be wrong but it was wise advice nevertheless, just as wise as his requiring pupils to read Hicks’ Value and Capital (which, in our undergraduate mythology, he himself had read inside a Japanese gunboat during war).

What was relatively weak at LSE was general economic theory. We were good at deriving the Best Linear Unbiased Estimator but left unsatisfied with our grasp of the theory of value that constituted the roots of our discipline. I managed a First and was admitted to Cambridge as a Research Student in 1976, where fortune had Frank Hahn choose me as a student. That at the outset was protection from the communist cabal that ran “development economics” with whom almost all the Indians ended up. I was wholly impecunious in my first year as a Research Student, and had to, for example, proof-read Arrow and Hahn’s General Competitive Analysis for its second edition to receive 50 pounds sterling from Hahn which kept me going for a short time. My exposure to Hahn’s subtle, refined and depthless thought as an economist of the first rank led to fascination and wonderment, and I read and re-read his “On the notion of equilibrium in economics”, “On the foundations of monetary theory”, “Keynesian economics and general equilibrium theory” and other clear-headed attempts to integrate the theory of value with the theory of money — a project Wicksell and Marshall had (perhaps wisely) not attempted and Keynes, Hicks and Patinkin had failed at.

Hahn insisted a central question was to ask how money, which is intrinsically worthless, can have any value, why anyone should want to hold it. The practical relevance of this question is manifest. India today in 2007 has an inconvertible currency, vast and growing public debt financed by money-creation, and more than two dozen fiscally irresponsible State governments without money-creating powers. While pondering, over the last decade, whether India’s governance could be made more responsible if States were given money-creating powers, I have constantly had Hahn’s seemingly abstruse question from decades ago in mind, as to why anyone will want to hold State currencies in India, as to whether the equilibrium price of those monies would be positive. (Lerner in fact gave an answer in 1945 when he suggested that any money would have value if its issuer agreed to collect liabilities in it — as a State collects taxes – and that may be the simplest road that bridges the real/monetary divide.)

Though we were never personal friends and I did not ingratiate myself with Hahn as did many others, my respect for him only grew when I saw how he had protected my inchoate classical liberal arguments for India from the most vicious attacks that they were open to from the communists. My doctoral thesis, initially titled “A monetary theory for India”, had to be altered due to paucity of monetary data at the time, as well as the fact India’s problems of political economy and allocation of real resources were more pressing, and so the thesis became “On liberty and economic growth: preface to a philosophy for India”. When no internal examiner could be found, the University of Cambridge, at Hahn’s insistence, showed its greatness by appointing two externals: C. J. Bliss at Oxford and T. W. Hutchison at Birmingham, former students of Hahn and Joan Robinson respectively. My thesis received the most rigorous and fairest imaginable evaluation from them.

I had been attracted to Cambridge partly by its old reputation for philosophy, especially that of Wittgenstein. But I met no worthwhile philosophers there until a few months before I was to leave for the United States in 1980, when I chanced upon the work of Renford Bambrough. Hahn had challenged me with the question, “how are you so sure your value judgements promoting liberty blah-blah are better than those of Chenery and the development economists?” It was a question that led inevitably to ethics and its epistemology — when I chanced upon Bambrough’s work, and that of his philosophical master, John Wisdom, the immense expanse of metaphysics (or ontology) opened up as well. “Then felt I like some watcher of the skies, When a new planet swims into his ken; Or like stout Cortez when with eagle eyes, He star’d at the Pacific…”

It has taken me more than a quarter century to traverse some of that expanse; when I returned to Britain in 2004 as the Wincott Visiting Professor of Economics at the University of Buckingham, I was very kindly allowed to deliver a public lecture, “Science, Religion, Art and the Necessity of Freedom”, wherein I repaid a few of my debts to the forgotten work of Bambrough and Wisdom — whom I extravagantly compared with the Bodhisattvas of Mahayana Buddhism, also saying that the trio of Wittgenstein, Wisdom and Bambrough were reminiscent of what Socrates, Plato and Aristotle might have been like.

I had written to Bambrough from within Cambridge expressing my delight at finding his works and saying these were immensely important to economics; he had invited me to his weekly discussion groups at St John’s College but I could not attend. Between 1979 and 1989 we corresponded while I worked in America on my application of his and Wisdom’s work to problems in economics. We met only once when I returned to Cambridge from Blacksburg for my doctoral viva voce examination in January 1982. Six years later in 1988 he said of my Philosophy of Economics, “The work is altogether well-written and admirably clear”, and on another occasion he said he was “extremely pleased” at the interest I had taken in his work. The original preface of Philosophy of Economics said he was not responsible for the use I had made of his writings, which I reiterated in the 2004 lecture. At our meeting, he offered to introduce me to Wisdom who had returned to Cambridge from Oregon but I was too scared and declined, something I have always regretted. It is only in the last few years that I have begun to grasp the immensity of Wisdom’s achievement in comprehending, explaining and extending the work of both Wittgenstein and Freud. His famous “Virginia Lectures” of 1957 were finally published by his admirers with his consent as Proof and Explanation just before his death in 1993. As for Bambrough, I believe he may have been or become the single greatest philosopher since Aristotle; he told me in correspondence there was an unfinished manuscript Principia Metaphysica (the prospectus of which appeared in Philosophy 1964), which unfortunately his family and successors knew nothing about; the fact he died almost in obscurity and was soon forgotten by his University speaks more about the contemporary state of academic philosophy than about him. (Similarly, the fact Hahn, Morishima and like others did not receive the so-called Economics “Nobel” says more about the award than it does about them.)

All I needed in 1980 was time and freedom to develop the contents of this book, and that I found in America — which I could not have done in either Britain or India. It would take eight or nine very strenuous years before the book could be written and published, mostly spent at Virginia Polytechnic Institute (1980-1985) and University of Hawaii (1986-1990) Economics Departments, with short interludes at Cornell (Fall 1983) and Brigham Young (1985-86). I went to Virginia because James M. Buchanan was there, and he, along with FA Hayek, were whom Hahn decided to write on my behalf. Hayek said he was too old to accept me but wrote me kind and generous letters praising and hence encouraging my inchoate liberal thoughts and arguments. Buchanan was welcoming and I learnt much from him and his colleagues about the realities of public finance and democratic politics, which I quickly applied in my work on India, published in 1984 in London as Pricing, Planning & Politics: A Study of Economic Distortions in India and republished elsewhere here. The visit to the Cornell Economics Department was really so I could talk to Max Black the philosopher, who represented a different line of Wittgenstein’s students, and Max and I became friends until his death in 1988.

Buchanan’s departure from Blacksburg led to a gang of inert “game theorists” to arrive, and I was immediately under attack – one senior man telling me I was free to criticise the “social choice” work of Amartya Sen (since he was Indian too) but I was definitely unfree to do the same of Sen’s mentor, Kenneth Arrow, who was Jewish! (Arrow was infinitely more gracious when he himself responded to my criticism.) On top of that arose a matter of a woman, fresh off the aeroplane from India, being assaulted by a senior professor, and when I stood for her against her assailant, my time in Blacksburg was definitely up.

The manuscript of this book was at the time under contract with University of Chicago Press, and, thanks to Mrs Harry Johnson there, I had come in contact with that great American, Theodore W. Schultz. Schultz, at age 81, told me better to my face what the book was about than I had realised myself, namely, it was about economics as knowledge — its subject-matter was the epistemology of economics. Schultz wrote letters all over America on my behalf (as did Milton Friedman at Stanford and Sidney Alexander of MIT, whom I had also met and become friends with), and I was able to first spend a happy year among the Mormons at Brigham Young, and then end up at the University of Hawaii where I was given responsibility for the main graduate course in macroeconomics. I taught Harry Johnson-level IS-LM theory and Friedman-Tobin macroeconomics and then the new “rational expectations” vs Keynesian material.

I was also offered a large University grant to work on “South Asia”, which led to the books Foundations of India’s Political Economy: Towards an Agenda for the 1990s, and Foundations of Pakistan’s Political Economy: Towards an Agenda for the 1990s, both created by myself and WE James, and which led to the origins of India’s 1991 economic reform and the India-Pakistan peace process as told elsewhere. Also, this book came to be accepted for publication by Routledge, as the first economics book in its famed International Library of Philosophy.

Just as I was set to be evaluated for promotion and tenure at the University of Hawaii, I became the victim of a most vicious racist defamation (and there was some connection with Blacksburg). Quite fed up with the sordidness of American academia as I had experienced it, I sued in the federal court, which consumed much of the next half dozen years as the case worked its way through the United States Supreme Court twice. Milton Friedman and Theodore W. Schultz stood as expert witnesses on my behalf but you would not have known it from the judge’s ruling. There had been not only demonstrable perjury and suborning of perjury by the State of Hawaii’s officers, there was also “after-discovered” evidence of bribery of court-officers in the US District Court for the District of Hawaii, and I had to return to India in 1996 quite exhausted to recuperate from the experience. “Solicitation of counsel, clerks or judges” is “embracery curialis”, recognized as extrinsic fraud and subversion of justice since Jepps 72 E R 924 (1611), “firmly established in English practice long before the foundation” of the USA, Hazel Atlas, 322 US 238 (1943). “Embracery is an offense striking at the very foundation of civil society” says Corpus Juris 20, 496. A court of equity has inherent power to investigate if a judgement has been obtained by fraud, and that is a power to unearth it effectively, since no fraud is more odious than one to subvert justice. Cases include when “by reason of something done by the successful party… there was in fact no adversary trial or decision of the issue in the case. Where the unsuccessful party has been prevented from exhibiting fully his case, by fraud or deception practised on him by his opponent, as…where an attorney fraudulently or without authority assumes to represent a party and connives at his defeat; or where the attorney regularly employed corruptly sells out his client’s interest to the other side ~ these, and similar cases which show that there has never been a real contest in the trial or hearing of the case, are reasons for which a new suit may be sustained to set aside and annul the former judgment or decree, and open the case for a new and a fair hearing….” (Hazel Atlas). There is no time-limit in United States federal law for rectification of fraud on the court of this sort, and I remain fully hopeful today of the working of American justice in the case.

The practical result was that this book was never able to be properly publicized among economists as it would have been had I become Professor of Economics at the University of Hawaii by 1992 as expected. The hardback sold out quickly on its own steam and went into paperback by 1991, and a friend told me it was being used for a course at Yale Law School. The reviews were mostly intelligent. Upon returning to Britain as the Wincott Visiting Professor in 2004, I found times had changed and so had Routledge who would not keep it in print let alone permit a second revised edition. But I am now free to republish the book as I please, and today in 2007, with the Internet growing to a maturity which allows the young geeks at WordPress.com to want to encourage blogging worldwide, I can think of no more apt place to reproduce the first edition of this book than here at my own blog http://www.independentindian.com.

This is not a second or revised edition, and it is unchanged in content except for this lengthy new preface made necessary by the adventures and dramas the book’s author found himself unwittingly part of since its first publication. I am 52 now and happy to say I endorse the book just as I had published it at 34, though I do find it a little impatient and too terse in a few places. The 1991 paperback corrected a few slight errors in the 1989 hardback, and has been used. I am planning an entirely new book which shall have its roots in this one though it will be mostly in philosophy and not economics — the outlines it may take may be seen in the 2004 public lecture I gave on the work of Bambrough and Wisdom mentioned above and published elsewhere; its main aim will be to uncover for new generations the immense worth there is in their work which is in danger of being lost.

At least two names failed to appear in the original list of acknowledgements. G. Bruce Chapman, now of the University of Toronto, and I talked much of serious ethics and political philosophy when I first arrived at Cambridge in 1976. And in 1980 in Blacksburg, Anil Lal, then a graduate student and house-painter, borrowed my copy of Bambrough’s work, read it, and later made a comment on the metaphysics of John Wisdom which allowed me to see things more clearly.

Ballygunge, Kolkata,
April 7 2007″

An Open Letter to Professor Amartya Sen about Singur etc

A letter to Prof. Sen

First published in The Statesman 31 July 2007, Editorial Page Special Article

Professor Amartya Sen, Harvard University

Dear Professor Sen,

Everyone will be delighted that someone of your worldwide stature has joined the debate on Singur and Nandigram; The Telegraph deserves congratulations for having made it possible on July 23.

I was sorry to find though that you may have missed the wood for the trees and also some of the trees themselves. Perhaps you have relied on Government statements for the facts. But the Government party in West Bengal represents official Indian communism and has been in power for 30 years at a stretch. It may be unwise to take at face-value what they say about their own deeds on this very grave issue! Power corrupts and absolute power corrupts absolutely, and there are many candid communists who privately recognise this dismal truth about themselves. To say this is not to be praising those whom you call the “Opposition” ~ after all, Bengal’s politics has seen emasculation of the Congress as an opposition because the Congress and communists are allies in Delhi. It is the Government party that must reform itself from within sua sponte for the good of everyone in the State.

The comparisons and mentions of history you have made seem to me surprising. Bengal’s economy now or in the past has little or nothing similar to the economy of Northern England or the whole of England or Britain itself, and certainly Indian agriculture has little to do with agriculture in the new lands of Australia or North America. British economic history was marked by rapid technological innovations in manufacturing and rapid development of social and political institutions in context of being a major naval, maritime and mercantile power for centuries. Britain’s geography and history hardly ever permitted it to be an agricultural country of any importance whereas Bengal, to the contrary, has been among the most agriculturally fertile and hence densely populated regions of the world for millennia.

Om Prakash’s brilliant pioneering book The Dutch East India Company and the Economy of Bengal 1630-1720 (Princeton 1985) records all this clearly. He reports the French traveller François Bernier saying in the 1660s “Bengal abounds with every necessary of life”, and a century before him the Italian traveller Verthema saying Bengal “abounds more in grain, flesh of every kind, in great quantity of sugar, also of ginger, and of great abundance of cotton, than any country in the world”. Om Prakash says “The premier industry in the region was the textile industry comprising manufacture from cotton, silk and mixed yarns”. Bengal’s major exports were foodstuffs, textiles, raw silk, opium, sugar and saltpetre; imports notably included metals (as Montesquieu had said would always be the case).

Bengal did, as you say, have industries at the time the Europeans came but you have failed to mention these were mostly “agro-based” and, if anything, a clear indicator of our agricultural fecundity and comparative advantage. If “deindustrialization” occurred in 19th Century India, that had nothing to do with the “deindustrialization” in West Bengal from the 1960s onwards due to the influence of official communism.

You remind us Fa Hiaen left from Tamralipta which is modern day Tamluk, though he went not to China but to Ceylon. You suggest that because he did so Tamluk effectively “was greater Calcutta”. I cannot see how this can be said of the 5th Century AD when no notion of Calcutta existed. Besides, modern Tamluk at 22º18’N, 87º56’E is more than 50 miles inland from the ancient port due to land-making that has occurred at the mouth of the Hooghly. I am afraid the relevance of the mention of Fa Hiaen to today’s Singur and Nandigram has thus escaped me.

You say “In countries like Australia, the US or Canada where agriculture has prospered, only a very tiny population is involved in agriculture. Most people move out to industry. Industry has to be convenient, has to be absorbing”. Last January, a national daily published a similar view: “For India to become a developed country, the area under agriculture has to shrink, urban and industrial land development has to take place, and about 100 million workers have to move out from agriculture into industry and services. This is the only way forward for bringing prosperity to the rural population”.

Rice is indeed grown in Arkansas or Texas as it is in Bengal but there is a world of difference between the technological and geographical situation here and that in the vast, sparsely populated New World areas with mechanized farming! Like shoe-making or a hundred other crafts, agriculture can be capital-intensive or labour-intensive ~ ours is relatively labour-intensive, theirs is relatively capital-intensive. Our economy is relatively labour-abundant and capital-scarce; their economies are relatively labour-scarce and capital-abundant (and also land-abundant). Indeed, if anything, the apt comparison is with China, and you doubtless know of the horror stories and civil war conditions erupting across China in recent years as the Communist Party and their businessman friends forcibly take over the land of peasants and agricultural workers, e.g. in Dongzhou.

All plans of long-distance social engineering to “move out” 40 per cent of India’s population (at 4 persons per “worker”) from the rural hinterlands must also face FA Hayek’s fundamental question in The Road to Serfdom: “Who plans whom, who directs whom, who assigns to other people their station in life, and who is to have his due allotted by others?”

Your late Harvard colleague, Robert Nozick, opened his brilliant 1974 book Anarchy, State and Utopia saying: “Individuals have rights, and there are things no person or group may do to them (without violating their rights)”. You have rightly deplored the violence seen at Singur and Nandigram. But you will agree it is a gross error to equate violence perpetrated by the Government which is supposed to be protecting all people regardless of political affiliation, and the self-defence of poor unorganised peasants seeking to protect their meagre lands and livelihoods from state-sponsored pogroms. Kitchen utensils, pitchforks or rural implements and flintlock guns can hardly match the organised firepower controlled by a modern Government.

Fortunately, India is not China and the press, media and civil institutions are not totally in the hands of the ruling party alone. In China, no amount of hue and cry among the peasants could save them from the power of organised big business and the Communist Party. In India, a handful of brave women have managed to single-handedly organise mass movements of protest which the press and media have then broadcast that has shocked the whole nation to its senses.

You rightly say the land pricing process has been faulty. Irrelevant historical prices have been averaged when the sum of discounted expected future values in an inflationary economy should have been used. Matters are even worse. “The fear of famine can itself cause famine. The people of Bengal are afraid of a famine. It was repeatedly charged that the famine (of 1943) was man-made.” That is what T. W. Schultz said in 1946 in the India Famine Emergency Committee led by Pearl Buck, concerned that the 1943 Bengal famine should not be repeated following dislocations after World War II. Of course since that time our agriculture has undergone a Green Revolution, at least in wheat if not in rice, and a White Revolution in milk and many other agricultural products. But catastrophic collapses in agricultural incentives may still occur as functioning farmland comes to be taken by government and industry from India’s peasantry using force, fraud or even means nominally sanctioned by law. If new famines come to be provoked because farmers’ incentives collapse, let future historians know where responsibility lay.

West Bengal’s real economic problems have to do with its dismal macroeconomic and fiscal position which is what Government economists should be addressing candidly. As for land, the Government’s first task remains improving grossly inadequate systems of land-description and definition, as well as the implementation and recording of property rights.

With my most respectful personal regards, I remain

Yours ever