From a broad philosophical perspective, competition is encoded in the basic DNA of the universe. At every level of analysis, competing forces seek domination. At the largest inanimate scales, gravitational and electromagnetic forces constantly compete in stars. At the smallest … Continue reading →

Markets work, in general. That’s like saying, people are healthy in general. But people do fall sick. Similarly, occasionally markets fail. That’s when you need intervention, not otherwise. But it cannot be any random intervention. The treatment has to fit … Continue reading →

In response to my two earlier posts on “Understanding Economics” and its followup, the matter of minimum wages has come up in the comments. Some ideas have the peculiar characteristic that they appear to be good at first glance but … Continue reading →

Here I reply to some of the comments to my post “Understanding Economics” of a few days ago.

A while ago a non-economist friend who had read my book “Transforming India” said that as he did not understand economics would I write a book explaining some of the basic concepts of economics? It would be a “prequel” to … Continue reading →