Sunday, October 24, 2010

“Any serious govt must watch out for bubble formation”

“Any serious govt must watch out for bubble formation”

Any serious govt must watch out for bubble formation

Posted: 23 Oct 2010 02:03 PM PDT

Sarika Malhotra
Posted: Sunday, Oct 24, 2010 at 2327 hrs IST
Updated: Saturday, Oct 23, 2010 at 2329 hrs IST

: Economics came to him almost inadvertently. But today, Dr Kaushik Basu, the C Marks professor of international studies and professor of economics at the department of economics, Cornell University, currently on leave to act as chief economic adviser to the finance ministry, Government of India, is simply loving his career and economics. "Research and writing is second nature to me," he says. And that is evident. From academic papers, newspaper columns, books on economic theory and policy documents, to a play, Kaushik Basu has dabbled in all with equal ease and perfection. His latest offering, Collected Papers in Theoretical Economics, Volume IV, by OUP offers insights on contemporary issues to readers of development economics, sociology, philosophy, and policymakers and development agencies alike. Enamoured by philosophers such as Bertrand Russell, David Hume, and Jean-Jacques Rousseau (though, he quickly adds, "Rousseau is too non-analytical for my taste; it is really his life that fascinates me"), Kaushik Basu admires the writings of Tagore and Nehru. He loves the theatre. "I read more plays than I watch. I enjoy philosophy, so read and even write a bit of philosophy. In economics my original interest is in abstract, theoretical matters, though I am currently totally engrossed in policy." In his full-length play, Crossings at Benaras Junction, Jenny travels from New York to Benaras to discover herself and to 'find her soul'. Biased Oriental perceptions? "Perhaps. The pursuit of the soul has a nice metaphysical ring to it, even though I am not quite sure what that means. This ambiguity comes out sharply in my play when Jenny bumps into Mr Trehan, who is also in search of a 'sole'—the sole that has fallen off his right shoe—and they converse at cross purposes. I like the confluence of cultures and that is what my play is about." In his new assignment, the chief economic adviser surely is missing writing, but he hopes to someday chronicle his years in the North Block and is maintaining a diary. As he braces up to bring out his second Economic Survey, Dr Basu affirms he hopes to go back to academics after his two-year stint is over. First love? "Academics is something that I have done with great pleasure. It is not easy to get away from it." In a one-on-one with the CEA at the North Block on an array of subjects, Sarika Malhotra tries to capture glimpses of...

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