The Prime Minister, Dr. Manmohan Singh said “Our paths diverged thereafter but I have watched with great admiration as he went on to climb the dizzying heights of economic theory, followed by forays into esoteric fields of moral philosophy, ethics and logics and with occasional illuminating excursions into history. More recently, he has also descended into the humdrum plains of development policy to study issues which are the focus of attention of the development community in general and are certainly the subject of daily debate in India and indeed in most parts of the developing world and that is as it should be. When I was a student at Cambridge, A.C. Pigou’s ‘Economics of Welfare’ was the book which made a great deal of impact on me and there is a quote from Pigou’s opening chapter about what economics is about which if I remember correctly reads something like this – “when we study economics, our impulse is not the philosopher’s impulse, knowledge for the sake of knowledge but for the healing that knowledge may help to bring”.
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