Tuesday, January 6, 2009

One of my Hero of economists ever lived in the world and in India was Professor B R Shenoy

Ashok V Desai who is no less senior living economist in India. He wrote a article in the Business Standard in 12 August, 1997 which I consider to be a biggest rubbish except or some of the following lines which I think worthwhile to remember a man of his age, great free market economist Professor B R Shenoy who lived not just an great human being but questioned the intellectuals of his counterpart mostly socialist babus. Anyway thanks to Desai for making me aware of his follies… 

  • “Returning to a legal definition of an Indian, the first patriot must be B R Shenoy. In my youth, Shenoy was a strident critic of policies; mainstream Indian economists treated him as an untouchable, and I must say that I myself took no serious interest in him then. But anyone who reads him today must see how right he was, for instance about inflation, controls, corruption, gold smuggling, planning or unemployment; everyone is experiencing it and saying it today. To be right is an achievement in itself, but to be right against the combined weight of establishment opinion, and to keep hammering at the truth regardless of consequences was foolhardiness of the highest order: that was patriotism”. 
  • “Jagdish Bhagwati is as affable as Bellicoth R J Shenoy was belligerent; but he is the next one on my list”.

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