Understanding Economics

Ashok Sanjay Guha speaks on his latest book Economics without Tears: a New Approach to an Old Discipline published by Penguin Random House India, which is revelation of economics to the layman, demonetization drive and more.

Photo Credit: http://www.montana.edu/econ/images/economicswordcloud.jpg 

Talks on economics might go over your head if you do not that background. But what if it is made easy for you without giving you grief? That is what Ashok Sanjay Guha has done for you in his book Economics without Tears: a New Approach to an Old Discipline. It is economics revealed to the layman without the difficult language or jargons to confuse you. Right from basic theories to some in-depth ideas, Guha makes sure every reader connects with economic concepts easily. It is published by Penguin Random House India.
Professor Emeritus at the School of International Studies, Jawaharlal Nehru University (JNU), Ashok Sanjay Guha has been with this institute since its beginning as a professor of economics. A visiting professor prominent educational places the world over, he has written in important write-ups in leading economic journals, he has also written An Evolutionary View of Economic Growth.

Did any experience made you think of writing this book to demystify economic jargons for the public?

The book is the outcome of my classroom encounters with bunches of very bright students whose primary interests lay outside economists and who were terrified of maths.

What aspects can we expect in this book? How have you tried to cover them?

The book introduces economic theory to the general reader, starting from first principles, avoiding Maths altogether and seeking to capture his interest right from the outset by emphasizing the applicability of economic principles to areas outside conventional economics. In the process, it clarifies even some of the most advanced and contemporary concepts in economic theory without using mathematical methods or jargon.

There might be books out there on similar lines. How will yours differ?

As far as I know, there are no other books that try to give the general reader a glimpse of the entire canvas of economic theory. There are of course similar books that touch upon specific areas of the subject. There are also very popular & entertaining books that apply economic methods to a wide range of problems. One such is Steven Levitt’s international best seller, Freakonomics. It asks a variety of strange questions and uses the data analysis methods of economics to come up with extraordinary answers. However, it does not explain the econometric theory behind these methods so that, to the reader, Levitt appears to be a magician pulling rabbits out of a hat. EWOT doesn’t ask such exotic questions.  It doesn’t ask “What do school teachers have in common with sumo wrestlers?” or “Why do drug dealers live with their moms?” The questions it asks are more conventional, though no less puzzling. And it makes the economic theory behind the answers crystal clear, so that the reader can answer similar questions on his own.

Book Cover

Do you feel there should be more such books in India?  

There is certainly a gaping hole in the literature in this area, but I am hoping that EWOTS will gather enough readers to fill the gap.

With the demonetization drive, do you feel we are on the right track despite teething problem?  

Unlike most economists, I believe that demonetization, coupled with the government’s subsequent measures discouraging cash transactions and incentivizing digitization, are positive steps, despite their potential short term economic costs. High-value notes have always been the preferred medium of transactions in criminal activity, terrorism, smuggling of drugs, arms and other contraband, commissioning of murder and other contractual crimes, bribery, prostitution and sex-racketeering, under-the-counter deals to evade tax like those that were universal in the real estate market as well as in other goods before Nov. 8. Large stocks of unaccounted high-value currency are a strong incentive for betting (with match-fixing as its corollary), for luxury expenditure (as in high-end restaurants or on expensive liquor) or on ostentatious weddings or celebrations – all of which, so many would contend, add little of value to national income. Obviously, a relatively cashless economy would lack the wherewithal for such activity, and would therefore be better-equipped for productive activity. It would also generate more tax revenue. A major policy error however was the Rs 2000 note.  Obviously, it made no sense if the objective was to reduce the proportion of high-denomination currency and it was too large to be of any use in common and legitimate day-to-day transactions. In consequence, it tended to disappear from circulation and so was a most inappropriate replacement for the old banned notes. 

You have been associated with the School of International Studies at JNU as a professor of economics. How has the journey been like at such a leading institute? 

Over the years, I have learnt much from my students and colleagues. The process has been facilitated by the fact that the Centre for International Trade and Development, to which I have been affiliated, has been an island of academic calm amidst the tumult that seems continuously to engulf JNU.

How do you see India when it comes to handling its finance & economic and also its education? 

As I have indicated in Ch 10 of EWOTS, India, along with China and most of East and South Asia, is riding the crest of a world-wide wave of rapid growth in labour-abundant countries. There is very little that any government can do to mess this up. Of course, the previous Congress government attempted national hara-kiri through its ‘rights-based approach’ that led to the disastrous inflation of 2011-13. But at the 2014 elections, the country itself corrected course by sending the Congress into what looks like permanent exile. It should however be appreciated that our comparative advantage lies in raw labour, not human capital. During the first two decades of liberalization, government emphasized relatively human-capital-intensive activities like services and IT while surrendering manufacturing to China and other Asian countries. The result has been jobless growth. The present government’s stress on manufacturing is a welcome change in approach. Whether it succeeds in its objectives of course remains to be seen.

As for education, our obsession with quantity has resulted in a catastrophic collapse of standards.  I have written on this issue several times in the press, so I will not repeat myself.

What are you planning for your next book, if any such idea is lingering in your mind? 

The Epilogue of EWOTS describes several questions that I would like to address in my next book. In part, this would also constitute an updating of An Evolutionary View.

BOOK TITLE: Economics without Tears: a New Approach to an Old Discipline

AUTHOR: Ashok Sanjay Guha

PUBLISHER: Penguin Random House India

PAGES: 246

PRICE: Rs. 299

  

Seeking Chanakya’s Wisdom

Bestselling author Radhakrishnan Pillai’s book Chanakya in Daily Life, published by Rupa Publications India, is a fascinating way to sail through the tough times. Sapna Sarfare interviews the author regarding the book, being a best-selling author and more.

                Radhakrishnan Pillai

A simple question – how much can a book help in leading better life?

Books have always been sources to lead a better life. Across cultures & generations, we find books have helped people to make themselves better and have good quality of life. For eg., the Gita, Ramayana, Panchatantra, etc have been eternal books that have helped our nation stand the test of time.

How is this book different from the self-help books around?

My book ‘Chanakya in Daily Life’ is not a self-proclaimed theory of success. This is based on the ancient wisdom of Chanakya given in his Arthashastra that was written 2400 years ago. So, in reality there is no invention or nothing new as such. But, there is a discovery of many principles when are not just ancient but also eternal.

In this book, I have taken the liberty to modify the thoughts of Chanakya to our generation. You will find that the original quotes of Chanakya is used, and then given to readers in simple format that they can practice in their daily lives.

Please do tell the readers as to how the book will affect them in their daily life.

The book is divided into 3 parts – Personal life, Family life & Professional life. We all play these roles simultaneously at any given point of time. And the challenge is to balance all of them. One cannot be a successful professional and not give time to one’s family. On the other side, one cannot be a good family man without providing a decent income for this family needs, so the person has to be successful professionally also.

So in this book we have 69 short chapters dealing with day to day challenges. How to wake up in the morning, how to take care of health, how to plan your finances, taking a family vacation etc… One would be surprised that Chanakya offers solutions to many such areas of our daily lives. The best part is that each chapter can be read in 3 minutes. So take up a chapter a day – practice it and find success.

What makes Chanakya an excellent guru and still relevant to someone on higher position and layman?

Chanakya is relevant to the kings (those in higher positions) and also to the commoners (layman). The beauty is that any person at any stage of life can get guidance from his wisdom. Chanakya was a wise person. He thought of the total happiness of everyone. He wanted India to be healthy & wealthy country and be built on spiritual principals. For him, ethics and moral standards was the most important priority. Therefore, times may change yet Chanakya’s thoughts are relevant even today.

Quite a few management gurus have become the byword for writing spiritual/self-help books. How?

Where there is a demand there is a supply. Similarly it shows that since self-help books are doing well, our society needs many authors for writing in that area. However, look at the other side, not all self-help books do well. Those management gurus, who have done good research and also have experience in that field, are the ones who are in demand.

Self-help books also inspire people when they are low and down emotionally. They get a direction and path in their lives. There are many people who were contemplating suicide and then a few lines from a self-help book they read motivated them to live a purposeful life.

What kind of books keep you going?

I like to read all kinds of books. Reading for me is like a daily capsule. Without reading a few chapters of a book, not a single day of my book is complete. It is food for thought. Primarily I read more management, self-help and spiritual books (which is my area of writing too). But I do read novels, text books, academic journals (since I am a professor at University of Mumbai) and also poetry and drama. Nowadays lots of new & upcoming authors send me their books to be endorsed. So I read all those first time written books too.

A little bit of self-analysis – what makes you & your books so popular among the masses?

This is god’s grace. I have been very fortunate that all my books have been bestsellers. And continue to be even after 7 years (Corporate Chanakya – my 1^st book, continues to grow in its sales).

Out of over 10,000 books published each year in India, not all become best sellers. There are various factors that make it one. The most important one is a ‘connect’ to the readers. If the reader does not feel connected to the writing, he or she will lose interest after a few pages.

My writing style is simple and reader-friendly. Even though my books are for the intellectual readers, it is read by an 8 year old kid and also an 80 year old wise person. My readers have given me feedback that when they read the book, they feel I am telling their story. This is important.

My book ‘Chanakya in You’ got the Crossword Raymond Popular Book award. I was surprised the way readers have responded. They connected with each character in the book. This is true even for ‘Chanakya in Daily Life’ – you will feel connected that Chanakya is addressing your personal problems. And that is where the book becomes popular and successful.

Lastly, apart from the gyaan in the book, what else can anyone take from your present book?

Fun. My books are not just about Gyaan but enjoying life in totality. Life cannot be boring. It has to have an element of fun and joy. In my books I have always insisted people to have a ‘full’ life rather than just a regretting life. Listen to music, laugh at yourself, go on vacations, take a break, and spend time with your friends and family. Life cannot be dull; it has to have lot of positivity too. From my present book ‘Chanakya in Daily Life’ I say don’t just lead a successful life – lead a happy life…

BOOK TITLE: Chanakya in Daily Life

AUTHOR: Radhakrishnan Pillai

PUBLISHER: Rupa Publications India

PAGES: 285

PRICE: Rs. 295

Translations & More

Author & translator Bhaskar Chattopadhyay speaks to Sapna Sarfare about translating Moti Nandy’s classic novel Shiva in English, his own debut novel & more

Translations are the best way of getting introduced to different cultures & mindsets. Bengali literature has always wowed non-Bengali, thanks to the content and of course, some superb translations. The latest Bengali classic translated into English Shiva, a book by reputed Bengali writer & sports journalist Moti Nandy. The story is about a poor seventeen-year-old Shiva who finds fame as boxer, faces hard times and returns as a true hero. Translation is done by author & translator Bhaskar Chattopadhyay and published by Penguin India. He speaks about translating Shiva, his connection with Nandy’s works, translations, his own book and more.

What is it about Shiva that made you want to translate it for a larger readership?

Shiva is a beautiful story of resilience, you see? That was what drew me to it. It is easy to write a story about a hero who rises from extreme poverty to infinite glory. But success can be very blinding and very tricky for those who don’t know how to handle it. To paint a hero in shades of grey is something that our fiction rarely does. I’d like to read a story about someone who does not know how to handle new-found success. Shiva is exactly that story, and more. It is about a boy who rises, falls, and rises again. That, to me, was a very interesting premise. Also, sports fiction has always been a much-neglected genre in our literature. As a writer, I would like to work with a wide range of subjects – and sports were something that I wanted to do pretty early on. Hence, Shiva!

What were the things you had to be careful while translating this book?

As you may be aware, ‘Shiva’ is actually a translation of not one, but two novellas written by Moti Nandy. Right from the beginning, when I was planning the project, I wanted to not only translate them, but to merge them into one wholesome novel. This was important because I wanted readers to know Shiva’s entire journey without a break. To do that, I had to make a lot of changes in the second novella, to ensure that the story moves seamlessly between the two halves. That was a very difficult process, and I had to be careful that I do not repeat or overstate anything. Also, the use of jargons from the world of boxing also called for a lot of careful consideration. It had to be an immersive experience, without sounding didactic. It had to flow from the inside out.

As a Bengali, have your read Moti Nandy’s works? What has been your experience?

Nandy used to be one of my favourite authors during my growing up years. His work in sports fiction is a unique contribution and has perhaps not been replicated anywhere else in India. At a time when most Bengali novels for young adults were busy taking them on fantastic adventures, Nandy came with a more grounded offering. He started writing about sports and ordinary boys & girls who made it big in sports through sheer hard work, determination & perseverance. He had some advantage, of course, because he was a sports journalist for several years. His language was beautiful and easy to understand, his ‘call to action’ impeccably effective and he taught a lot of youngsters to dream big and work hard. I, for one, have enjoyed his novels thoroughly, and not just his sports fiction. Even his other novels left an indelible impression in my mind with their richness. The first Moti Nandy novella I read was ‘Jiban-Ananta’, and my favourite novellas were of course the two Shiva novellas.

What is the toughest part of translating any book?

I’d say the toughest part is to retain the essence & message of the original. I need to be so much in love with the original story, that it becomes a part of me. Once that happens, translation is merely a process of penning it down in another language. As I always say, translation is a two-step process. In the first step, you make the original story your own. In the second, you tell the story in your own words. It’s a long, sometimes very painful process, and it’s just like falling in love – it happens to you. You can’t make it happen. If you force it, it will show, and the effects will be disastrous.

Bhaskar Chattopadhyay

Your debut novel, Patang, was recently launched. Tell us about it & the reason behind writing a thriller as your debut book.

Well, it wasn’t a choice that I had, really. I was asked to write a story for a film by a producer in Mumbai, and was told that it had to be a thriller. My second novel ‘Penumbra’, for instance, was a cosy crime mystery – a tribute to the golden days of detective fiction, featuring a ‘thinking detective’ rather than a gunslinger. My translations are from varied genres. But that is not to say that I do not like thrillers, though. ‘Patang’ is a thriller – a serial killer mystery based in Mumbai. And like any good thriller involving a killer and a cop, it is essentially a hunting story – a tale of a predator and a prey. The urban setting is merely happenstance.

How has the response been like?

‘Patang’ has been received very well; in fact, I wasn’t expecting this kind of reaction from my readers. It has been widely described as an intelligent thriller, an unputdownable book, a visual treat where you can not only see the vivid descriptions of the gritty locales in front of your eyes, but can even smell them! Another often repeated reaction that I have received is that they were completely dumbfounded by the way the mystery unravels at the end. For a writer of a mystery novel, there’s nothing more satisfying than that compliment.

Most writers have favourites in the genre they love. Tell us about yours.

I love the good old detective stories. Poirot, Holmes, Father Brown, Nigel Strangeways, our very own Feluda and Byomkesh Bakshi... I love the puzzles these stories pose, and I love solving them with the help of the clues the authors provide. My favourite detective story is Agatha Christie’s ‘The ABC Murders’. Outside the genre, I love adventure stories, hunting stories, and stories about expeditions.

You translated 14: Stories That Inspired Satyajit Ray. Any particular reason why you chose it?

Two reasons, in fact! First, the stories themselves are extremely powerful. Second, as a lover of cinema, I’m very interested in the art of cinematic adaptation. I love thinking about the ways a work of literature can & should be taken to the screen, and the many difficulties that this transfer would present. The two media are totally different, and yet Ray had taken such beautiful stories, and made such beautiful films out of them. If you think about it, it’s a very difficult feat to pull off. What may look good on the pages of a book may not necessarily look good on screen. How did he do that? How did he manage to retain – and sometimes enhance – the beauty in the stories? That was something that I wanted to spend some time on. That’s how ’14: Stories…’ was conceived and written.

What next from your pen?

In ‘Penumbra’, I created a detective of my own, and I’d like to tell a few more of his stories. Which is why, I decided to create a series with him. My next book would be the second book in the series. Readers can expect another baffling puzzle, with all the clues right in front of their eyes. Then comes ‘Nayak’, my novelization of Satyajit Ray’s famous film of the same name. It’s a project that is very close to my heart. I’m also planning to write another high octane urban thriller like ‘Patang’, and that should come out sometime next year.

TITLE: Shiva

AUTHOR: Moti Nandy

TRANSLATOR: Bhaskar Chattopadhyay

PUBLISHER: Penguin Random House India

PAGES: 256

PRICE: Rs. 399