Has economic thought ever considered the contribution made by mothers to a nation's GDP? Hindu economics teaches respect motherhood, maatr devo bhava, mother as divine. A mother moulds and nurtures the value of dharma in a child which becomes the guidepost for the rest of a child's life. Isn't economics a measure of wealth created? How does it measure the contribution made by motherhood? Study Hindu Economics and Hindu dharma shastra.
Kalyan
'Baby Nobel' for Delhi-born US economist Raj Chetty
Chidanand Rajghatta, TNN | Apr 16, 2013, 12.27 AM IST
WASHINGTON: A young Indian-American economist whose pioneering work on education was cited by President Obama in last year's State of the Union address has won a prestigious award that is often called the "Baby Nobel."
New Delhi-born Raj Chetty, now a professor of economics at Harvard, has been named the 2013 winner of the John Bates Clark Medal, which the American Economic Association awards annually to an "American economist under the age of forty who is adjudged to have made a significant contribution to economic thought and knowledge."Notable past winners of the prize include Paul Krugman, Paul Samuelson, Milton Friedman, Joseph Stiglitz — all Nobel laureates — besides Chetty's mentor Martin Feldstein, Freakonomist Steven Levitt, and former Treasury Secretary and Harvard University President Larry Summers. In fact, one in three Clark winners has gone on to win the Nobel (12 out of 35), which is why the medal has been dubbed the Baby Nobel.
Indeed, even by Clark medal standards, Chetty, who is only 33, is a relative novice. But as one of the youngest people in the history of Harvard's economics department to be offered tenure (at 28), his work has been received with acclaim despite — or perhaps because of — its elegant simplicity, and his own youth.
Among his oft-quoted research on education is a paper on whether kindergarten classrooms affect earning later in life, and "The Long-Term Impacts of Value-Added — Teacher and Student Outcomes in Adulthood," which Obama referred to.
"Raj Chetty is a remarkably productive economist whose contributions assimilate evidence using a variety of methodological perspectives to shed new light on important public policy questions," the American Economic Association said in a statement outlining his work, adding, "He has established himself in a few short years as arguably the best applied microeconomist of his generation."
Chetty, whose parents moved to the U.S when he was nine, studied at University School in Milwaukee and Harvard University before becoming an assistant professor of economics at the University of Berkeley at only 23. He became a tenured professor at 27 before returning to his alma mater (at 29) where he is a professor of economics and director of the Lab for Economic Applications and Policy.
No one seemed particularly surprised by the latest honor to the popular economist, whose work echoes the lucid integrity of Paul Krugman, a previous winner. The Economist listed Chetty as one of the top eight young economists in the world in 2008, and last year he won the MacArthur Foundation's so-called "Genius award." He is also the recipient of the 2012 Mahalanobis Memorial Medal of the Indian Econometric Society, attesting to the recognition he has received from his home country.
http://timesofindia.indiatimes.com/world/us/Baby-Nobel-for-Delhi-born-US-economist-Raj-Chetty/articleshow/19567003.cms
Handbook of Hindu EconomicsHandbook of Hindu Economics and Business [Paperback]
Prof Hrishikesh D Vinod (Author)
Book Description
Publication Date: March 27, 2013
The innovative Handbook offers 23 state-of-the-art peer-reviewed essays by leading international authorities summarizing evidence-based research on ancient and modern India. For example, Kautilya's Economics text published some 2000 years before Adam Smith is shown to include ideas in Marx's Labor Theory of Value, UN's Human Rights, optimization, etc. Hindu India topics include: beef eating, astrology, rituals, sacraments, pilgrimages, guilt-free pursuit of wealth and pleasures, caste system's huge costs and benefits in nurturing entrepreneurship, charity, Hindu Law, gender issues, overpopulation problem, yoga for business management and human capital growth. The scholarly essays provide a unique reference work for students, teachers, businessmen, India investors and general readers. Michael Szenberg, editor of The American Economist wrote: "Hindu Economics and Business Handbook is an engaging and informative survey of the economics of Hinduism. I highly recommend it. Jagdish Bhagwati of Columbia University said "… interesting collection … will be widely read" Prof. Panchamukhi, Former Chairman, Indian Council for Social Science Research, New Delhi and editor of Indian Journal of Economics wrote: ".. systematically arranged into different themes and chapters ...Protection and prosperity, Importance of animals, Four-fold Objectives of Life, Hindu Social Corporate form, Ayurvedic Medicines, Impact of Rituals, (etc.)...perceptive articles on the recent thoughts on development and governance ...extremely valuable reading material...the most useful addition to the literature" Prof. Rishi Raj of CCNY, president of SIAA, wrote: "...many methods and strategies ..(by).. Hindu economists are desperately needed to help solve the present day world economic crisis." Narain Kataria, President of Indian American Intellectual Forum wrote: "...review of contrasting viewpoints... This unique reference work edited by Prof. Vinod belongs not only in every public library, but also in the home of everyone interested in India, including non-Hindus and international investors." List of distinguished authors includes the likes of: (1) former Harvard professor and president of Janata Party, Subramanian Swamy, (2) Suresh Tendulkar, Chair, Indian Prime Minister's Economic Advisory Council, (3) Shankar Abhyankar, founder of Aditya Pratishthan, (4) Anil Bokil, founder of ArthaKranti Pratishthan, (5) Prof. R. Vaidyanathan, IIM Banglore, (6) Balbir Sihag of U. Mass. (7) M.G. Prasad of Stevens Tech. (8) M. V. Patwardhan former Fellow Institute of Bankers, London, (9) Gautam Naresh, formerly at the National Institute of Public Finance, (10) M. V. Nadkarni, founder of Journal of Social and Economic Development, (11) Prof. R. Kulkarni, IIT Bombay, (12) K. Kulkarni, editor of the Indian Journal of Economics and Business, (13) Prof. S. Kaushik, Pace University, NY, Founder of Women's College in India, (14) H. Mhaskar, von Neumann distinguished professor, Technical University, Munich, Germany, (15) Vasant Lad, founder of Ayurvedic Institute in Albuquerque, NM, (16) Yogi S. Vinod, founder MVRF, Pune, (17) S. Kalyanaraman, Director, Sarasvati Research Centre, Chennai, (18) M. and P. Joshi, founders of Gurukul Yoga Center, NJ, (19) Advocate S. Deshmukh, and (20) Advocate C. Vaidya, among others.