It is always refreshing to hear economists with a healthy disdain for statistics. Or at least some kinds of statistics (and there are famously three kinds most cited). So Eavesdropper?s ears pricked up, at a Ficci-organised book discussion in Delhi, on hearing Columbia?s trade guru Jagdish Bhagwati dismiss the much-cited Gini coefficient of inequality as a ?red herring?. It is such a silly measure, he said, that assortedly shaped income distribution curves throw up the same coefficient. Moreover, it?s a lousy yardstick for the benefit of market liberalisation since it?s not a figure that tells us of any constituency whatsoever. What we should watch, he said, was reduction in poverty levels. Don?t get distracted, he cautioned policymakers, by the wrong indicators.
Diesel budge
At the same discussion, Professor Bhagwati admitted to being part of a group of economists in the 1960s worrying about poverty and suggesting policies that didn?t quite work. But what?s alarming in the light of experience, he said, was how many policy advisors in India were ?still on the same bus?. But, he added, somewhat under his breath, like with Rosa Parks, it wasn?t that they were too lazy to shift.
Endurance
There are many ways to earn a living. Talking is one of them. But it?s not easy, judging by the punishing schedule CK Prahalad adheres to. On Thursday, the bottom-of-the-pyramid guru had a hectic session at CII, where he spoke from 8:30 in the morning till about 2:30 in the afternoon. And that was not all. After that began his round of press interviews, the excruciating nature of which Eavesdropper can claim to be acquainted with. Prahalad went through them all with stoic endurance.