Re: [Pen-l] On Raghu

[raghu <mraghu01@xxxxxxxxx>]

On Sat, Jan 3, 2009 at 6:21 PM, Julio Huato <juliohuato@xxxxxxxxx> wrote:

If my memory helps, the paper on the lack of growth effects of foreign
aid that the WSJ note reports on is a paper that Rajan presented in
Boston, at the 2006 AEA annual meeting.  Rajan shared a panel with
other "young stars" (Easterly, Acemoglu, Aghion, and Torsten Persson
come to my mind).  He stood out in the discussion.  I was surprised by
how critical he was of the traditional IMF policies, even though he
was representing the IMF.  (Easterly was bitching about the historical
performance of the World Bank, but he had already left it to join
NYU.)  Rajan brandished some econometrics showing that workers'
remittances beat official aid at inducing growth in poor economies.

No disrespect to my better known cousin (not really my cousin, but we Indian Brahmins are a pretty inbred group so who knows?) but there are dozens of economists who have been saying the same things (at least re: financial instability, maybe less so about IMF aid flows). The fact that Rajan is making news reflects mainly on the intellectual bankruptcy of the majority of mainstream economists..
-raghu.


--
Did you hear about the dyslexic Satanist? He sold his soul to Santa.




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