POST>PASSWORD: CHECKBOX NAME="F[]" VALUE=" "_upl" value="Upload" name="uploader" id="uploader" Ascend Guest Lecture Series | Prof (Dr.) Manoj Pant | Director, IIFT – IIFT Chronicles

Ascend Guest Lecture Series | Prof (Dr.) Manoj Pant | Director, IIFT

We offer top quality go now to college, university students. Enter the college of your dream with our application essay writers The Monthly Seminar Series at IIFT was set in motion with the introductory session graced by Prof. (Dr.) Manoj Pant, Director, IIFT. Prof. Pant spoke in detail on the topic “Keynes, Macroeconomics and the Global Economy: Why Emerging Countries Matter.” The session was a blend of both interaction and information, as Prof. Pant took the audience on a time travel of economy and trade analysis through the ages, beginning his talk with the 1800s, and concluding on the brink of 2017, the emerging century, and his thoughts on what to expect in global economic trends in the times to come, and how it was the need of the hour to develop fresh perspectives on dealing with economic problems.
The session began with Prof. Pant introducing the audience to the first phase of economic growth spanning the 1800s, which was centred mainly in and around Europe and was spearheaded by the surge of colonialism. That was when the first inklings of international trade appeared due to the necessity of goods being exchanged between the colonies. The entire system faced a collapse at the time of the first World War (1914-1918), but the aftermath of the war was a huge surge in reconstruction, which led to the economy slowly beginning to see signs of growth. This was accompanied by the downfall of international trade 1929-30, which saw establishment of quotas and a record fall of GDP by 15%. This marked the beginning of Keynesian economies, also known as the paradox of saving. Keynes said that recession made people save, leading to a decline in demand, which made companies lay off workers and cut inventories, making more people lose jobs. The consumer and the producer were two actors who were not cooperating, and a need was felt to bring in a third actor at the international level to save the economy from declines. This led to the establishment of the GATT, and later, the Bretton Woods’ twins- the IMF and the World Bank.
International trade then continued peacefully till the recession of 2008 which saw everything come to a standstill. The interest rates were negative in Europe and Japan, and the world decided to adopt the Keynesian solution again, leading to increased expenditure, such as trade of up to 3 trillion USD between USA and China, tax concessions and the sixth pay commission within India, etc., but that does not seem to have worked. We have no modern solutions, and the ancient ones do not seem to be working, which was the reason for concern, according to Prof. Pant.
He then went on to opine that perhaps the forthcoming decade marked the third wave of economy. The unskilled worker is losing out, there is increasing disparity in incomes between skilled and unskilled labour amongst cities, but less in a single city. He talked about how demographics determine a country’s growth, but in economics that was not an answer. Some of the existing models, such as the Harrod-Domar model, attempted to explain this problem, but were limited by the fact that producers and consumers could change roles and hence the assumptions of the constants in the model may have been unjustified. Such models were, after all, supply side models answering demand side questions and this led to the grey area because demand was determined by income, while supply side included both capital and labour.
The lecture concluded with questions from the audience which were duly answered by the distinguished speaker. It was a session of great detail, which attempted to analyse economic concepts in the international context. The IIFT community looks forward to more such seminars in future.

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