India VS China : Continued

Read an excellent article in The Hindu about how its insane for India to chase China in growth rate. India should compete with it on other issues like Social Indicators of Health, Employment, Literacy, Infant Mortality etc. The article is written by Nobel laureate Amartya Sen.

Sen argues that India is growing at a better rate than Bangladesh, but still lagging in most of the social factors which indicate the overall well-being of the society. We should try to improve these (While continuing to grow, ofcourse) , rather than focusing too much on how much India's GDP is growing vs the Chinese.

Here are a few stats give out by Dr Sen.

India,         China ,    Bangladesh

GDP growth rate

(approx)                                8%   , 10%  ,   6%


Life expectancy                     64.4 ,    73.5 ,  66.9

Infant mortality                  50/1000 ,   17 ,   41

Under-5 mortality rate     66/1000 ,  19 ,  52

Adult literacy rate              65 ,  94,   54

Children immunised

with DPT vaccine                66% ,  97% ,  94%

Health care

spend (as % of GDP)           1.1% , 1.9% ,   NA


GNP per capita    (USD)    3,260 , 6,770 ,   1,580

Though India is better off than Bangladesh in adult literacy rate, its worse off in female literacy rate. This has been the reason for immense social well-being in Bangladesh, empowerment of women. India is still lagging in female literacy rates which is the prime reason (among others) for poor performance in other indicators like IMR, U5MR, population growth rate etc.

Now, given these facts can we say that India is doing better than Bangladesh just because our GNP is growing faster ? Absolutely not. It can be argued that higher GDP overall means higher spends in education, healthcare and infrastructure, but somehow these basic issues are ignored while we blow the trumpet of growing at 8% (or so) and overtaking China by 20XX.

 

[Source:  http://www.thehindu.com/todays-paper/tp-opinion/article1453228.ece?css=print]

Is EURO the cause of European Crisis ? - Krugman believes so.

Paul Krugman on European Crisis

Can Europe be Saved ? What are the Causes of the current crisis in Europe ? How did America cope with recession ? Krugman writes about these things in this article. Its a nice read.

Creating a common currency was a good idea, or atleast thats what European elites thought at that time. But did it really make any sense, as the trade between european countries has increased just by 10-15%, not enough - says Krugman. Also due to the diversity in culture and language in the Eurozone, there is not enough mobility of people to fill employment gaps created by other countries. Krugman compares Ireland with the state of Nevada in USA which have similar economies and use a common currency for trade with their neighbours,  but Nevada is supported by the common culture and any unemployment gaps can be filled as people can move in and out easily without any barriers of culture or language, which is not the case with Ireland.

Another problem with a common currency, argues Krugman, is that the indvidual countries can not adjust to the falling/raising Euro. UK is lucky, as it did not fall into the 'Euro-trap' and is free to re-valuate its currency depending on the situation to implement wage cut/inflation/deflation etc.

FT Global MBA Rankings 2011

Here is how Cranfield fared in the FTMBA 2011 rankings:

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  6th in the UK

  
  


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  13th in Europe

  
  


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  34th in the world

  
  


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  3rd in the world for teaching Economics

  
  


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  5th in the world for value for money

  
  


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  8th in the world for career progresion

  
  


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  8th for top salaries in Europe

  
  

See full rankings in FT website here.

[Source : CMAWorld]

[Source : FT Rankings]