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A toothsome twist to economics: Adding a dash of relish to the so-called dismal science

Nobel Prize-winner Abhijit Banerjee's brother recently revealed he is a great chef.

ET Bureau|
Updated: Oct 22, 2019, 01.11 PM IST
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Abhijit Banerjee is an exemplar of RCT — Remarkable Culinary Talent.
The revelation, made by his brother, that Abhijit Banerjee, co-recipient of this year’s Nobel Prize for Economics, is a great chef should occasion little or no surprise either to practitioners of the dismal science, or to those dedicated to the pursuit of gastronomy.

The fundamentals underlying the discipline of Keynes and Friedman might seem as simple as ABC, going by Mr Micawber’s benefic calculus of financial prudence and contentment, “Annual income twenty pounds, annual expenditure nineteen pounds, nineteen shilling, and six pence, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.”

However, like the devil, divergences lie in the details of distinction between supply side and demand side, and monetary policy and fiscal policy. In that economists are known to not only bake but also take the cake when it comes to dishing out statistics to suit all budgets and Budgets, their profession can be likened to that of confectioners, though the fare they offer may be far from sweet.

Perhaps it is no linguistic coincidence that the colloquial term for money is ‘bread’, or that those who control the state’s purse strings deal with pie charts and engage in debate as to how best to bring home the bacon. In keeping with this foodie tradition, it’s little wonder that Abhijit is an exemplar of RCT — Remarkable Culinary Talent.

Tagore, Satyarthi And 8 Other Nobel Winners Who Have Made India Proud

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The Indian Connection

18 Oct, 2019
India's association with the Nobel Prize goes back, across centuries and latitudes. Poet, writer and thinker Rabindranth Tagore brought glory to the country when he became the first Indian to win the Nobel Prize for the country. The 52-year-old Tagore was accorded the honour in 1913, 12 years after it made its debut. Ever since, nine other laureates with an India connection have been conferred the prestigious award in various categories, Abhijit Banerjee being the latest. There were a few famous names who were nominated several times, but failed to bag the award. While Indian poet Sri Aurobindo was nominated for the Nobel Prize in Literature in 1943 and 1950, the committee had considered Mahatma Gandhi for the Peace Prize five times in 1937, 1938, 1939, 1947 & 1948 (days before his assassination). Swedish chemist Alfred Nobel had drafted a will in 1895 where he reserved a large part of his estate to establish Nobel Prizes after concerns of how the world would remember him. He wanted the awards to be given to individuals (based on their achievements), annually, despite their nationality. He died in 1896. It took nearly five years for the committee to set up, and the first set of awards for Physiology or Medicine, Chemistry, Literature, Physics and Peace were awarded in 1901. After 67 years, Sweden's central bank with donation from donation from the Nobel Foundation, established the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel in 1968. Here's a look at all the Indians who brought honour to the nation.
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