by Pranab Bardhan
All of the articles in this series can be found here.
There was another well-known economist who later claimed that he was my student at MIT, but for some reason I cannot remember him from those days: this was Larry Summers, later Treasury Secretary and Harvard President. Once I was invited to give a keynote lecture at the Pakistan Institute of Development Economics at Islamabad, and on the day of my lecture they told me that Summers (then Vice President at the World Bank) was in town, and so they had invited him to be a discussant at my lecture. After my lecture, when Larry rose to speak he said, “I am going to be critical of Professor Bardhan for several reasons, one of them being personal: he may not remember, when I was a student in his class at MIT, he gave me the only B+ grade I have ever received in my life”. When it came to my turn to reply to his criticisms of my talk, I said, “I don’t remember giving him a B+ at MIT, but today after listening to him I can tell you that he has improved a little, his grade now is A-“, and then proceeded to explain why it was not an A. The Pakistani audience seemed to lap it up, particularly because until then everybody there was deferential to Larry.
Later when I asked Stan Fischer if Larry was my student, he told me that he might have taken my undergraduate class. The undergraduate classes were larger than graduate classes, and I do not remember many of those students (one very bright MIT undergraduate I do remember teaching was Hal Varian, who later became my colleague at Berkeley, and has been the Chief Economist at Google for some years). Read more »

What does it mean to say that everyone is equal? It does not mean that everyone has (or should have) the same amount of nice things, money, or happiness. Nor does it mean that everyone’s abilities or opinions are equally valuable. Rather, it means that everyone has the same – equal – moral status as everyone else. It means, for example, that the happiness of any one of us is just as important as the happiness of anyone else; that a promise made to one person is as important as that made to anyone else; that a rule should count the same for all. No one deserves more than others – more chances, more trust, more empathy, more rewards – merely because of who or what they are.
Obviously, “Donald Trump” here is a placeholder for any political figure who one wishes to insult. But the joke raises an interesting question. What kind of work , if any, is shameful? And it also suggests a way of posing the question: viz. what kind of work might a child be ashamed to admit that their parents performed? This is an interesting dinner table conversation topic.








Tick, Tick . . . Boom!

Our human story has never been simple or monotonous. In fact, it has been nothing less than epic. Beginning from relatively small populations in Africa, our ancestors
hookers rested after walking Hollywood Boulevard, or at least that’s what my mother once said of her counterparts who lived in rooms above the garages of a small apartment building on a busy street. While waiting for my father to return from prison, we lived in one of the garages, converted into a shelter.