The two professions that garner inevitable hate from people – the economists and weather forecaster seem to lack precision in their ability to predict chaos. But when we talk about predicting the economic crisis of 2008, renowned Indian economists had already pronounced the forth coming economic catastrophe awaiting the world. Dr. Raghuram Govind Rajana, an Indian origin economist, was probably the first to declare a possibility of collapse in 2005. He not only foretold the future, but also prescribed counter measures.
Noble prize winning economist, Amartya Sen is also an Indian origin economist vastly known for his work in “welfare economic.” In what follows, let’s take a look at 6 eminent economists from India who have taken the world by surprise with problem solving abilities, and nearly correct predictions.
6. Arvind Panagariya
Arvind is a Rajasthan University graduate (1971) who holds a PhD in economics from Princeton University (1978). He has served institutions like World Bank, IMF, UNCTAD and WTO under different capacities. He has written many books on the issues concerning world economic order. His articles are a monthly feature in one of the major Indian financial dailies, The Economic Times. Panagariya also used to write guest columns for the Financial Times, Wall Street Journal and Outlook.
5. Nadarajan Raj Chetty
Chetty lived in Delhi till the age of 9 and then, fled away to the US with his family. He received his B.A. from Harvard in 2000 and continued PhD from the same institution. Before joining his alma mater as a professor, Chetty served University of California, Berkeley as an assistant professor of Economics. Raj got the opportunity of becoming professor at the age of 28, offered by Harvard University. He accepted this offer at the age of 29 and became one of the youngest people to achieve such milestones in the history of economics department at Harvard. Raj is known for his counterintuitive idea that speaks of sometimes getting higher investment as a result of higher interest rates. Raj is the recipient of prestigious John Bates Clark Medal (Baby Nobel) for the year 2013.
4. Gita Gopinath
Gita Gopinath is a graduate from the University of Delhi (1992) and a PhD from Princeton University. Gita is the first Indian and world’s 3rd woman with tenure in Harvard’s Department of Economics. She is married to an economist named Iqbal Dhaliwal. Gita has a 7 year old son, Rohil. She holds editorial positions for many prestigious magazines and journals such as I.M.F. Economic Review, The journal of international Economics and American Economic Review. Gita loves to work in areas of international macroeconomics and trade. In 2011, she was awarded the young global leaders award by WEF (world economic reform). She has the opportunity to share office with idolizing Professor Amartya Sen.
3. Raghuram G Rajan
Widely recognized as ‘Superman’, Ragu needs very little introduction. Raghuram Govind Rajan, popularly known as the Rock star of Indian Economy, is the 23rd RBI Governor. He is an alumnus of the IIT Delhi (B. Tech in Electrical Engineering) and PhD from IIM-A. Rajan has a background in economics with a PhD from Massachusetts Institute of Technology. He was one the first personalities to correctly anticipate the clouds of depression before 2008. He has authored several books and distinguished papers. Rajan is married to his IIM-A classmate Radhika Puri. He has also chaired the post of Chief Economist at IMF from the year 2003-07.
2. Jagdish Natwarlal Bhagwati
Jagdish Bhagwati is a notable researcher widely acknowledged for his advocacy of free trade. Born in a Gujrati family, Bhagwati holds a PhD in Economics from MIT. Jagdish is the brother of former CJI P.N. Bhagwati. He served as a professor of international trade at Delhi school of Economics from 1962 to 68. Bhagwati is widely hailed for his neoclassical thoughts that support Gujarat’s model of development.
1. Amartya Sen
Amartya Kumar Sen was born in the Indian State of West Bengal. He completed some part of his primary education in Dhaka before his parents moved back to West Bengal. Sen passed B.A. (Honors) in Economics from the Presidency College, Calcutta. Post graduation, he enrolled for PhD in Economics at Trinity College, Cambridge before returning to India. At the age of 23, Amartya was appointed as the HOD of Economics at Jadhavpur University. After 2 years, Sen returned to Cambridge in the year 1959 to complete his PhD. This Nobel Laureate of 1998 has widely contributed in the subjects of welfare economics and development economics. Also, Amartya Sen has been appointed as the first Chancellor of the Proposed Nalanda University.