For Prof. Finn E Kydland, the joint winner of the 2004
economics Nobel Prize winner for his work on the impact
of technological innovations / inventions or `shocks'
on business cycles, his Indian visit has turned out to
be a pleasant shock.
scheduled 20 minute meeting with president Dr A P J Abdul
Kalam was extended by an hour with Kalam actively participating
in the discussion citing India's achievements. The Nobel
laureate also met finance minister P Chidambaram, planning
commission deputy chairman Montek Singh Ahluwalia and
the Reserve Bank governor Y V Reddy. Kydland also found
time to visit Jaipur and its famous forts.
purpose of Prof. Kydland's visit was to participate in
the foundation ceremony of the Great Lakes Institute of
Management (GLIM) promoted by his friend Prof. Bala Balachandran,
Kellogg Graduate School.
professor in the Tepper School of Business administration,
Carnegie Mellon University, USA, Prof. Kydland will be
the honorary head of the economic related research at
the Yale-GLIM Centre for Management Research. However
it is still undecided whether Prof. Kydland would be visiting
the school at regular intervals to lecture the students.
to him, developing countries on the reform path should
look at long term goals rather than short term while formulating
their policies. He feels that India can learn from Argentina's
experience in this regard.
Nobel laureate also said that countries are now better
prepared to meet the oil price hike unlike the period
of the first oil shock in 1970. According to Prof. Kydland,
the type of shocks having permanent impact is that of
technological change. "Anything
that changes the relationship between capital and the
labour on the one hand and the goods and services on the
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