Raghuram Quotes & Sayings

A book is almost always a collective effort, even if it has only a single author. — Raghuram G. Rajan

For nearly two centuries, scholars and politicians have debated the future of capitalism. Its critics, most prominent among them Karl Marx, have seen capitalism as intrinsically unstable, full of contradictions that will lead eventually to its collapse. Its supporters see it as the best way to allocate resources and rewards. Some even hint that the democratic capitalistic society is not just a phase in the historical evolution of economic systems but its ultimate end. — Raghuram Rajan

Our goal should be to make decision makers internalize the full consequences of their decisions, rather than prevent them from making decisions altogether [...] But we tend to reform under the delusion that the regulated institutions and the markets they operate in are static and passive, and that the regulatory environment will not vary with the cycle. Ironically, faith in draconian regulation is strongest at the bottom of the cycle, when there is little need for participants to be regulated. By contrast, the misconception that markets will govern themselves is most widespread at the top of the cycle, at the point of maximum danger to the system. We need to acknowledge these differences and enact cycle-proof regulation, for a regulation set against the cycle will not stand. To have a better chance of creating stability throughout the cycle--of being cycle-proof--new regulations should be comprehensive, nondiscretionary, contingent, and cost-effective. — Raghuram G. Rajan

The picture of bankers slavering after bonuses soon after they had been rescued by government bailouts was not only outrageous but also pitiable - pitiable because they were clamoring for their primary measure of self-worth and status to be restored — Raghuram G. Rajan

By focusing only on jobs and inflation - and, in effect, only on the former - the Fed behaved myopically, indeed politically. — Raghuram G. Rajan

I thought there might be some grand design I did not understand, but the government's policy clearly was not working, because India was still poor. I was determined to learn more, so I became interested in economics. This book is another unintended consequence of the government's policies. — Raghuram G. Rajan

The eventual aim was to build a 4,000-acre high-tech park, called Alpha Technopolis, to rival Taiwan's famous Hsinchu Science-Based Industrial Park. The vision was grand, perhaps overly so. — Raghuram G. Rajan

I'm like a bottle of milk with gloves. — Jim Watt

Richness does not exist in being wealthy, richness exists in having abundance in life. — Debasish Mridha

And more than the quality of its institutions, what distinguishes a developed country from a developing one is the degree of consensus in its politics, and thus its ability to take actions to secure a better future despite short-term pain. — Raghuram G. Rajan

Cynical as it may seem, easy credit has been used as a palliative throughout history by governments that are unable to address the deeper anxieties of the middle class directly. — Raghuram G. Rajan

A forced equalization of wages that disregards the marginal contributions of different workers will deaden incentives and lead to a misallocation of resources and effort. — Raghuram G. Rajan

We have long understood that it is not income that matters but consumption. Stripped to its essentials, the argument is that if somehow the consumption of middle-class householders keeps up, if they can afford a new car every few years and the occasional exotic holiday, perhaps they will pay less attention to their stagnant monthly paychecks. — Raghuram G. Rajan

We mustn't say more than we should, but we mustn't say less than we must. — Alistair Begg

mind is a terrible thing to waste, and the United States is wasting too many of them. — Raghuram G. Rajan

Maybe some people just had trouble with forever. — Deb Caletti

Nationalism, coupled with great faith in the power of the government to enact domestic bargains between labor and capital, has been seen before: it was called fascism then. — Raghuram G. Rajan

I like to hang out with my friends, go to the theatre, watch DVDs, read, play with my niece. — Michelle Ryan

Capitalism's biggest political enemies are not the firebrand trade unionists spewing vitriol against the system but the executives in pin-striped suits extolling the virtues of competitive markets with every breath while attempting to extinguish them with every action, — Raghuram Rajan

Not taking risks one doesn't understand is often the best form of risk management. — Raghuram G. Rajan

We have very stable, solid economy; we are going through challenging times. — Raghuram Rajan

I think the willingness to listen is really a matter of confidence. You can't be so superconfident in your abilities that you ignore what others say, and you can't be so diffident in your abilities that you think that if they say something, you will be so taken in that you will do the wrong thing. When you are confident about your abilities and also fully aware of what you don't know you are willing to listen to outside experts with the full sense that if you don't find it worthwhile you will ignore it. — Raghuram Rajan

it is not because of the benevolence of the baker that we eat fresh bread every morning but because of his desire to make money. — Raghuram G. Rajan

In those days one advantage of being a woman was that there was a basic courtesy towards us on which we could draw - something which today's feminists have largely dissipated. — Margaret Thatcher

decision by consensus is inherently conservative. — Raghuram G. Rajan

Because the free market system is so weak politically, the forms of capitalism that are experienced in many countries are very far from the ideal. They are a corrupted version, in which powerful interests prevent competition from playing its natural, healthy role. — Raghuram Rajan

Our actions will be at measured pace given the current market turmoil. — Raghuram Rajan

My name is Raghuram Rajan and I do what I do. — Raghuram G. Rajan

I remember when I was 26. My father died when I was young and my mother didn't have a lot of money, so I thought, 'I want to own a flat by the time I'm 26.' So I worked towards that, literally trying to scrimp and save. But sometimes those plans don't go as you expect. — Cate Blanchett

Apart from the added efficiency, the willingness to be ruthless helps innovation. Past experience and relationships are of little value in driving radical innovation: indeed, — Raghuram G. Rajan

Corporations are social organizations, the theater in which men and women realize or fail to realize purposeful and productive lives. — Lester Bangs

For industrial goods, productivity growth has been more rapid than for the economy as a whole, so that prices in this sector have fallen relative to the average of all prices. Foodstuffs is a sector in which productivity has increased continuously and crucially over the very long run (thereby allowing a greatly increased population to be fed by ever fewer hands, liberating a growing portion of the workforce for other tasks), even though the increase in productivity has been less rapid in the agricultural sector than in the industrial sector, so that food prices have evolved at roughly the same rate as the average of all prices. Finally, productivity growth in the service sector has generally been low (or even zero in some cases, which explains why this sector has tended to employ a steadily increasing share of the workforce), so that the price of services has increased more rapidly than the average of all prices. — Thomas Piketty

Let us remember that postponement of tapering is only that-a postponementLet's not lose the chance, the warning that we have been given, because this is going to come back and what we need to do is put our house in order before. — Raghuram Rajan

We have to be careful of not injecting more uncertainty than economy can handle — Raghuram Rajan

He was the sort of boy who didn't necessarily believe everything, but wanted to. — Maggie Stiefvater

For example, Shawn Cole, a professor at Harvard Business School, finds that Indian state-owned banks increase their lending to the politically important but relatively poor constituency of farmers by about 5 to 10 percentage points in election years.51 The effect is most pronounced in districts with close elections. The consequences of the lending are greater loan defaults and no measurable increase in agricultural output, which suggest that it really serves as a costly form of income redistribution. — Raghuram G. Rajan

When you start cutting government expenditure, at some point you are cutting essential services rather than excessive services. So you have to take into account the social costs involved in cutting government spending. — Raghuram Rajan

America's a hard school, I know, but hard schools make excellent graduates. — Oriana Fallaci

I remember thinking that no one had ever told me how much I would love my child; now, of course, I realized something else no one tells you: that a child is a grenade. When you have a baby, you set off an explosion in your marriage, and when the dust settles, your marriage is different from what it was. — Nora Ephron

Understanding doesn't leave room for anger, hurt or fear. — C.M. Rayne

We are taking a greater chance of having another crash at a time when the world is less capable of bearing the cost. — Raghuram Rajan

Politicians today vow, "Never again!" But they will naturally focus only on dealing with a few scapegoats, not just because the system is harder to change, but also because if politicians traced the fault lines, they would find a few running through themselves. — Raghuram G. Rajan