Indian
economy is ‘the best economy’ ! .. .. we
know it too well. How interesting was Economics when you studied ? An Economist is a
practitioner in the social science discipline of economics. The individual may
also study, develop, and apply theories and concepts from economics and write
about economic policy.
This post is
on an Economist turned politician, who earned a PhD from the prestigious
Massachusetts Institute of Technology (MIT) in the United States, and then
taught economics in several Universities.
After spending six years at the World Bank from 1984 to 1990, he led the
treasury department at his country’s
economy ministry for a decade, working under nine separate governments.
From that position, he masterminded
large-scale privatisations and contributed to deficit-cutting efforts that
helped his Nation qualify for the euro.
Like other Countries in
the region, Italy too was badly affected by Covid 19. Recently, the Governors of Italy's regions
called for the travel ban to be kept in place, as concern remains high about
the potential spread of more infectious variants of the coronavirus first
detected in the UK, Brazil and South Africa. The ban applies to all
non-essential travel between all regions, regardless of which zone they are in
under Italy's tiered system of coronavirus restrictions.
Anchored by
Milan, Italy’s financial and fashion capital, Lombardy boasts sophisticated
industry and world-class medical facilities. Yet it was overwhelmed by the
first wave of the global pandemic, forcing doctors to ration ventilators and
hospital beds while having to decide who lived and who died. The catastrophe in Italy’s most affluent
region was in part a consequence of having entrusted much of the public health
care system to private, profit-making companies while failing to coordinate
their services. Over the previous quarter-century, substantial investment has
flowed into lucrative specialties like cardiac surgery and oncology. Areas on
the front lines of the pandemic, like family medicine and public health, have
been neglected, leaving people excessively reliant on hospitals - rather sad state of affairs .. ..
Moving away
– this is a quote attributed to Adam Smith : “Nobody ever saw a
dog make a fair and deliberate exchange of one bone for another with another
dog.”
Adam Smith was a famous Scottish economist, philosopher as well as a
moral philosopher, a pioneer of political economy, and a key figure during the
Scottish Enlightenment, also known as ''The Father of Economics'' or ''The
Father of Capitalism''. Smith wrote two classic works, The Theory of Moral
Sentiments (1759) and An Inquiry into the Nature and Causes of the Wealth of
Nations (1776). The latter, often abbreviated as The Wealth of Nations, is
considered his magnum opus and the first modern work of economics. Smith laid the foundations of classical free
market economic theory. The Wealth of Nations was a precursor to the modern
academic discipline of economics. In this and other works, he developed the
concept of division of labour and expounded upon how rational self-interest and
competition can lead to economic prosperity.
Vilfredo Federico Damaso
Pareto[1848 –
1923) was an Italian civil engineer, sociologist, economist, political
scientist, and philosopher. He made several important contributions to
economics, particularly in the study of income distribution and in the analysis
of individuals' choices. He was also responsible for popularising the use of
the term "elite" in social analysis. He introduced the concept of
Pareto efficiency and helped develop the field of microeconomics. He was also
the first to discover that income follows a Pareto distribution, which is a
power law probability distribution. The Pareto principle was named after him,
and it was built on observations of his such as that 80%
of the wealth in Italy belonged to about 20% of the population.
Along the lines of famous
Economists comes ‘Mario Draghi’ , Italian economist, central banker, academic,
civil servant and politician who has been serving as Prime Minister of Italy
since 13 February 2021. He previously
served as President of the European Central Bank from 2011 until 2019. Draghi
was also the chair of the Financial Stability Board from 2009 to 2011 and
governor of the Bank of Italy from 2005 to 2011. After a lengthy career as an
academic economist in Italy, Draghi worked for the World Bank in Washington,
D.C. throughout the 1980s, and in 1991 returned to Rome to become Director
General of the Italian Treasury. He left that role after a decade to join
Goldman Sachs, where he remained until his appointment as Governor of the Bank
of Italy in 2006. His tenure as Governor coincided
with the 2008 Great Recession, and in the midst of this he was selected
to become the first Chair of the Financial Stability Board, the global
standard-setter that replaced the Financial Stability Forum.
He left those roles after
his nomination by the European Council in 2011 to serve as President of the
European Central Bank. He presided over the institution during the Eurozone
crisis, becoming famous throughout Europe for saying that he would be prepared
to do "whatever it takes" to prevent the Euro from failing. In 2014, Draghi was listed by Forbes magazine
as the eighth-most powerful person in the world. In 2015, Fortune magazine
ranked him as the world's "second greatest leader". In 2019, Paul
Krugman described him as "the greatest central banker of modern
times."
After Draghi's term as President of the European Central Bank ended in 2019, he initially returned to private life. On 3 February 2021, in the midst of the COVID-19 pandemic, Draghi was invited by Italian President Sergio Mattarella to form a government of national unity, following the resignation of Giuseppe Conte. After successful negotiations with parties including the League, the Five Star Movement and the Democratic Party, Draghi was sworn in as President of the Council of Ministers on 13 February, pledging to oversee effective implementation of COVID-19 economic stimulus.
15.2.2021.
No comments:
Post a Comment