Incidentally, the Reserve Bank of India (RBI) Governor, Raghuram Rajan, has single-handedly brought a huge slowdown to the Indian manufacturing sector and exports. As a doctor, he has believed that the best way to bring down the temperature of a patient (i.e., inflation) is to kill him (investment starvation).

Though I have no sympathy with and cannot admire armed rebellion, I cannot withhold my homage from a youth so brave, so sacrificing, so simple and so noble in character as young Shri Rama Raju . . . Raju was (if he is really dead) not a fituri but a great hero. Would that the youth of the country cultivated Shri Rama Raju’s daring, courage, devotion and resourcefulness and dedicated them for the attainment of swaraj through strictly non-violent means. To me it is daily growing clearer that if the teeming millions whom we the articulate middle classes have hitherto suppressed for our selfish purpose are to be raised and roused, there is no other way save through non-violence and truth. A nation numbering millions needs no other means.

“Mani Madhava Chakyar when he portrayed Arjuna on the first evening and Ravana on the second, showed himself a master of the expression of the eye” - Dr. V Raghavan, renowned scholar of Sanskrit dramaturgy, classical Indian dance and music, connoisseur of art and former director of Samskritaranga- Chennai, 1962.

Rahman is a genius and has made the world sit up and take notice of Indian talent with his success. He has put the Indian film industry on the world map."

Prof Rao said he visited the Nobel prize-winning scientist’s (C.V.Raman} laboratory in Bengaluru first as an 11 year-old school boy. “He was the first to recognize my interest in science and has given me a lot of encouragement. He made me a member of the Indian Academy of Sciences when I was only 30. I can never be equal to him.

James Buchanan … produced several seminal contributions to the literature prior to the appearance of The Calculus, and a continual stream of books and articles afterward. I view Buchanan’s Nobel Prize as a reward for this great body of work, and not just limited to The Calculus. Pursuing this line of reasoning, Gordon Tullock’s prodigious research output following the publication of The Calculus also justifies a Nobel Prize. Indeed, Tullock’s (1967c) seminal analysis of rent seeking, and his subsequent work on this topic might be regarded as sufficient achievements for the awarding of a prize.

Among scientists, I am the second to get it [Bharat Ratna], after C.V.Raman. M. Visveswariah was an engineer, not a scientist. In that sense I am the second scientist to get it. I am happy that Kannadigas are also getting the award. My parents would always tell me to learn Kannada well in my younger days so I could be good both in Kannada and English. Learn to read and write Kannada, then you can learn English and enjoy both languages. [He was mistaken on the number of scientists with Bharat Ratna. A. P. J. Abdul Kalam, a physicist, was bestowed the honour in 1997, making Rao the third recipient among scientists.]

He was lucky enough to rub shoulders with a fellow student, Mr. W T. Newlyn, now lecturing on money at the University of Leeds, who was less of an engineer but more of a monetary theorist than himself. Together they discussed how monetary theory could be represented by an hydraulic model.

The bottom line is that monetary policy is a lot harder in the post-crisis world. We have learned a lot from the past five years, but there is still much we do not know. Policymakers, including the new Federal Reserve chair, are going to need flexible minds, good research, and the wisdom of ordinary Americans if they are going to meet the challenges that lie ahead.

Consider John Kenneth Galbraith or Lester Thurow, both leading economists in the view of the general public, both with all the formal qualifications, both totally ignored by the academic mainstream. Or consider Robert Mundell, who is still revered for his contributions to international monetary theory, yet whose later incarnation as the father of supply-side economics has similarly been ignored.

About Raja Rammohun Roy: There is no doubt that he was the first who held before us the ideal of freedom. He was the first to sound the note of freedom in every department of life and in every different culture that has met to-day in India. It may be that we have to modify that, it may we have to analyse that more carefully and more in details for the purpose of scientific study but it is enough for our purpose to say that he inaugurated many reforms – you might call that reforming activity. He inaugurated the reforms which again, in turn, gave rise to reaction which, again, gave rise to further reforms which made the nation turn on itself, till at last, it began to be self-conscious.

The professor that had the most influence on me was Marcus Nadler. ...As a teacher he had a rare ability to break down complex subjects into more palatable and understandable points. ...[H]e had a great capacity to simplify, to turn abstract ideas into practical applications. ...His lectures helped shape my belief that financial institutions and markets must balance entrepreneurial drive with responsibility. And his fairness and openness to opposing points of view influenced me to conclude that no one school of economic thought has a monopoly on wisdom.

“His historic talent was backed up by extraordinary erudition. Behind his wizardry with the eyes lay sustained practice undertaken with devotion and discipline” - L.S Rajagopalan (noted art critic), 1990

The Nobel Prize confers on an individual an authority which in economics no man ought to possess. This does not matter in the natural sciences. Here the influence exercised by an individual is chiefly an influence on his fellow experts; and they will soon cut him down to size if he exceeds his competence. But the influence of the economist that mainly matters is an influence over laymen: politicians, journalists, civil servants and the public generally. There is no reason why a man who has made a distinctive contribution to economic science should be omnicompetent on all problems of society — as the press tends to treat him till in the end he may himself be persuaded to believe.