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Business Standard
9 hours ago
- Business
- Business Standard
Eminent economist Meghnad Desai dies at 85 in London, PM condoles death
Renowned economist Lord Meghnad Desai, known as much for his sharp mind as for his distinctive Afro-style shock of hair that sat atop it, passed away at the age of 85 on Tuesday. India's Prime Minister Narendra Modi, who hails from the same state as Desai - Gujarat - condoled his passing on social media. In his post, PM Modi wrote, "Anguished by the passing away of Shri Meghnad Desai Ji, a distinguished thinker, writer and economist. He always remained connected to India and Indian culture. He also played a role in deepening India-UK ties. Will fondly recall our discussions, where he shared his valuable insights. Condolences to his family and friends. Om Shanti." Anguished by the passing away of Shri Meghnad Desai Ji, a distinguished thinker, writer and economist. He always remained connected to India and Indian culture. He also played a role in deepening India-UK ties. Will fondly recall our discussions, where he shared his valuable… — Narendra Modi (@narendramodi) July 29, 2025 Desai's fellow Peer in the House of Lords, Rami Ranger, described him as a "pillar of the community who worked tirelessly and made significant contributions to many worthy causes, including the Gandhi Memorial Statue at Parliament, which I collaborated on with him". "He will be greatly missed. We pray for a place in heaven for the departed soul and his family's strength to cope with this loss," said Lord Ranger. Lord Meghnad Desai: Academic and political journey Desai, who was born in Vadodara in 1940, completed his PhD in economics from the University of Pennsylvania in 1963. In 1991, he was appointed to the House of Lords as a Peer for the Labour Party. The Indian government recognised his contributions by awarding him the Pravasi Bharatiya Puraskar in January 2004, followed by a Padma Bhushan, one of India's highest civilian honours, in 2008. Desai moved to London in 1965 and began teaching at the prestigious London School of Economics. Over time, he rose to become a full professor and was later honoured as professor emeritus. Meghnad Desai authored several books, not only on economics but on a wide range of other topics. His most recent publication, released in 2022, was titled The Poverty of Political Economy: How Economics Abandoned the Poor. In 2004, he also wrote a biography of legendary actor Dilip Kumar, called Nehru's Hero: Dilip Kumar in the Life of India. He also wrote, until recently, a weekly column for The Indian Express newspaper tilted 'Out of My Mind'.
The Hindu
9 hours ago
- Business
- The Hindu
Meghnad Desai, eminent Indian-born economist and author, dies at 85
Lord Meghnad Desai, a 'multifaceted personality', eminent economist, holder of India's third-highest civilian honour, and a member of the United Kingdom's House of Lords has passed away on Tuesday (July 29, 2025), at the age of 85. Commenting on the loss, Prime Minister Narendra Modi took to the social media platform X to say he was 'anguished by the passing away of Shri Meghnad Desai Ji, a distinguished thinker, writer and economist'. 'He always remained connected to India and Indian culture,' Mr. Modi added. 'He also played a role in deepening India-U.K. ties. Will fondly recall our discussions, where he shared his valuable insights. Condolences to his family and friends. Om Shanti.' Born Meghnad Jagdishchandra Desai, Lord Desai, as he came to be known following his membership to the House of Lords in the U.K., was born in Vadodara in 1940. After completing his Bachelor's in economics from the University of Mumbai, he went on to finish his Master's degree from the same university before securing a scholarship to the University of Pennsylvania, where he completed his PhD in economics in 1963— three years after he secured admission there. Desai's personality, as well as his professional and personal accomplishments can perhaps best be encapsulated by what Montek Singh Ahluwalia wrote about him in the book 'Arguing about the World: The Work and Legacy of Meghnad Desai'. 'I have known Meghnad for many years in a staggering variety of avatars: as a one-time Marxist economist, a mainstream economist/econometrician at LSE, a Labour Party activist, a Labour Member of the House of Lords … a keen and surprisingly good cook, an insightful observer of the Indian political scene, a regular columnist in one of India's leading newspapers, a biographer of one of the best-loved Bollywood icons of yesteryear, most recently a late-blossoming novelist, and above all a wonderful raconteur and bon vivant,' Mr. Ahluwalia wrote in his chapter of the book. The book, published in 2011, also has eminent economist Jagdish Bhagwati describing Desai as being at the 'forefront of discussions on Indian public policy for many years'. Desai's early works certainly were focused on the Marxian way of thought, including his first book Marxian Economic Theory (1973), which was relatively quickly followed up by Applied Econometrics (1976), and Marxian Economics (1979), which was a revised edition of his 1973. He then wrote a critique on monetarism — the economic theory that focuses on the role of money supply in influencing economic activity and price levels — in 1981. Through all this, Desai also committed himself to an illustrious teaching career, primarily at the London School of Economics. Notably, in 2002, he wrote Marx's Revenge: The Resurgence of Capitalism and the Death of Statist Socialism in which he argued that the ongoing trend of globalisation would eventually lead in the direction of a revival of socialism. The overwhelming focus European societies place on social security, and the ongoing trend even in India of increasing doles to the electorate suggests Desai might not have been far off the mark in his analysis. In total, Desai wrote or edited more than 20 books and over 200 articles for academic journals. Among them was the book 'Who Wrote The Bhagavadgita?', published in January 2014. According to HarperCollins, the publisher, Desai in his book contended 'that some themes in the Gita reinforce social inequality and lack of concern for the other and to that extent he finds Gita to be toxic'. Desai was awarded the Padma Bhushan, India's third-highest civilian honour, in 2008.
Forbes
9 hours ago
- Science
- Forbes
How To Quickly Improve Your Ability To Predict The Future
A few individuals have a heightened ability to forecast what will happen next. What traits do they ... More share? (Photo by) The need to predict is omnipresent. Every time you buy a stock, choose a partner, pick a president, or bet your brother-in-law that the 49ers will finally win it all, you're making a decision based on a prediction. And yet, despite all the big data, algorithms, learning models, and AI assistants, we're still not very good at predicting the future. But, turns out, there are a few techniques that will help you get better fast. The human desire to improve our ability to predict the future isn't new. Nostradamus was one of the original prognosticators to receive acclaim. Yet, on further reflection, his writings are so open to interpretation that they could be describing either the fall of Rome or the next global pandemic. In recent decades, predicting the future of everything has become a growth industry, especially in politics. Cable news needs experts who sound cocksure about everything, even if their accuracy is less than dart-throwing chimps. As long as the ratings are good, bring on the blather. A few individuals have a heightened ability to forecast what will happen next. What traits do they share? University of Pennsylvania professor Philip Tetlock has spent decades trying to answer this question: Spoiler alert: It's not fame, credentials, or wearing a bowtie on TV. Determined to find out what does make someone a good predictor, Tetlock launched a bold experiment. With funding from DARPA, he hosted forecasting tournaments known as the Good Judgment Project. Tens of thousands of ordinary people—teachers, engineers, pharmacists, and even a Canadian underwater hockey coach—competed to see who could best predict the outcomes of real-world events: Will the president of Tunisia go into exile next month? Will the price of gold exceed $3500 by the end of Q3? Tetlock identified a small percentage—about 2 percent—who consistently made remarkably accurate predictions. He dubbed them 'superforecasters.' They weren't clairvoyant. They didn't have access to classified information. But they do have certain traits in common: What You Think Versus How You Think Tetlock puts it this way: 'What you think is much less important than how you think.' Superforecasters don't get attached to their opinions. They revisit assumptions. They seek out dissent. One participant even wrote code to curate news articles from across ideological spectrums so he wouldn't fall into an echo chamber. They also tracked and scored their predictions over time, treating it not as a parlor trick, but as a craft. If you want to improve your ability to anticipate the future—and let's be honest, who doesn't—Here are a few suggestions: 1. Start with the base rate. Ask yourself: What usually happens in situations like this? Don't be seduced by the drama of outliers. Begin with the average. 2. Break it down. Instead of 'Will AI take my job?' ask: 'What tasks in my role are automatable?' Then assign probabilities to each. 3. Toggle perspectives. Use both the inside view (your specific context) and the outside view (what's happened in similar situations). 4. Stay flexible. Your assumptions are not sacred scrolls. Update them when new information arrives. Bonus points if you can admit you were wrong without needing therapy. 5. Use numbers, not vibes. Avoid vague terms like 'probably.' Go with: 'I'm 70% confident.' It sharpens your thinking—and makes you easier to argue with at dinner parties. 6. Keep a prediction journal. Write down your forecasts and your reasoning. Revisit. Learn. Repeat. (Optional: give yourself gold stars.) 7. Seek disconfirmation. Don't just look for information that proves you right. Hunt down what might prove you wrong. It's called 'growing.' 8. Diversify your info diet. Read widely. Follow smart people you disagree with. Cross-pollinate. Avoid becoming the human version of a YouTube algorithm. In the end, getting better at prediction won't make you omniscient, but it will make you wiser, calmer, and a better decision-maker. And maybe, just maybe, the next time someone at work says, 'Nobody could have seen this coming,' you'll be able to smile and say, 'Actually… I kind of did.'
Indian Express
10 hours ago
- Business
- Indian Express
Eminent economist Lord Meghnad Desai dies, PM Modi condoles death
Indian-born British economist Meghnad Desai passed away at the age of 85 on Tuesday. Prime Minister Narendra Modi condoled Desai's death on X, saying, 'Anguished by the passing away of Shri Meghnad Desai Ji, a distinguished thinker, writer and economist. He always remained connected to India and Indian culture. He also played a role in deepening India-UK ties. Will fondly recall our discussions, where he shared his valuable insights. Condolences to his family and friends. Om Shanti.' Born in Vadodara in 1940, Desai earned his PhD in economics from the University of Pennsylvania in 1963. He moved to London in 1965, joining the London School of Economics as a lecturer and later becoming a professor and professor emeritus. In 1991, he was appointed to the House of Lords as a Labour Party peer. He received the Padma Bhushan from the Indian government in 2008.
New Indian Express
10 hours ago
- Business
- New Indian Express
Renowned economist and author Meghnad Desai dies at 85
The eminent Indian-born British economist Meghnad Desai has died at the age of 85. Born in Vadodara in 1940, Desai completed his PhD in economics from the University of Pennsylvania in 1963. He moved to London two years later, becoming a lecturer at the London School of Economics. He later became a professor and then a professor emeritus there. Desai was nominated to the House of Lords in 1991 as a Labour Party peer. He was also awarded the Padma Bhushan by the Indian government in 2008. He has written numerous books on economics as well as other subjects. His last work published in 2022 was titled 'The Poverty of Political Economy: How Economics Abandoned the Poor'. Desai also published a biography of film star Dilip Kumar titled 'Nehru's Hero: Dilip Kumar in the Life of India' in 2004. PM Narendra Modi condoled Desai's death on social media platform X, saying, "Anguished by the passing away of Shri Meghnad Desai Ji, a distinguished thinker, writer and economist. He always remained connected to India and Indian culture. He also played a role in deepening India-UK ties. Will fondly recall our discussions, where he shared his valuable insights. Condolences to his family and friends. Om Shanti."
