Bhagwati has been nominated for Padma Bhushan, 2008
New Delhi, Jan 26, 2008
Surinder Malhotra/ Gary Singh, LA
Jagdish Bhagwati, University Professor
at Columbia University and Senior Fellow at the Council on Foreign
Relations has been awarded Padma Bhushan, 2008
Jagdish Bhagwati , among this year`s Nobel probables :
Stockholm, Oct 08: The theories of how countries maintain global
trade, why natural rates of unemployment are driven by economic
necessity and even `Ricardian equivalence,` which dictates that
governments cannot increase demand by deficit spending are the
complex topics that may be honoured with the Nobel economic prize.
Like the traditional Nobel science prizes - medicine, physics
and chemistry - there is no precise formula for predicting the
decision by the Royal Swedish Academy of Sciences.
Perennial contender Jagdish Bhagwati, a noted proponent of free
trade and critic of opponents of globalization, is listed by Thomson
Scientific as a likely winner. The Indian-born Columbia University
economics professor was an external adviser to the World Trade
Organisation and served as a special policy adviser on globalisation
to the United Nations.
Other likely winners include Paul Romer of Stanford University,
who won the 2002 Horst Claus Recktenwald Prize in Economics. He`s
been touted for his efforts in developing the New Growth Theory,
which has provided new foundations for businesses and governments
trying to create wealth.
The theory was developed in the 1980s as a response to criticism
of the neoclassical growth model.
Thomas J Sargent of New York University, a leader of the rational
expectations theory, which is used to determine future events
by economic acts, is also mentioned.
The economics prize, worth USD 1.4 million, is the only one of
the Nobel awards not established in the will made by Nobel 111
Economist selected for 2005 Pravasi Bhartiya Samman
Professor Jagdish Bhagwati Economist,
a University Professor at Columbia University
Jagdish Bhagwati, currently a University Professor at Columbia
University and Senior Fellow at the Council on Foreign Relations,
was born in 1934 and raised in India . He attended Cambridge
University where he graduated in 1956 with a first in Economics
Tripos. He then studied at MIT and Oxford, returning to India
in 1961 as Professor of Economics at the Indian Statistical
Institute, and then as Professor of International Trade at the
Delhi School of Economics. He returned to MIT in 1968, leaving
it twelve years later as the Ford International Professor of
Economics to join Columbia . Until 2001, he used to be Arthur
Lehman Professor of Economics and Professor of Political Science
at Columbia . Professor Bhagwati has also served as Economic
Policy Advisor to Director-General, GATT (1991-1993) and as
Special Adviser to the UN on Globalization (2001). Currently,
he is an External Adviser to the WTO and a member of UN Secretary
General Kofi Annan's High-level Advisory Group on the NEPAD
process in Africa.
Professor Bhagwati has published more than three hundred articles
and fifty volumes. He is regarded as one of the foremost international
trade theorists of his generation. Three festschrift volumes
of essays in his honor have been published in the USA, the UK,
and the Netherlands.
Five volumes of his collected scientific essays have been published
by MIT Press to date. His early books, India: Planning for Industrialization
(with Padma Desai, 1970) and India (with T.N. Srinivasan, 1975)
are acknowledged to have provided the intellectual case for
the economic reforms now underway in India. His recent book,
India in Transition : Freeing the Economy , was published in
1993 by Clarendon Press, Oxford . Among his books are: Protectionism
(1988), an international bestseller in several languages, and
The World Trading System at Risk (1991), both reviewed extensively
in the United States and abroad.
His latest books are Free Trade Today ( Princeton, 2002) and
In Defense of Globalization (Oxford, 2004), both reviewed in
leading magazines and newspapers worldwide and translated into
Professor Bhagwati also writes frequently for The New York
Times , The Wall Street Journal , and The Financial Times .
His writings on public policy have been published by MIT Press
in two successive volumes: A Stream of Windows: Unsettling Reflections
on Trade, Immigration, and Democracy (1998) which won the prestigious
Eccles Prize for Excellence in Economic Writing; and The Wind
of the Hundred Days: How Washington Mismanaged Globalization
(2001), both volumes reviewed extensively in newspapers, magazines
and journals worldwide. He has appeared frequently on national
television programs, including CNN, BBC, MacNeil-Lehrer News
Hour and the Charlie Rose Show.
Professor Bhagwati has delivered many prestigious lectures,
among them the Frank Graham Lecture at Princeton , the Bertil
Ohlin Lectures at the Stockholm School of Economics, the Harry
Johnson Lecture in London, the Eyskens Lectures in Belgium,
the Radhakrishnan Lectures in Oxford, and the Prebisch Lecture
at UNCTAD IX in Johannesburg.
He is a Director of the National Bureau of Economic Research
. He was advisor to India 's Finance Minister, now Prime Minister,
on India 's economic reforms.
He works with several NGOs in the US and India . He is on the
Academic Advisory Board of Human Rights Watch (Asia) and was
a member of the Advisory Board of the Council on Economic Priorities
Accreditation Agency (which has created the SA 8000 Standard
for Corporate Social Accountability).
Professor Bhagwati founded in 1971 the Journal of International
Economics , the premier journal in the field today, and Economics
& Politics in 1989.
Professor Bhagwati is a Fellow of the Econometric Society and
has been elected a member of the American Philosophical Society,
and the American Academy of Arts and Sciences. He was a Vice
President, and has been elected Distinguished Fellow, of the
American Economic Association. He holds honorary degrees from
several universities, including, Erasmus (Netherlands) and Sussex
(UK). Among the awards he has received are the Mahalanobis Memorial
Medal ( India ), the Bernhard Harms Prize (Germany), the Kenan
Prize (USA), the John R. Commons Award (USA), the Freedom Prize
(Switzerland), and the Frank E. Seidman Distinguished Award
in Political Economy (USA).
He is married to Padma Desai, the Gladys and Ronald Harriman
Professor of Comparative Economic Systems at Columbia University
and a scholar of Russian and other former socialist countries'
transition problems. They have one daughter, Anuradha Kristina,
currently at Kennedy School at Harvard and former Captain in
the US Marine Corps.