K.N. Raj and his emphasis on the significance of institutions remembered

The K.N. Raj centenary celebrations under way at the Centre for Development Studies (CDS) took note of the renowned economist’s emphasis on the significance of institutions.

Prof. Raj’s focus on this area was highlighted in the context of the recent announcement of the 2024 Nobel Prize for economics which went to Daron Acemoglu, Simon Johnson and James A. Robinson “for studies of how institutions are formed and affect prosperity.”

“Prof. Raj emphasised the significance of institutions as early as the 1970s. He enriched the current narrative by offering depth and nuance to the concepts of institutions, with characteristics that are localised, context-specific, and people-first,” a statement quoted Suraj Jacob of the CDS as saying.

Extremely relevant

Chiranjib Sen, CDS alumnus and Professor at BML Munjal University, noted the relevance of Prof. Raj’s contributions to contemporary issues. Even though Prof. Raj’s work was done in the 1960s and 1970s, the issues that he raised were extremely relevant today, he was quoted as saying in the statement.

Pranab Bardhan, Emeritus Professor at University of California, said that he hardly knew anyone than Prof. Raj who had a larger vision of the structure of the Indian economy, combined with a grasp of the micro-realities of the various diversities in Indian economies.

Interaction

An interaction between representatives of the farming community and experts was organised as part of the centenary celebrations. Vinoj Abraham of the CDS chaired the session. The interaction revolved around topics such as human-wildlife conflict, soil erosion, climate change, and banking-related issues faced by farmers.

The centenary celebrations, inaugurated by Chief Minister Pinarayi Vijayan on Sunday, will conclude on Tuesday.

Published - October 21, 2024 09:43 pm IST