Strategic Legacy Management: Using History to Create Business Value

March 19, 2026

I just participated in a 3-day Programme at IIM Ahmedabad from 16-18 March 2026 on Strategic Legacy Management: Using History to Create Business Value (SLM). The next year’s programme dates are already out and it is from 17-19 March 2027.

The SLM programme is one of its kind. The introduction on the website sums the programme:

All organisations carry a legacy. Young or old, they are what they are because of the road they have travelled and the experiences they’ve amassed. In India, thousands of organisations are more than thirty years old, with many over fifty or even a hundred years old. Yet, most do not actively engage with their heritage. They don’t have an archive or a systematic documentation of their past, let alone practices that enable them to leverage their legacy as a strategic resource. This is unfortunate, since an organisation’s legacy can provide significant business and organisational advantages. Organisations of all kinds can use their legacy as a strategic asset, as it is where their uniqueness lies, setting them apart from the competition.

This programme is designed to address the unmet need of systematic business and institutional legacy management. It aims at harnessing the power of an organisation’s past to enhance brand value, strengthen employee connects and manage transitions and risks in an ever-changing world. Participants will be exposed to frameworks and practices for documenting, disseminating and transforming organisational legacies into valuable assets that unlock new potential for growth.

The programme is conducted by Prof Chinmay Tumbe, faculty of economics and history at IIMA. This year he was supported by Vrunda Pathare, chief archivist of Godrej Archives and Anders Sjöman, CEO of Centre of Business History at Sweden.  The three faculty members bring their own set of expertise: Chinmay brings rich insights into Indian stories, Vrunda digs deep into building archives at Godrej and Anders connects so many dots from Sweden and all around the world.

The day-wise prog summary is as follows:

Day one: Is like a warm up to the overall idea of using legacy as a strategic tool. One is taken to the Godrej case study (A) when the archives were first set up in 2006. The key questions back then were how to build an archive and how to position it within the organisation. After discussion amidst participants, Vrunda takes one through the challenges and opportunities. You get ideas on what it takes to build an archive. There are sessions by Anders on what all goes into an archive and how to monetize the archive. In the evening, there is a tour to IIMA Archives, one of its kind archive of an educational institute. They have records or all students, faculties, programs and what not. The way the archives re being used to tell the history of IIMA and Ahmedabad in general is quite something. IIMA has a deep legacy and the archives magnify the legacy multifold.

Day two:  One is taken to part (B) of the Godrej case. The archives were successfully established and have built a legacy over last 20 years. The question in 2026 is how to take the archive forward. What to do of the digitalization deluge where all kinds of records are coming to the archives creating issues of storage, security and privacy. There is discussion on importance of oral history and storytelling. One is then taken on a tour in Ahmedabad to see following: CEPT Archives, Zydus Corporate museum, Gandhi Ashram Archives and an exhibit on Anasuya Sarabhai. All these four were as different as chalk and cheese.  The participants get ideas on different ways one can archive, present histories and take the legacy forward.

Day Three: Anders takes you through what it means to think through celebrating corporate/organizational anniversaries. Is it going to be a one-time party or a deeper engagement? For anything deeper, one needs an archive. There were examples on how business/organisations go about looking at their anniversaries.

The highly diverse pool of participants and discussions highly enrichened the experience. Add IIMA facilities & hospitality and you have an amazing three days at the campus of reflection and learning.

I recommend the SLM highly especially to those involved in their businesses or working in organisations looking for answers on building heritage and taking legacies forward. At the end of the day, most if not all businesses seek and strive to create their legacies. The programme helps you understand the nuances, challenges and opportunities of building this very legacy.

Safe until crisis: What 300 years of wars reveal about government debt safety

March 19, 2026

Zhengyang Jiang, Hanno Lustig, Stijn Van Nieuwerburgh amd Mindy Xiaolan in this voxeu research says government bonds is safe to hold till there are wars:

Government bonds are widely viewed as safe assets, especially in times of recession and financial crisis. This column presents evidence from three centuries of US and UK history showing that wars and pandemic-scale emergencies have in fact consistently produced large real losses for bondholders, challenging the conventional notion that government bonds are safe assets.

International Comparison of Physician Incomes

March 19, 2026

New NBER paper compares income differences of physicians in 4 counties. The paper is written by a large team (Aidan Buehler, Joshua D. Gottlieb, Jeffrey Hicks, Lisa Laun, Mårten Palme, Maria Polyakova, Victoria Udalova & Maria Ventura):

From Ports to Prices: The Inflationary Effects of Global Supply Chain Disruptions

March 19, 2026
A timely paper by IMF economists Yang Jiao,Ting Lan,Yang Liu,Xinrui Zhao:
This paper examines the inflationary effects of shipping delays. We construct a novel measure of port-to-port shipping time using real-time AIS maritime data and link it with granular port-level trade and item-level price data. We document substantial heterogeneity in goods imports across ports and regions, variation in exposure to delays, and aggregate price responses to congestion shocks. Exploiting cross-product variations in exposure, we estimate both the average and dynamic effects of shipping delays on consumer prices, finding that a 100-hour delay raises inflation by roughly 0.5 percentage points at its five-month peak.

How to get away with mass murder: 4 tactics Ethiopia used to hide Tigray atrocities from the world

March 19, 2026

Humans keep killing humans everywhere and hide their mass killings.

University of Manchester writes on mass killings in Ethiopia.

 

The Tigray region in Ethiopia’s north has endured one of the world’s deadliest armed conflicts of the 21st century. Between 2020 and 2022, as many as 800,000 people were killed (out of a regional population of about 7 million). This rivals estimates from recent major conflicts, including those in Ukraine, Yemen, Sudan and Syria.

The war was fought between Tigray’s security forces and the allied forces of Ethiopia and Eritrea, along with ethnic militias from different regions of Ethiopia.

This period was marked by organised massacres. There was also systematic sexual violence and mass displacement. Ethnic cleansing and prolonged siege conditions devastated civilians.

Despite its unparalleled scale, the Tigray crisis remained largely invisible to the world. Factors such as race and the peripherality of the region made the Tigray conflict a blind spot in global geopolitics. But these explanations are not sufficient.

He says the govt used 4 ways to hide attrocities:

The Ethiopian government and its allies employed four major tactics to create a “zone of invisibility” – a deliberate effort to obscure what was happening:

These measures allowed atrocities to unfold with limited external scrutiny

Not very different from hiding mass killing episodes in other countries.

Book Review: Al-Aqsa Flood

March 19, 2026

Book Review: Al-Aqsa Flood
Muhittin Ataman. Ed. 2024. Al-Aqsa Flood: A Turning Point in the Middle Eastern Politics. SETA  Publications. Pages 320.

Annavajhula J C Bose, PhD
Former (Economics) Professor, SRCC, DU

 

It is well-said that “religion often plays a dual role: it is both a lens through which people view existential questions and a tool manipulated by political forces to mobilize opinion and power.” I have since long been intrigued by the never-ending conflicts and wars within and between communities subscribing to the Abrahamic religions, which include Judaism, Christianity, and Islam and why they have been more venomously prevalent than the Hindu-Muslim conflicts and wars. Explanations are not easy and there are many explanations, leave alone prescribing mutually agreeable solutions.

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Mostly Economics Blog ranked as one of the “Best 100 Economics Blogs to Follow in 2026”

March 18, 2026

Humbling to feature in the Best 100 economics blog list for 2026.

Thanks to all the vistors and well-wishers. The blog continues only because of you all.

Number of RBI Working Papers since inception: 2011-26

March 14, 2026

I was just scanning RBI’s website and noted something really curious. RBI has not published any working papers since 2024!  It is really odd that a central bank like RBI has not published any working paper for nearly 15 months now.

Here is the year-wise number of working papers published by RBI:

Number of Working Papers
2011 20
2012 18
2013 11
2014 11
2015 6
2016 10
2017 8
2018 6
2019 6
2020 15
2021 6
2022 14
2023 8
2024 9
2025 0
Total 148

Book Review: The Routledge Companion to Literature and Economics Edited by Matt Seybold and Michelle Chihara. 2019. Routledge.  

March 13, 2026

Book Review – The Routledge Companion to Literature and Economics Edited by Matt Seybold and Michelle Chihara. 2019. Routledge.

Annavajhula J C Bose, PhD
Former (Economics) Professor, SRCC, DU  Read the rest of this entry »

StatGPT: AI for Official Statistics

March 13, 2026

Add AI/GPT to everything is the new mantra.

James Tebrake, El Bachir Boukherouaa, Jeff Danforth and Nivashini Harikrishnan of IMF give a blueprint on how ChatGPT and official statistics could be integrated going ahead.

National statistical systems generate the statistics that underpin policy, economic analysis, and public trust. Yet, despite decades of investment in statistical capacity, two persistent challenges, data accessibility and interpretability, limit the impact of these official statistics. The rise of large language models (LLMs) and GenAI applications such as ChatGPT and Gemini appeared to offer a solution by enabling users to retrieve statistics using natural language.
However, testing demonstrates that while the GenAI applications excel at synthesizing text, they perform poorly at delivering official statistics: they frequently provide dangerously “reasonable” but incorrect figures. This paper introduces StatGPT, an initiative by the IMF Statistics Department that leverages LLMs not to generate statistics, but to generate structured queries against APIs of official statistical agencies. StatGPT ensures that users receive the exact published figures, every time, while benefiting from natural language interaction.
This paper examines the limitations of off-the-shelf GenAI applications, outlines how StatGPT overcomes these limitations, and proposes a roadmap for making official statistics AI-ready through open data access, enriched metadata standards, and strengthened data governance. By aligning technological innovation with statistical rigor, StatGPT represents a critical step toward a future where official statistics remain authoritative, trusted, and universally accessible in an AI-driven world.
Very interesting.

The Macroeconomic Consequences of Undermining Central Bank Independence: Evidence from Governor Transitions

March 13, 2026
Marijn A. Bolhuis, Rui Mano and Hedda Thorell of IMF study the impact of Governor transitions on central bank independence
This paper studies the macroeconomic consequences of undermining central bank independence through politically motivated transitions of central bank governors. Leveraging a new panel dataset covering 132 central bank governor transitions in 28 advanced and emerging market economies since 2000, we document the timing, frequency, and political drivers of these leadership changes.
Tenures of governors with politically motivated appointments are associated with higher and more volatile inflation, realized and expected. Professional forecasters also tend to expect such governors to be more dovish when responding to shifts in inflation.
Using local projections in a difference-in[1]difference setting, we find that following the announcement of a politically motivated governor transition nominal and real short rates decline and expected and realized inflation rise. At the same time, GDP growth increases in the aftermath of such transitions, consistent with an expansionary short-run macroeconomic impulse.
These effects are more pronounced when the incoming governor professes unorthodox views on monetary policy, suggesting that political interference in central bank leadership induces a temporary growth–inflation trade-off. Long-term inflation expectations only rise in the case of unorthodox governors with politically motivated appointments, suggesting costs to central bank credibility are much more pronounced in those cases.

Rethinking India’s Healthcare System: Design is the main issue

March 13, 2026

Shruti Rajagopalan talks to Nachiket Mor on rethinking and reforming India’s healthcare system.

Mor says India does not face a funding problem but a design problem:

RAJAGOPALAN: Yes, I have been reading a range of your papers. You have almost had like two careers: one in more traditional finance and now one in more traditional health policy. If I had to try to summarize your very wide-ranging work, which I encourage everyone to read and not just go by my summary, it would be that India’s health crisis is not just a funding failure but fundamentally a policy design failure. 

We’ve built a tertiary care infrastructure for a few people while neglecting primary care for the masses, for almost everyone. Our insurance model and financing models basically reward hospitalization over health. What ends up happening is people have massive out-of-pocket expenses. Healthcare does not just become a question of health policy. It is also a risk management issue at a household level. You’re skeptical that the current private sector system can deliver value the way it’s currently set up. You are also skeptical that the government can ever fund healthcare adequately, such that it is a universal healthcare system in India. 

Your argument is really that we need to redesign the system in a way that all these different pieces of the puzzle – which is insurance, financing, state-provided healthcare, private healthcare, primary, tertiary healthcare – need to be redesigned to work such that people get more value. That puts you a little bit at odds with the public health left who want more funding, tax finance, universal care, and also the market liberals who think competition and insurance ought to fix everything. Is that a good way to think about where you are in this particular literature or this conversation? 

MOR: I would say yes and no. To some degree, what you said is completely spot on as to how I’m thinking about it. In some degree, not quite. First, I have a paper in The Lancet Southeast Asia that came out in 2023, in which we looked at how much money is actually needed to deliver universal health coverage and what I like to call global health for all or good health for all, because coverage is not the same as good health, as we have discovered in some states.

What we were amazed by is that Indian costs and talent are such that it’s inappropriate to use the nominal exchange rate or even the PPP-IMF exchange rate, but a more appropriate exchange rate for rupee-dollar conversion is more like 5 rupees to the dollar. At that 5-rupee conversion, then the Indian expenditure of, say, 5,000 rupees, now suddenly $1,000 per capita, which puts us squarely in the middle-income country range of Thailand, Brazil, some of these places, and it’s more than enough money to deliver universal health coverage. 

I certainly believe that the public sector is adequately funded in many states. Most states by 2030 will be adequately funded from their government budgets. There are four states that still need extra money, but the center can provide that money relatively easily, which means that this idea that funding is a gap—many people talk about 3% of GDP, it’s not entirely obvious where this number came from, and certainly Indian costs are such that even with a number that is much lower – we are able to deliver. 

Then, of course, you might ask, which is the point you were making, is, okay, if the money is there, why don’t we have universal health coverage, say, in a state like Kerala, say, in a state like Goa, in the high-capacity states? This is where your point about it being a design problem, not a funding problem, comes up. In some ways, what we have done is created a system in which 1920s Russia features in our public sector, and 1960s America features in our private sector, so ideas from the Kenneth Arrow era, Medicaid, Medicare, when they were signed into law, is what reflects in our current private sector design. 

A lot of the work that happened in the ’90s with Mrs. Thatcher, with Thailand, with Turkey, with what happened in the European markets for private healthcare, that entire set of reforms, we seem to have missed. It’s not even a conversation we are having here.  

Lots of interesting ideas which forces one to relearn and reflect…

Europe’s digital autonomy – between fault lines and vault lines

March 13, 2026

Steven Maijoor, Executive Board Member and Chair of Supervision of De Nederlandsche Bank in this speech discusses fault lines and vault lines:

Before we dive into the issue of digital dependence in Europe, let me start with a confession: I spent part of last weekend practicing my English pronunciation: fault lines versus vault lines. The first one with an ‘F’, the second one with a ‘V’.  

Well-known examples of the first one are the San Andreas fault line in California, or the North Anatolian fault line in Turkey.

And the thing about these fault lines, these often-unseen cracks, is that we know they are there, we know they can shake foundations and shatter lives, but we don’t know when these powerful forces will strike.

On the other hand, you have vault lines – with a V.

When I’m talking about vaults, today, I’m not talking about the place we keep our gold, but about vaults as in arches of resilience.

Whenever you visit the Notre Dame cathedral in Paris, or the chapel of King’s College in Cambridge, or any great chapel or church in Europe, and look up to the ceiling, you’ll probably see them: those stone arches that carry the weight and absorb the strain. Those visible lines of strength, deliberately built, stone on stone, to withstand pressure. Those are the vault lines I’m talking about. They keep things together – prevent the roof from falling on our heads. And provide shelter and safety.

Now, the reason I practiced these two words, similar in sound, but very different in meaning, is that the one – with an F – describes our current world, and the second – with a V – our future world, ideally, at least.

India’s 20 years of GDP misestimation: New evidence

March 13, 2026

In this new Peterson Institute paper, Abhishek Anand, Josh Felman and Arvind Subramanian argue that India’s GDP has been miestimated over 20 years. The growth was higher in the boom years  of 2005-11 and lower in 2013-24:

  • India’s annual economic growth during the boom years between 2005 and 2011 may have been underestimated by about 1–1½ percentage points on average, and subsequent growth between 2012 and 2023 may have been overestimated by about 1½-2 percentage points. 
  • The first methodological issue leading to the misestimation is that the economy’s formal sector has been used as a proxy for the vast informal sector, even though the latter was disproportionately hit after 2015 by demonetization, the introduction of the goods and services tax, and the COVID-19 pandemic. 
  • The second methodological issue causing misestimation is that the deflators for many sectors have been based on commodity prices, which have moved sharply relative to others.

Hmm…

From earth to heaven: The changing drivers of monetary policy

March 13, 2026

Kristin Forbes, Jongrim Ha and M. Ayhan Kose discuss about changing drivers of monetary policy in this voxeu piece:

Business cycles in advanced economies are increasingly driven by global rather than domestic shocks. This column shows that global shocks now account for about half of the variation in interest rates, more than double their role in earlier decades. They also differ systematically from domestic shocks: global shocks have a larger supply component, greater volatility, more persistent effects on inflation, and are more often associated with monetary tightening. Central banks also appear less willing to ‘look through’ global supply shocks than comparable domestic shocks. As global forces increasingly shape domestic outcomes, monetary policy frameworks, models, and communication strategies should evolve accordingly.

ChatGPT vs. DeepSeek: What 5,000 Chinese Stocks Reveal About AI’s Limits

March 11, 2026
Sean Cao, Charles C.Y. Wang and Yi Xiang have written a HBS paper comparing financial analysis of Chinese stocks via ChatGPT and DeepSeek:
We document a “foreign bias” in AI financial predictions, reversing the classic home bias. U.S.-based ChatGPT is systematically more optimistic than China-based DeepSeek about Chinese firms—in both price predictions and directional forecasts—yet significantly less accurate. Evidence supports an information-availability mechanism: the bias is strongest when U.S. media coverage of Chinese firms is limited and attenuates for cross-listed firms. Crucially, injecting Chinese news eliminates the prediction gap. Both models produce similar forecasts for U.S. firms, consistent with broader global coverage. These findings suggest that LLMs trained in different information environments can generate divergent signals, with important implications for investors and policymakers as AI increasingly intermediates global markets.
The findings are discussed in HBSWK:
Financial analysts are increasingly turning to AI to gain an edge in sizing up companies. But before accepting stock picks from large-language models, consider this: Their analyses may carry biases and mistakes.

ChatGPT, owned by US-based OpenAI, issued far rosier forecasts—with higher price targets and more “buy” recommendations—than its Chinese rival DeepSeek when each platform evaluated nearly 5,000 publicly traded Chinese companies, says research by Harvard Business School’s Charles C.Y. Wang. This surprising result is attributed to disparities in information availability: ChatGPT appears to incorporate less coverage from Chinese media.

As businesses in a wide range of industries seek greater speed and efficiency from algorithms, the study’s findings offer a note of caution: Relying too heavily on AI models without considering the data they may be missing could be risky. AI reliance is accelerating in finance, with an estimated 40% of institutional investors worldwide now saying they use AI for market analysis, according to Bloomberg Intelligence.

“At the micro level, we’re examining how ChatGPT and DeepSeek differ in financial analysis. But at the meta level, it’s about what investors and analysts should be aware of as they deploy these tools for global financial analysis,” says Wang, the Tandon Family Professor of Business Administration.

Fascinating stuff..

Taxes on smoking, drinking, and sugar should keep tab on the emerging alternatives

March 11, 2026

Christopher Rosenberg and Marius Van Oordt in this IMF article discuss how taxes on sin goods should be properly aligned.

They point how many alternatives have emerged to the traditional sin goods.

Nothing can be said to be certain, except death and taxes,” Benjamin Franklin famously wrote in 1789. But what if the latter could at least delay the former? Thats one reason for excise taxes on unhealthy products like alcohol, tobacco, and sugar.

Such taxes are an attractive way to both mobilize much-needed domestic tax revenue and encourage healthier behavior, especially in low-income countries as aid budgets are drying up. Nudging people to smoke and drink less also helps reduce public health expenditures.

In fact, such sin” or behavioral” taxes have existed for millennia: Taxes on beer were recorded in ancient Egypt as early as 2400 BCE. They endure, in part, because they are relatively easy to collect.

But in recent years, fresh challenges have arisen as a plethora of new products have entered the market. Think of e-cigarettes, nicotine pouches, and low-alcohol beer. To achieve health goals, policymakers must keep up with these developments and streamline their often-patchy taxation systems. Combining tax and health data makes this job easier.

Further:

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Epstein as a moment for Democracy?

March 10, 2026

Peter Redford writes on RWER Blog that he has nothing to say about Epstein files as it gets nauseatic. However, he still ends up saying much:

I have been busy, so I have not been here lately …

But:

I have nothing to say about the Epstein files.

Except: that the Epstein files have a lot to say about America [and the western world generally]

Those files are a testimony to the enormous corruption of our elite.  It has capitulated to greed and venality as something not just to accept, but to normalize to a degree that it becomes invisible to the ethical gaze of the insiders soaked in its mire.  And they are, by and large, supposed to be our leaders.  No wonder we have no leadership.

Our elite saw fit to ignore explicit immorality and corruption and to turn a blind eye to levels of venal behavior that would be unacceptable in any morally secure civilization.

Why?

Because it has become so self-referential, self-sustaining, and self-involved that is has lost all touch with decency.  It genuinely believes it has rules and modes of behavior that need not conform to those of society at large.

This descent into abominable behavior began in earnest as an unintended consequence of the pursuit of profit and power unleashed back in the late 1970s and early 1980s.  It is an aspect of the great reactionary movement that drove a wedge between the elite and society at large based on the acceptance of great inequalities explicit in the elevation of neoliberal — rather than liberal — ideas.  In a twisted and debased reading of Adam Smith, greed was suddenly accepted as a socially beneficial goal.  

We have lost all moral grounds:

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A Useful Synthesis of the Nobel Memorial Prize in Economic Sciences from 2020 to 2025

March 10, 2026

Luis-Felipe Arizmendi of Comillas Pontifical University summarises Nobel Prize in economics:

This paper provides a useful synthesis of the contributions recognized by the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel between 2020 and 2025. We argue that this sexennium represents a paradigmatic shift in modern economics, characterized by the reunification of high-theory mechanism design with the “credibility revolution” in empirical methods.

By analyzing the mathematical micro-foundations of auction theory (Milgrom & Wilson), the identification strategies for causal inference (Card, Angrist & Imbens), the structural dynamics of financial crises (Bernanke, Diamond & Dybvig), and the long-run determinants of prosperity (Goldin; Acemoglu, Johnson & Robinson; Mokyr, Aghion & Howitt), we demonstrate a coherent progression towards an institutional-evolutionary understanding of economic growth.

The paper explicitly derives the key equilibrium conditions in each sub-field and discusses their implications for contemporary public policy.

 

RTI @20 : How India’s Right To Information Act Was Gradually Weakened

March 10, 2026

Kurian Mathew of Madras Courier on 20 years of RTI:

When the Right to Information Act was passed by Parliament in 2005, it was hailed as a major victory for democracy. For the first time, activists, journalists, and ordinary citizens could formally demand answers about how the government functions.

Over the years, thousands of RTI requests have revealed details about public spending, policy decisions, and administrative failures—sometimes to the embarrassment of those in power.

But two decades later, the law that once empowered citizens is facing a quiet erosion. Through legislative amendments, institutional changes, and administrative practices, the central government has expanded the grounds for refusing information and weakened the system meant to enforce transparency.


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