Remembering BR Ambedkar as a financial economist: 100 years of his ‘The Drawback of the Rupee: Its Origin and Answer’

14th April marks Dr Ambedkar’s birthday. The yr 2023 additionally marks centenary of his work: ‘The Drawback of the Rupee: Its Origin and Answer’

Prof Sashi Sivramkrishna discusses Ambedkar’s work on his birthday:

• In early 19th century beneath colonial rule, the rupee was essenally a minted piece ofsilver steel of 92 % purity.
• Britain was on gold commonplace whereas different main economies adopted silver, holding a secure mounted alternate fee between the 2 metals
• International locations started to desert silver after mid-nineteenth century, inflicting a pointy depreciation of the silver rupee versus different currencies with out stability of fundsconcern
• Gold alternate commonplace was adopted, which Ambedkar later in his guide criticized andargued that it prevented residents from minting silver to cash however not the federal government.
• Ambedkar’s views as an economist left  little house for fiscal deficits and extra typically, fiscal coverage . 

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