सुना है Sid साहब महफिलों की जान होते थे...

मेरा पूरा ब्लॉग तो तुमने पढ़ा है, पता नहीं कितनी ही बार। तो तुमको भी लगता होगा न कि पता नहीं कितनी उदास अधूरी कहानियों से गुज़र कर हम यहाँ तक पहुंचे हैं।  अगर लगता है तो ऐसा गलत भी नहीं होगा शायद।

लेकिन उन उदास अधूरी कहानियों में कभी-कभार कुछ अच्छे मोड़ भी रहे हैं। और उन अच्छे दिनों में, उन अच्छे मोड़ों पर मन उतना उदास नहीं हुआ करता था। उन दिनों के रंग भी अलग होते थे, सपने भी, और संगीत भी। और जब उदास दिनों पर इतना कुछ लिखा है और अधूरेपन के गानों की एक छोटी सी सूची भी बना दी थी ( यहाँ ) तो फिर कुछ प्रसन्न मन गाने भी क्यों न याद कर लिए जाएँ ! 

अब ये मत पूछना कि ये गाने कब, किस दौर में, और किसके लिए हैं।  हमेशा की तरह मेरा जवाब वही होगा - एक उदास मुस्कान !!!

सावन बरसे तरसे दिल - दहक (लिंक)

इक मुहब्बत का दीवाना 

ढूंढता सा फिरे 

कोई चाहत का नज़राना 

दिलरुबा के लिए 

ये खोया खोया रहता है - डोली सजा के रखना (लिंक) 

वो सुब्ह का तारा है 

हाँ वो किस्मत से हमारा है

तुम्हे हो न हो - घरौंदा (लिंक)

मगर मैंने ये राज़ अब तक न जाना 

कि क्यों प्यारी लगती हैं बातें तुम्हारी 

मैं क्यों तुमसे मिलने का ढूँढूँ बहाना 

कभी मैंने चाहा तुम्हे छू के देखूं 

कभी मैंने चाहा तुम्हे पास लाना 

फिर भी जो तुम दूर रहते हो मुझसे 

तो रहते हैं दिल पे उदासी के साये 

उफ़्फ़ तेरी अदा - कार्तिक कॉलिंग कार्तिक (लिंक) 

देख के भी नहीं हो यकीं

ओ मेरे दिल के चैन - मेरे जीवन साथी (लिंक) 

यूँ तो अकेला भी अक्सर 

गिर के सम्हल सकता हूँ मैं 

तुम जो पकड़ लो हाथ मेरा 

दुनिया बदल सकता हूँ मैं 

माँगा है तुम्हें दुनिया के लिए 

अब खुद ही सनम फैसला कीजिये 

और एक ये भी: 

ओमारो पोरानो जहा चाय - रवीन्द्र संगीत (लिंक) 

तूमि छाड़ा आर ए जोगोते  

मोर केहो नाइ किछु नाइ गो

तूमि शुखो जोदि नहीं पायो 

जाओ शूखेरो शोंधाने जाओ 

एमी तोमारे पेयेछी हृदोयो माझे

आरो किछु नाही चाई गो

आमी तोमारे विरोहे रोहिबो बिलीनो 

तोमितो कोरीबो बाश 

दीर्घो दीबोशो दीर्घो रोजोनि 

दीर्घो बोरोशो माश 

और भी बहुत से गाने हैं, बहुत सारे ... लेकिन अब वो सब और ये सब भी शायद अगली बार सुनाऊंगा... अगली बार माने अगले जनम में !

The tiny pleasures of intelligent interactions

So I finished my first fully-online course last week. It was a tiresome experience to talk to the screen in an empty classroom. The only solace was that nobody fell asleep in my view. I was apprehensive if the online mode of delivery is going to be a disaster or just a disappointment. However, multiple mails of appreciation after the last session were reassuring that I did okay and the class somewhat liked it. Maybe that, or they are too naive. And then, I had another thought-provoking interaction with a young and bright mind over Whatsapp. Just copying that message from a student and my reply here for posterity, with no editing other than some typos.


From the student, a single long message: 

I came across something really cool and it'd be great if you could share your views from an economic and public policy point of view. So from what I came across, the reason for inequality in society is that wealth distribution follows a Boltzman Distribution, which makes the upper tail very long and drawn out, and the lower tail very crunched up. Which effectively explains the increasing economic inequality in society.

Furthermore, even if a society starts off from a paradigm of equality (a flat line), it inadvertently shifts toward a paradigm of inequality and the Boltzmann curve begins to form. A prominent case in point is Israel. (one implication of this is that inequality is inherent in nature - from a Darwinian approach it already is).

Now here's where my mind gets blown, the reason for the Boltzman curve is that the money multiplication paradigm works differently for rich people and non-rich people. Rich people have access to financial instruments that allow their wealth to increase exponentially (for example stocks, derivatives, real estate etc), but the non-rich depend on just their wages/salaries which are largely immobile.

So, my question is, does making the stock market more accessible to the poor (coupled with imparting financial knowledge to the poor) solve the problem of inequality to a certain extent at least in theory?


From me, 4 long messages (I give such long replies so that people don't bother asking more). 

Boltzmann distribution works very well in physics. However, in economics, there are several caveats. Before that, one correction - increasing economic inequality in society is a grand leftist myth. What has actually happened is that from everyone at a very poor or sustenance level, everyone has become better off. Some faster than others but overall poverty has drastically fallen. Even the so-called poorest of the poor are far better off. For more nuances on that, you may want to read Hans Rosling's Factfullness.

Next, Boltzmann empirical correctness:
So in income distribution, it works well in moderate or middle-class income generation societies. However, in the very low (like sub-Saharan Africa) and very high-income societies, this may not hold. Something else, generically called power law, holds true for both ends of the society.

Coming back to moderate-income or middle-income societies, Boltzmann may hold. That is why, some middle-class people fall off the cliff and some become richer, based on the investment decisions (not only financial but also social, intellectual, networking, and time investments).

Now, the last bit of your observations -
1. Rich people have access to financial instruments that allow their wealth to increase exponentially (for example stocks, derivatives, real estate, etc), Not entirely true. The rates of return and the underwriting of the risk are often huge and while we may quote a few success stories, the failure stories are way more numerous. So how do they become or remain rich? Because the social network, knowledge, and institutional support that the rich can garner is far superior to what "poor" people can  (good moment to think how your IIM degree throws you in a superior league suddenly and that is why it is coveted)

2. but the non-rich depend on just their wages/salaries which are largely immobile - again, partially true. A more correct reason is that they rarely ever generate any significant surplus to invest. They also fail to invest in knowledge and networks (or invest but the quality is poor). Think of poor, semi-literate, small-town people or people who spent their surplus in Lovely University. That decides a perpetuating of low returns.

Finally, your question-cum-solution:

my question is, does making the stock market more accessible to the poor (coupled with imparting financial knowledge to the poor) solve the problem of inequality to a certain extent at least in theory?

No. For several reasons, like lack of surplus funds, poor risk appetite (I can afford a 10% loss on my 30 lakh portfolio but they can't take 10% of their 3 lakh portfolio). Also, knowledge is less about how to invest and more about where to invest and at what time, how to compare returns, and how to time-value the money. Most people (poor as well as rich) fail in that.

Then what can be the solution? - Ask the right question!

If the question is income inequality, there needs not to be a solution at all. Some people ought to be rich, some poor, some middle class, and that is totally fine as long as everyone is law-abiding and ethical.

If the question is basic dignified existence for everyone, rich and poor alike, then the solution is possible but not easy. The solution is two-fold -

At the individual level - people, as well as government, shall facilitate income-oriented education and skill-building. Basic healthcare and health insurance should be universally available. Safety and security (law and order + disease-free) is jointly promoted by society.

At the systemic level - if you see closely, our systems fail the poor and keep them powerless. Like inefficient and over-burdened police, extremely entitled and inefficient judiciary, unlawful activities protected by the slumlords, mafia, politicians, and police alike, and many more, like poor public policymakers (keeping education and health in pathetic shape), and so on. Solution - Institutional modernization, meritocracy, and emphasis on performance matrices. If you want to read more, this falls under institutional economics. You may start with Why Nations Fail by Daron Acemoglu and James Robinson or with Ruchir Sharma's Breakout nations.

हमनशीं साँस फूल जाती है

Long long ago, I used to read and follow a lot of random things. Those included the history and development and news and updates of so many diverse fields, like physics and technology, evolution and environment, poetry and photography, economics and politics, sports and movies, culture and literature and wars and travelogues and what not... 

Then, one fine day, I decided to give up. I decided to concentrate on economics and current affairs only. I consciously stopped following technology and sports and literature and music and wars and maths and psychology and what not! 

Whether I could have continued all that or not, I don't know. Whether that was a good decision or not, I don't know. Whether I regret that or not, I don't know. All I know is that it's another night, where I had decided to sleep early and wake up early and be more disciplined. All I know is that it's another night, where I've been reading my old blogposts for over an hour. All I know is that it's another night, where I thought of listening to Leonard Cohen, watching Ijaazat, eating maggi, taking a walk, recording some poems, and not doing any of it! And that's only so far. 

I've been, as always, writing a lot of poems and posts in my head lately... I've been talking a lot more to myself lately... I've been trying to remain sane and not suicidal a lot lately. I've been realising this, what Jaun Eliya wrote, a lot lately:

आप अपने से हमसुख़न रहना

हमनशीं साँस फूल जाती है ! 

That is my kind of love, I guess!

There would be hundreds of songs that you love. There are hundreds of songs that I love. Albeit all those are loved for different reasons. Many of those are old classics and hence, melodiously lovable. Many remind of some special phase of life or some event or some special day. Many are loved for the special person's memories or associations. I have all those categories of loved songs. All those songs get played or hummed when that particular reason to love that song reappears in life, in thoughts, in memories.

However, there is one special category, which is special because they are the love songs of emptiness, of loss, of loneliness. That is my kind of love, I guess! These are lovable love songs because there is no hope, no craving, no longing.... just some emotions, some faded memories, and an acceptance of loss. That is my kind of love, I guess!

These are the love songs that can be heard when there is no thought in the mind. These are the love songs that can be heard when all the thoughts rush back to your mind. Just listing some such songs here, in no particular order (with youtube links) and maybe, with a few favorite lines from the song too. Also, these are somewhat recent songs and I have not taken the old classics here on purpose.

Jhonka Hawa ka - Hum Dil De Chuke Sanam (link)

इक इक मेरी बातें तुमको, याद तो आती होगी ना
क्या तुम मेरे इन सब सवालों का कुछ तो जवाब दोगी ना ...

Jab Nahin Aaye The Tum - Dev (link)

जब नहीं आये थे तुम तब भी मेरे साथ थे तुम ...


Maana ke Hum Yaar Nahin - Meri Pyari Bindu (link)

नज़रों से ना करना तुम बयाँ वो जिससे इनकार नहीं ...

फूल जो बंद है पन्नो में तुम उनको धूल बना देना
बात छिड़े जो मेरी कहीं तुम उसको भूल बता देना
लेकिन वो भूल हो ऐसी जिससे बेज़ार नहीं ...


Zehnaseeb - Hasee to Phasee (link)

तेरे संग जो न बीते उसपे ऐतराज़ है
इस क़दर हम दोनों का मिलना
एक राज़ है

लेना-देना नहीं दुनिया से मेरा बस तुझ से काम है

होना लिखा था यूँ ही जो हुआ
या होते होते अभी
अनजाने में हो गया
जो भी हुआ, हुआ अजीब

तुझे चाहूं बेतहाशा जहनसीब


Darya - Manmarziyan (link)

तैनूं खुदा मन्या ते तैनूं रब मन्या
कोई नहीं भुलदा यारा जीवैं तू है भुल्या ...


Samjhawaan - Humpty Sharma ki Dulhaniya (link)

तू की जाने प्यार मेरा मैं करूं इंतज़ार तेरा
तू दिल तुईयों जान मेरी

वे चंगा नइओं कीता बीबा
दिल मेरा तोड़ के
वे बड़ा पछताय्याँ अख्खां
नाल तेरे जोड़ के

Well, there are a few more songs but for now, let it be... I want to save some to sing to you when we meet... if ever we meet.

10 is just a one and a zero

Today marks the completion of a decade with IIM Indore. It was technically my fourth vocation, third job, and second formal job but practically, it can be labeled as the first. Is it too early to look back? Or is it too late? Nonetheless, for someone who lives so much in nostalgia, it is rather strange that I have never looked back at my years at IIMI. Maybe there isn't much. Maybe there isn't much pleasant. Maybe there isn't much to miss. Well, maybe! Let me open this room of memories for once.

The city was sleepy and rustic, mostly beyond reach due to lack of even hyper-priced taxis. The service standards were even worse. After Ahmedabad's luxury of home delivery and punctuality, Indore was a rude shock. Culturally, I was not expecting to meet Lucknow standards but well, let's say there were no standards to meet. So while city and life outside the campus was non-existent, the chances of an escape were even less because the flights and trains connectivity was non-existent.

So when I joined here, I was among the youngest lot, with not to great a difference with the age of students. In fact, many students would be of same or higher age. Particularly at MDPs (executive education for working managers) they were all much elder to me. Despite the apparent lack of authority due to age, I think I managed fine. Some of it was guts, some of it was foolhardiness, and a lot of it was sheer enthusiasm. I started with teaching PGP within a month of joining. In the very first year, I think I taught 3 major courses - Microeconomics, Business Research, and Trade & WTO. I taught many more courses in the years to come. A longish list would be too long but I can recall several variants of microeconomics, game theory, international trade, nature watch, Indian politico-economic history, and contemporary debates. In fact, I got to teach at several IIMs and even abroad.

But what was there beyond tons of classes? The so-called institution building activities? Those always turned into bitter bickering among the many seniors, leading to essentially randomly complicated and negative outcomes. In fact, when I joined here, it was a deadbeat campus. Too full of negative energy and too low on community feel. So pretty soon after joining, I started several activity forums. The first one was the nature walks, which were very enthusiastically joined by many. The second was a poetry club, which always remained small but had a loyal and strong support group. Next came a movie club with some screenings and talks. I also started a Vivekanand study circle. However, the last two didn't last long because of either lack of participation or lack of resources. I think I guided or advised or mentored (choose any word you may) many student activity clubs also - debate and literature and social work and nature club and god-knows-what! Nonetheless, the first two groups - nature walk and poetry - remained my signature for many years before I stopped myself. And why did I? Well...!

So when I was the over-enthusiastic always available extra-curricular God of everything faculty member, I was asked to do a lot many administrative jobs as well. Some small time committees, some coordination, and many big pain-in-the-wrong-places profiles, like hostel warden and so on. As an honest admission and in hindsight, I realize my mistake now. I think was too trusting for a selfish bunch, too eccentric for a bureaucratic structure, and too naive for a conniving system. I had frequent run-ins with the authorities, too many trust issues with students, and frequent tussles with the bureaucracy of the place. I gradually grew unwilling to engage with people, particularly when it could be avoided. I trimmed my portfolio of course offerings, stopped extra-curricular activities, and gave up on administrative roles. My final realization was that I am not a political person and I would drastically fail in diplomacy.

Nonetheless, I am not cribbing. I am happy. Because in the process, I made some good friends, some real good enemies too. While a lot many people left their good or bad imprints on my life, I know I changed at least some lives for good. And to me at least, that is what makes my career choice worthwhile. I am not sure how long will I be here, how long will I remain in the career choice, and given the pandemic, how long will all this world or me in this world would last. But as I complete a decade with mixed feelings - some happiness, some smiles, some gratitude, some complaints, some regrets, and some memories... I am not sure where I stand or where I go from here! It's like those lines from a favorite poem:

न ज़िन्दगी विमुक्त है न मृत्यु का कसाव है 

कहाँ पे आ गए हैं हम ये कौन सा पड़ाव है 

न हास है न रोष है, न रिक्तता न कोष है

असत्य है न सत्य है, विशिष्ट द्वैतभाव है

To myself, 5 or 10 or 15 years ago

Someone asked me today if I could write a letter to myself of 5 years ago or 10 years ago, what would I tell me? Well, usually, I ignore such questions and forwards and mails with some amount of contempt and a ton of irritation. But today, I could not. Maybe because the question was posed with a great flare or maybe because I wanted to take a dip in that reflective nostalgia after a long while.

What I answered doesn't matter but I got thinking if I would live the same life all over again or would I caution myself in some ways? What would I tell and how? And what if that sets a ball rolling for a completely different destiny? Among so many what ifs, I did want to write to myself from 5 years ago and from 10 years ago and from 15 years ago.

I want to tell myself to study harder, more sincerely, more rigorously. I want to tell myself  to be more attentive in all those lectures, whether studying or teaching or attending. I want to tell myself to do more maths, read more history and psychology, and write more economics.

I would tell myself to be less social and less active in extracurricular spaces. To be more professional and less interacting with everyone. Less empathetic, less sympathetic. A bit more selfish. A lot more pragmatic. To teach a lot less. To publish a lot more.

I would also tell myself to wait. To have patience. To speak less. To listen more. To trust less. To think more. To not to rush in the relationships. And not to rush out of the relationships.

And I wonder then where would it leave me today? Would I find the love of my life the same way? Would I lose my life the same way? Would I still be writing this blog today? 

उसकी याद का आना उफ़्फ़

The best blogs are written when you miss her. 

The best blogs are written when you reminisce her.

The best blogs are written when you imagine what could have been.

The best blogs are written when you imagine what should have been.

The best blogs are written when you want to cry again. 

The best blogs are written when you want to try again.

The best blogs are written when you remember there is no way.

The best blogs are written when you remember how she told you to go away.

The best blogs are written when you are slightly drunk.

The best blogs are written when you are totally gunk.

Oh as the great Kaka once said - 

कौन कमबख़्त भूल जाने के लिए पीता है! मैं तो इसलिए पीता हूँ कि याद न आये।

Is it any wonder that the movie was titled Amar Prem?!!