C O M M E N T

Mark Wrede writes

THE discipline of economics is merely an ideology and not a science. I believe it has become incumbent upon the media and academia at large to challenge the scientific credentials of the discipline of economics.

In the first chapter of The Wealth of Nations, Adam Smith sets out a principle which contradicts the notion of earlier French economists who took land to be the source of all valuation. Smith offers the idea that it is labour which is the source of all valuation, the "labour theory of Value."

Because Smith's work was published in 1776, he could not have foreseen that labour would come to have a formal scientific expression: thermodynamics. The two laws of thermodynamics were promulgated by Lord Kelvin in 1850; the second law prohibits the interpretation of an electromagnetic, chemical, or mechanical transaction in such a way as to produce surplus energy. The concept of profit, essential to capital, is therefore physically impossible; no single transaction or complex of transactions could produce surplus energy, and therefore no surplus value.

Any "surplus" produced would be through the victimization of an uncompensated participant in the transaction. In place of traditional economics, thermodynamic through out should be the model for allocating costs of an enterprise. 

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India, Pakistan set to liberalise visa regime

THIS could make millions happy. On December 19 Pakistan and India announced to liberalise their visa policy from January 2007. This would mean opening an extra counter in each country and issuing 1,000 visas to businessmen and tourists daily. The new policy puts no restrictions on the number of cities a person can visit.

The principal understanding on visas between the two South Asian neighbours who are always involves either in war or attrition was reached during the foreign secretary-level talks in New Delhi last November.

A formal agreement is expected to be signed on January 13 when the Foreign Ministers of the two countries hold talks in Islamabad to review the third round of the composite dialogue process.

Pakistani Foreign Office spokeswoman Tasneem Aslam had said, visa liberalisation was part of a tourism agreement that would be inked by Foreign Minister Khurshid Kasuri and his Indian counterpart Pranab Mukherjee.

A senior Interior Ministry official in Islamabad promised Pakistan and India would increase the number of visa counters each has from the existing two to three, and issue over 1,000 visas daily to businessmen and tourists. "Under the new policy, citizens and businessmen of both countries would get a seven-day open visa with no restrictions on visiting a particular city or place. They would be allowed to move anywhere," the official said.

According to the proposed agreement, tourists would also be offered a 15-day visa if they visit in the form of delegations or groups. Earlier, Indian and Pakistani tourists were not given visas in groups.

India is to open a new visa counter in Lahore, while Pakistan will set up another visa counter in Hyderabad. Currently, the two countries are issuing visas only from Mumbai, New Delhi, Karachi and Islamabad. Bon voyage to Indians and Pakistanis keen to hug each other. Meanwhile proxy war goes on unchecked in Kashmir.

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Bhagat Singh Chair at the Jawaharlal Nehru University

Let us devote time and energy through this Chair at the J.N.U. to study ‘Anti- Colonial Anti-Feudal Revolutionary Movements in India during 1757-1947.

ON  28th September 2006, the birth centenary of Shahid Azam Bhagat Singh, the Government of India, in its Gazette notification [issued on 2nd May 2006] has included it in its programme of celebrating five national anniversaries of important events of our national history. Professor Chaman Lal an editor of Bhagat Singh’s documents taking Bhagat Singh as a significant thinker of our society has proposed that J.N.U. should plan to establish Bhagat Singh Chair for the study of-‘Anti-Colonial Anti-Feudal Revolutionary Movements in India during 1757-1947’. He has been supported by eminent scholars and teachers has This proposal has been strongly endorsed by  Prof. Bipan Chandra,eminent historian and Chairman, National Book Trust of India, Prof. Prabhat Patnaik, eminent JNU Economist and Deputy Chairman Planning Board, Kerala, and Prof. G.S.Bhalla,eminent Economist and former member, Planning Commission of India. Other eminent personalities are: Prof. G.K. Chadha-former Vice-Chancellor, JNU, member Prime Minister economic advisory council,P. Sainath—Eminent journalist and writer,Prof. Mridula Mukhrejee—Director, Nehru Memorial Museum and Library and eminent historian and Prof. Aditya Mukherjee, Prof.& Chairman, Center for Historical Studies, JNU, New Delhi ,.Prof. Sumit Sarkar—Eminent Historian,.Prof.Abhiji Sen—Eminent Economist,member-Planning Commission,Professor,JNU

7.Prof.Jayati Ghosh-Eminent Economist, member Knowledge commission. Prof., JNU, Prof.Avijit Pathak-Eminent sociologist,Chairman,Centre for Social systems,JNU, Prof.Surinder S. Jodhka,Eminent Sociologist,JNU, Prof. Satya P. Gautam, Chairman Centre for Philosophy,JNU,New Delhi, Prof. Tulsi Ram—Eminent Dalit Thinker and Prof. JNU,Prof. CP Bhambri-Eminent Political Thinker,JNU

Prof. Kamal Mitra Chenoy-Eminent Social Activist,Prof.-JNU .Prof.Kedar Nath Singh-Eminent Hindi Poet and Professor Emirtus-JNU, Prof.Varyam Singh-Eminent writer and Dean-School of Languages-JNU

Prof.Bhagwan Josh-Eminent Historian, Prof.-JNU, Prof. Praveen Jha-Professor, Centre for Economic Study&Planning, JNU,. Dhanjay Tripathi President,JNU Students Union, Prof. Mushirul Hasan-Vice-Chancellor, Jamia Milia Islamia an eminent historian, Sumit Chakarvrati-Editor, ‘Mainstream’  and Prof. Zoya Hasan- Member, Knowledge Commission.

The proposal is also being supported by Com. Prakash Karat (CPM) and Com. A.B.Bardhan (CPI).

This would probably be the best tribute to the memory of our great martyr and the icon of our youth. Looking at the development of Bhagat Singh’s personality on the path of scientific temper, J.N.U. is perhaps the best place in the country to establish a Chair in his memory, who himself has proved to be an eminent thinker of country, apart from giving up his life at the young age of just 23 years.

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Satish K. Jain
Executive Vice President

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