Value Oriented Education

There is a profound Indian view about teaching which declares that the first principle of teaching is that nothing can be taught. This paradoxical statement may seem at first sight incomprehensible. But when we look closely into it, we find that it contains a significant guideline regarding the methodology of teaching. It does not prohibit teaching, since it is stated to be the first principle of teaching. It does, however, suggest that the methods of teaching should be such that the learner is enabled to discover by means by his own growth and development all that is intended to be learnt. It points out, in other words, that the role of the teacher should be more of a helper and a guide rather than that of an instructor. This would also mean that the teacher should not impose his views on the learner, but he should evoke within the learner the aspiration to learn and to find -out the truth by his own free exercise of faculties.

The truth behind this role of the teacher is brought out by the contention that nothing can be taught to the mind which is not already concealed as potential knowledge in the inmost being of the learner. One is reminded of the Socratic view that knowledge is innate in our being but it is hidden. Socrates demonstrates in the Platonic dialogue, ‘Meno’, how a good teacher can, without teaching, but by asking suitable questions, bring out to the surface the true knowledge which is already unconsciously present in the learner. As we know, Socrates and Plato distinguished between opinions, on the one hand, and knowledge, on the other. They point out that whereas opinions can be formed on the basis of questionable sense-experiences, knowledge which consists of pure ideas is independent of sense-experience and can be gained by some kind of experience which is akin to remembrance. In other words, according to Socrates and Plato, knowledge is”remembered” by a process of uncovering.

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Monetary and fiscal policy switching.

Two THEMES RUN through policy analysis: rules determining policy choice are functions of economic conditions; those rules may change over time. The themes reflect the views that actual policy behavior is purposeful, rather than arbitrary, and that good policy adapts to changes in the structure of the economy or to improvements in understanding how policy affects the economy.

A growing body of evidence finds that policy reaction functions vary substantially over different periods in the United States. In light of this evidence of regime shifts, which is reviewed in Section 1, it is surprising that there is little formal modeling of environments where ongoing regime change is stochastic, and the objects subject to change are parameters determining how the economy feeds back to policy choice.

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Banks and Monetary Policy: the Mechanics of Interest Rates Setting

We hear a lot about interest rates, and not only in my professional field of expertise. Interest rates are everywhere to be found in our daily lives: credit card interest, interest on deposits, car loan interest, personal loan interest, treasury bond interest. The other day I received a spam e-mail that said: “Need new socks ? Apply for our Family Loan – competitive interest rates”. Since I am single and own approximately fifty pairs of socks – they seem to be the preferred Christmas present in my household – I decided not to push the ‘Click Here’ button. But just what are the mechanics of interest rate setting? Who decides which interest rate to charge to whom – and how?

Paul Volcker, while chairman of the Board of Governors of the Federal Reserve System (1979-87), was often called the second most powerful person in the United States. Volcker triggered the “double-dip” recessions of 1979-80 and 1981-82, vanquishing the double-digit inflation of 1979-80 and bringing the unemployment rate into double digits for the first time since 1940. Volcker then declared victory over inflation and piloted the economy through its long 1980s recovery, bringing unemployment below 5.5 percent, half a point lower than in the 1978-79 boom and helping Ronald Reagan convert the American people to Reaganomics. Volcker was powerful because he was making monetary policy. Central banks are powerful everywhere for the same reason, although few are as independent of their governments as the Fed is of Congress and the White House. Central bank actions are the most important government policies affecting economic activity from quarter to quarter or year to year.

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