MUMBAI: India needs to find new ideas, new technology, to be able to sustain a good economic growth, said Eric Maskin, who won the Nobel prize for economics in 2007. Maskin was also the doctoral supervisor of Indian-American economist, Abhijit Banerjee, at Harvard University.
While speaking on the sidelines of a talk organised at IIT-Bombay’s Techfest, Maskin said that India needs to invest more in science and technology.
“A lot of countries aim to achieve what India has achieved in the past, economically. The country has made a lot of progress in the last 20-25 years. As and when it makes faster progress, it becomes more difficult to continue at the same growth that it had before, because you have to come up with new ideas and new technology all the time,” said Maskin.
From historical experience, we know that the most growth depends on technological progress, so the future of Indian growth will also lie in the same, he said.
While speaking about Banerjee’s Nobel recognition, Maskin said that he is proud of the work done by him. “I used to be his teacher many years ago… I knew he was brilliant and would do wonderful things and I was not disappointed,” he said.
Maskin gave a lecture on ‘mechanism design theory’, for which he earned global recognition. He said that major global challenges of climate change and financial crises could be solved, if only countries agreed to cooperate with each other and resist isolationism. However, he pointed out that it would not be easy as more countries have turned inwardlooking.
While speaking on the sidelines of a talk organised at IIT-Bombay’s Techfest, Maskin said that India needs to invest more in science and technology.
“A lot of countries aim to achieve what India has achieved in the past, economically. The country has made a lot of progress in the last 20-25 years. As and when it makes faster progress, it becomes more difficult to continue at the same growth that it had before, because you have to come up with new ideas and new technology all the time,” said Maskin.
From historical experience, we know that the most growth depends on technological progress, so the future of Indian growth will also lie in the same, he said.
While speaking about Banerjee’s Nobel recognition, Maskin said that he is proud of the work done by him. “I used to be his teacher many years ago… I knew he was brilliant and would do wonderful things and I was not disappointed,” he said.
Maskin gave a lecture on ‘mechanism design theory’, for which he earned global recognition. He said that major global challenges of climate change and financial crises could be solved, if only countries agreed to cooperate with each other and resist isolationism. However, he pointed out that it would not be easy as more countries have turned inwardlooking.
