Vishnudeep Panicker

“Eurosclerosis was the term German economist Herbert Giersch used to describe Europe’s slow growth and high unemployment, brought about by the postwar accumulation of regulations and social protections.”
― Raghuram G. Rajan, The Third Pillar: How Markets and the State Leave the Community Behind

“The more explicit and one-off the transaction, the more unrelated and anonymous the parties to the transaction, and the larger the set of participants who can transact with one another, the more the transaction approaches the ideal of a market transaction. The more implicit the terms of the transaction, the more related the parties who transact, the smaller the group that can potentially transact, the less equal the exchange, the broader the range of transactions and the more repetitive transactions are over time between the same parties, the more the transactions approach a relationship. The thicker the web of relationships tying a group of individuals together, the more it is a community. In a sense, the community and the market are two ends of a continuum.”
― Raghuram G. Rajan, The Third Pillar: How Markets and the State Leave the Community Behind

“As wages in domestic currency rose faster in France and Southern Europe compared to Germany, they needed a steady depreciation of their exchange rate in order to retain competitiveness. Corporations disliked having to manage the resulting exchange rate volatility”
― Raghuram G. Rajan, The Third Pillar: How Markets and the State Leave the Community Behind

“As economist Alan Blinder has argued, all impersonal services that can be delivered electronically at a distance, with little or no degradation in quality, are potentially vulnerable.16 What will be harder to replace are human creativity, customization, and human empathy.”
― Raghuram G. Rajan, The Third Pillar: How Markets and the State Leave the Community Behind