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Jeffrey Keeten Review: ”All the same, Murderess is a strong word to have attached to you. It has a smell to it, that word---musky and oppressive, like dead flowers in a vase. Sometimes at night I whisper it over to myself: Murderess, Murderess. It rustles, like a taffeta skirt across the floor.”

Sketches made of Grace Marks and James McDermott during their sensationalized trial.

Grace Marks, at the age of 16 in 1843, was arrested along with James McDermott for the murders of their employer, Thomas Kinnear, and his mist

Laura Review: April Genevieve Tucholke’s writing is absolutely beautiful. I wasn’t quite sure what I was reading at times, yet it cast this spell on me that wouldn’t let go. The story is strange. There’s mystery, romance, and plenty of suspense. The promise of an unreliable narrator..possibly even three adds a bit of intrigue. Wink Poppy Midnight has this hazy sort of tone making it unlike anything else I’ve read in young adult fiction. The most similar thing I can think of would be We Were Liars, though t

Mady Patterson Review: I think this is a very good book. Now it did take awhile to get to the story-line but that's okay. The ending almost made me cry along with one of the characters. I recommend this book if you need help forgiving or are into dramas because that is kind of what goes along with it. Also at the beginning I did not realize that each chapter it would switch between the viewpoints of Jesse, Kate, and the Zeke but I caught on not to far after I stared reading it.

Brenda Review: Dion Leonard, an Australian living in Edinburgh, Scotland, was in China for the 155-mile race through the Gobi Desert when a small brown ball of fluff with big eyes attached herself to him. As he ran each leg of the race, the dog kept pace with him. At one stage they crossed a water course, and when she called to him from the bank, Dion turned and picked her up, carrying her across. When it was obvious the little dog would remain by his side, he named her Gobi – her courage and tenacity was outs

Carol Review: I did enjoy this book, and it re-awakened my desire to visit Italy. The descriptions of the landscape, culture and people are very good and evoke the slow, lazy summer days one dreams of in Italy.

I found the writing quite old fashioned but it was set in the 50s and I think the author was trying to make that more authentic.

I didn't like the way the main character was always called by her full name 'Beatrice Malaspina', naturally one would call her Beatrice after using the name so many times, an

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Federal Agencies Want to 'Squeeze' TBTF Banks

July 10th, 2013
in econ_news, syndication

Econintersect:  Last week we reported on the statement by Fed Governor Daniel J. Turullo regarding the Fed intention to establish tighter reserve requirements (lower leverage limits) for the largest U.S. banks.  The standards would be tighter than required for smaller banks which would be held to the international standards known as Basel III.  The tighter standards, which Tarullo had been proposing for some time (see 05 June article), would apply to the seven largest U.S. banks as things stand today.  Details of the proposed capital rules were announced Tuesday 09 July jointly by the Federal Reserve Board of Governors, the FDIC (Federal Deposit Insurance Corporation) and the OCC (Office of the Comptroller of the Currency).

Follow up:

The higher capital requirements for TBTF (too big to fail) or systemically important banks would presumably give smaller banks some operational advantages and might put pressure on the giants to self-restructure into a larger number of smaller banks for operational efficiency.  This would please the many critics who have argued that TBTF should mean TBTE (too big to exist).

At this time the eight largest U.S. banks would fall under the stricter rules.

Here is the joint press release from the three agencies (emphasis added by Econintersect):

Board of Governors of the Federal Reserve System
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
For immediate release
July 9, 2013

Agencies Adopt Supplementary Leverage Ratio Notice of Proposed Rulemaking

The Federal Reserve Board, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) on Tuesday proposed a rule to strengthen the leverage ratio standards for the largest, most systemically significant U.S. banking organizations.

Under the proposed rule, bank holding companies with more than $700 billion in consolidated total assets or $10 trillion in assets under custody (covered BHCs) would be required to maintain a tier 1 capital leverage buffer of at least 2 percent above the minimum supplementary leverage ratio requirement of 3 percent, for a total of 5 percent. Failure to exceed the 5 percent ratio would subject covered BHCs to restrictions on discretionary bonus payments and capital distributions. In addition to the leverage buffer for covered BHCs, the proposed rule would require insured depository institutions of covered BHCs to meet a 6 percent supplementary leverage ratio to be considered "well capitalized" for prompt corrective action purposes. The proposed rule would currently apply to the eight largest, most systemically significant U.S. banking organizations.

Also on Tuesday, the FDIC Board approved a capital interim final rule and the OCC approved a final capital rule identical in substance to the final rules issued by the Federal Reserve Board on July 2, 2013.

A strong capital base at the largest, most systemically significant U.S. banking organizations is particularly important because capital shortfalls at these institutions have the potential to result in significant adverse economic consequences and contribute to systemic distress both domestically and internationally. Higher capital standards for these institutions will place additional private capital at risk before the federal deposit insurance fund and the federal government's resolution mechanisms would be called upon, and reduce the likelihood of economic disruptions caused by problems at these institutions.

The agencies are proposing a substantial phase-in period for the rule with an effective date of January 1, 2018. The NPR will be published in the Federal Register with a 60 day public comment period.

Attachment: Regulatory Capital Rules: Regulatory Capital, Enhanced Supplementary Leverage Ratio Standards for Certain Bank Holding Companies and their Subsidiary Insured Depository Institutions (PDF)

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text:
Kirzner, Israel M.
(1930- )
Display paragraphs in this book containing:
Laurence S. Moss, ed.
First Pub. Date
Kansas City: Sheed and Ward, Inc.
Pub. Date
2nd edition. Foreword by Ludwig von Mises.
11 of 13

Economic Affairs, Money, and Measurement

In love or war or politics, or religion, or morals it is impossible to foretell how mankind will act,... But once place a man's ear within the ring of pounds, shillings, and pence, and his conduct can be counted on to the greatest nicety.
Robert Lowe

Money may not be the root of all evil, but it is the root of economic science.
Wesley C. Mitchell

The first comprehensive system of economic theory... drew implicitly the borderline between what is to be considered economic and what extra-economic along the line which separates action calculated in monetary terms from other action.
Ludwig Mises

Running through the literature dealing with the problem of uniquely identifying economic affairs there has been a recurrent tendency to introduce the phenomenon of money as the distinctive feature. The present chapter outlines the different views that have at various times seen the use of money as the criterion of the economic.

Money, Wealth, and Exchanges

The most obvious form in which money presents itself as relevant to a definition of economics is in its relationship to wealth. For the most general and powerful form in which wealth appears is in that of ready cash. Money, as the medium of exchange possessing the property of being able to command goods when and where they are needed, is, in general, one of the most desirable forms in which to store wealth. And, of course, the emergence of certain metals as popularly accepted media of exchange was in part the consequence of their suitability for being stored over periods of time without loss of general appeal.

Adam Smith, in his exposition of the nature and causes of the wealth of nations, had found it necessary to point out that the accumulation of a national stock of gold does not, of itself, secure national prosperity. There has, of course, been controversy about whether or not Smith was unjust to the mercantilists in ascribing to them this identification of national wealth with gold.*1 It is, in any event, true that the early definitions of political economy in terms of wealth were not confined to, and did not even particularly stress, the monetary form of wealth. On the contrary, writers tended rather to emphasize that money in itself lacks many of the characteristics of wealth. The problems of production and distribution in which the classical writers were interested pertained to the goods that directly satisfied human wants or to the productive factors for such goods. The pronounced disregard for the purely monetary effects on the economy, which is a characteristic of classical economics, helped to keep interest from focusing on the medium of exchange.

Nevertheless, there were soon several economists who wrote in terms that made wealth tantamount to money. "Political Economy," wrote the French Dupuit in 1844, "being concerned only with wealth, can take account of the intensity of a wish only through its monetary expression."*2 Bagehot, who defined political economy as the "science of business," wrote that "as far as people are what we now always call 'men of business,' money, the thing they look for and the thing they want, is their sole object..."*3 The passage by Robert Lowe (Viscount Sherbrooke) in which he justifies the possibility of a science of economics is famous: "In love or war or politics, or religion, or morals it is impossible to foretell how mankind will act...But once place a man's ear within the ring of pounds, shillings, and pence, and his conduct can be counted on to the greatest nicety."*4 When Cliffe Leslie wished to attack the notion of a single wealth-seeking motive in human beings, he did so, as we have seen, in an essay entitled The Love of Money (1862) and quite obviously assumes that by exposing the nonexistence of such a homogeneous love of money he is demolishing the economic man, in whose breast nothing is implanted but the desire for wealth.

In itself there is perhaps not much significance to be attached to this identification of wealth with money. In the earlier formulations in which an objective wealth was the focus of attention, we have seen this identification to have been lacking. The stress on the monetary form of wealth appears in the writings of those who give paramount importance to an economic man, intent on the accumulation of wealth. Since in a market economy the drive for wealth is most easily fulfilled by translation into a drive for money, there is little difference whether one describes economic man by reference to a passion for wealth or to a passion for money.

What these citations do suggest, however, is a tacit assumption that exchange is essential to actual economic affairs. And this circumstance suggests a fresh link between definitions of economics in terms of exchange and the endowment of economic man with an exclusively pecuniary self-interest. Bagehot's definition of economics as the "science of business" shows the connection quite clearly.*5 Bagehot had been impressed by the criticisms of classical political economy made by the historically-minded economists. He acknowledged the "relativity" of economics with respect to time and place and wished to salvage economic theory by restricting its scope to the "business world," where its assumptions of self-interest, rationality, and the like were reasonably fulfilled. The degree to which the self-interest assumed by the economist is actually at work in the business world, and certainly the treating of this assumption as the unifying thread of economic theory, postulated the introduction of a sharp division into the whole of human action separating the activities of men in their capacity as consumers, on the one hand, from their activities in the capacity of business-type producers, on the other. Of course, what motivates the earning of income is hope of the pleasures to be purchased by spending it, but it was believed that only in their capacity as "men of business," as income-earners, does the behavior of men admit of economic "laws." Only in this sphere of activity could it be seriously maintained that pecuniary self-interest is the exclusive passion. In this context the desire for wealth becomes crystallized very definitely into a desire for money, the form in which men of business earn income.

This obviously arbitrary and artificial division is made possible only by the existence of indirect exchange. The fact that the division of labor in a modern economy is made feasible solely by the intervention of a medium of exchange between producer and consumer is responsible for the conception of a distinct area of activity in which men do act as businessmen. From this point of view, exchange, or even more accurately exchange for money, becomes a criterion of economic activity in an entirely novel sense. Economic analysis must be confined to activity revolving around monetary exchange, because only in such activity can an exclusively pecuniary self-interest be reasonably postulated. When men act in spending their income, economic analysis is admittedly baffled by the multiplicity of motives actuating their spending habits. But in so far as men do engage in a separate kind of activity in securing a money income, their actions are susceptible of analysis. Because men do not directly secure the innumerable and heterogeneous goods they desire, but first channel their demand for these goods into a demand for a single good, money, economics can proceed to analyze man's business behavior in terms of a single motive, viz., the desire for money, or in terms of the maximization of this single good.*6

No doubt this conception of economic activity involves some circularity. We must confine economic analysis to human action only in so far as it has a single object in view, the maximization of money income, and we proceed to postulate an "economic" area of "business" defined in terms of such a single object of desire. The justification for such a procedure is the sharp distinction made possible, as we have seen, by the existence of a monetary bridge that both accentuates and spans the gulf between earning income and buying goods. There is, in fact, a twofold aspect to men's lives. Men do mark off part of their time for the earning of income and part for the enjoyment of income, however hazy the line of demarcation may be. And it is a fact that economic analysis has historically dealt predominantly with the first of these areas. Definitions of economics in terms of money are thus different from definitions of it in terms of wealth. The criterion of money fences off the area of income-earning and makes it a field fruitful for economic analysis.

The long-range trend in the conception of economic activity has consistently been to broaden its scope to cover all human action. Not a part of human activity, but an aspect of its entire range is selected as relevant to economics. The definition in terms of money in the sense here outlined is a special case of the older type of definition that marked off a part of the activity of men for economic analysis, postulating in the area so circumscribed a homogeneous mass of phenomena that did not occur elsewhere. It is of interest that even with the more recent "broad" definitions of economics, which recognize the essential homogeneity of all human action, the applicability of economic analysis is still over-whelmingly to be seen in the "business" or "money" sector of action. For this reason it is apparently still tempting to suppose that there is a clear-cut division between man's money-making activities and the rest.*7

Money as the Measuring Rod

A definition of economic activity in terms of money that involves more sophisticated (and perhaps more controversial) considerations is that which sees money as a measuring rod. Economic analysis is concerned with that part of human activity, with that area of human welfare, which can be measured by the yardstick of money. The literature citing this definition reveals some confusion as to its origin. Usually this formulation of economics is ascribed to Pigou. In fact, Pigou seems to have simply taken over this definition from Marshall without much ado. It was Marshall who first most thoroughly expounded the conception of economics in terms of the money measure, and this despite the fact that his conception of economics is almost always presented by exclusive citation of the opening references in his Principles to "the ordinary business of life" and the "material requisites of well-being."*8

Marshall developed his thesis in extenso in his inaugural lecture at Cambridge in 1885.*9 It must be emphasized that Marshall did not consider that he was in fundamental disagreement with his fellow economists, but only that he was presenting a more appropriate characterization of the commonly recognized scope of the subject. In the practical world Marshall is content to consider economics as examining

that part of individual and social action which is most closely connected with the attainment and with the use of the material requisites of well-being. Thus it is on the one side a study of wealth; and on the other, and more important side, a part of the study of man.*10

But Marshall was well aware of the misleading character of such a definition, in so far as the essence of economic activity is concerned. In his inaugural lecture he said:

The outward form of economic theory has been shaped by its connection with material wealth. But it is becoming clear that the true philosophic raison d'être of the theory is that it supplies a machinery to aid us in reasoning about those motives of human action which are measurable. In the world in which we live, money as representing general purchasing power, is so much the best measure of motives that no other can compete with it. But this is, so to speak, an accident...*11

Marshall is at pains to explain that it is in the measurability of motives that the homogeneity of economic activity is to be found. That it is money which in real life lends itself to such measurement is merely a convenient accident. In the course of developing this point, Marshall uses the arguments of Cliffe Leslie.

If with Cliffe Leslie we analyse all the infinite variety of motives that are commonly grouped together under the term "love of money," we see that they are of all kinds. They include many of the highest, the most refined, and the most unselfish elements of our nature. The common link that binds them together is that they can be more or less measured; and in this world they are measured by money.*12

Marshall envisages the possibility of an economy in which incentives are in the form, not of money, but of a graduated system of decorations of honor. All this attributes "high and transcendent universality to the central scheme of economic reasoning."*13 Nevertheless, "for practical purposes..." it will be best to go on treating it as chiefly concerned with those motives to "which a money price can be...assigned."*14 In brief, economics deals with the play of measurable motives reinforcing and counteracting one another, "but it also sets out that most complex play of human motives that changes the purchasing power of money, and thus alters the measure of all motives."*15

In his Principles Marshall expresses himself quite frequently in similar terms. "The raison d'être of economics as a separate science is that it deals chiefly with that part of man's action which is most under the control of measurable motives." This is a characteristic statement of Marshall's position.*16 It will be noticed that Marshall does not consider this definition to be a watertight one, since he is constantly employing qualifying phrases such as "chiefly," "more or less," and the like. This was, indeed, frankly acknowledged by Pigou. In 1912 Pigou had stated that economic welfare arises from that part of the community's income that enters "easily into relation with the measuring rod of money,"*17 and had asserted that the "methodological principle at the basis of economic science, and that which separates it from the other social sciences, is the reference it makes to a measure, namely, money."*18 Later, in his Economics of Welfare, Pigou admits the haziness of such definitions:

It is not, indeed, possible to separate [the economic part of welfare] in any rigid way from other parts, for the part which can be brought into relation with a money measure will be different according as we mean by can, "can easily" or "can with mild straining" or "can with violent straining." The outline of our territory is, therefore, necessarily vague.*19

Money as a Universal Measuring Rod

Before we discuss this fresh conception of economic affairs, it will be of interest to draw attention to a view that has the doubtful distinction of running precisely counter to that of Marshall while yet being built on the very same foundation. The French sociologist Gabriel Tarde, in the course of a campaign to prove that most of the "economic" categories are really common to all the social sciences, attempted to show that money too is not a strictly economic phenomenon. It is true, Tarde wrote, that money is a measure of wealth, but it is not a measure of wealth alone. Money, besides measuring wealth, measures desires and beliefs; it is a universal measure of all social "quantities," of which wealth is only one.*20 Tarde believed that he had thus broken the link that chained money exclusively to economics, whose subject matter, despite some fairly advanced statements in his writings, he still identified solely with richesses.

Both Marshall and Tarde, it will be observed, look upon money as significant primarily on account of its suitability to serve as a measuring rod of human motives. But in postulating the suitability of money as a measure of human motives, Marshall had by the same token held these motives to be economically relevant. Tarde, on the other hand, working unwaveringly on the assumption that only the phenomena of wealth are economic, and confronted with his own conception of money as measuring human desires, is forced to the triumphant conclusion that money itself pertains to noneconomic phenomena.

Clearly the conception of money as a measuring rod is something also of a two-edged sword, capable, perhaps, of replacing wealth as the criterion of the economic, but capable too of forcing itself outside the scope of economics altogether if the latter is defined as the science of wealth.

Measurement and Economics

Several points of criticism present themselves in the consideration of the Marshall-Pigou view of economics. The description of the subject in terms of the possibility of measuring human motives could conceivably be interpreted as stressing the comparison of motives with one another. Economic activities would be those in which the relative strength of human desires would be expressed, through the allocation of resources, in the visible phenomena of the market. But this is not the sense in which Marshall wrote that money measures human motives.

What Marshall had in mind is a means of escape from the dim, hazy realm of desires and feelings into a sharply defined world of quantities brought into clear focus, free of the fuzziness of merely qualitative differences. There is a groping towards the "quantification" and the endowment with "objective measurability" of the numberless subjectively felt urges and drives. Economic phenomena, we are to understand, are in the unique and apparently highly-prized position of being able to reflect in measurable (and hence presumably "scientific") terms, at least some part of the uncharted wilderness of the human mind. Now there is, no doubt, some satisfaction in feeling that not all human desires remain submerged within individual consciousness; that some of them at least register delicate, but measurable, changes on some external scale for all to see. But it is not clear that the inherence of such a fortunate property in certain motives and feelings offers a valid criterion for a common scientific treatment. As Croce asked Pareto on a slightly different point: "What intrinsic connection is there between this merely accidental attribute, measurability, of the objects which enter into an economic action, and the economic action itself?"*21 At least Marshall himself shows appreciation of the good fortune that the motives measured by money all admit of analysis by similar types of reasoning. "The problems which are grouped together as economics," he wrote, "because they relate specially to man's conduct under the influence of motives that are measurable by a money price, are found to make a fairly homogeneous group."*22 But surely this homogeneity, under Marshall's definition, is no more than a happy accident.

Moreover, the whole idea of the measurement of subjective desires by means of money is one that involves serious and controversial problems. It may be readily conceded that human motives, acting in the market place, exert definite effects on money prices. It is by no means clear that the resultant prices offer in any valid sense a means of measuring such motives. Discussions on the possible conception of a cardinal utility may invite ingenious suggestions purporting to measure such a utility. Money has never in any but the crudest of senses been able to serve as such a measure. Undoubtedly Marshall's idea of money as a measuring rod is related to his frequent use of the hypothesis that money is exempt from the "law" of diminishing marginal utility, but this was never more than a simplifying analytical technique. Prices are not measuredin money; they are simply amounts of money given in exchange for goods. Prices are expressed in terms of money, not because money represents any sort of "measuring rod," but simply because it is money that is commonly used as the quid pro quo for goods.*23 One need not draw attention (as Marshall himself did) to the violent fluctuations in the purchasing power of money in order to feel the force of a characteristic sentence of Professor Knight: "If we accept the aphorism, 'science is measurement,' as a definition of science, which is its only intelligible meaning, then there is no such thing as 'economic' science..."*24

Marshall's was not the only attempt to see economic science as essentially a consequence of measurability. An interesting point of view in this regard was presented in an essay in 1893 by an eminent American contemporary of Marshall, Simon Patten. In the classical economic system, Patten explained, economics was unfortunately divorced from utilitarianism.

Utilitarianism was abstract, and treated of pleasures and pains as purely subjective phenomena. Economics was concrete and treated of utilities as material wealth conditioned by the laws of the objective world...*25

The achievement of subjective economics and the development of the theory of consumption makes possible their unification.

When the basis of economics is broadened by making the unit of measurement subjective, and the basis of utilitarianism narrowed by separating it from ethics, the unity of the two, both in the method they use, and in the field they occupy, becomes apparent... There is only one science for measuring the welfare of society and its progress through the gains or losses of those positive utilities which men create or destroy.*26

The term "positive utility" is used by Patten in contradistinction to "absolute utility." By "absolute utilities" Patten understands those which cannot be measured and hence cannot enter into the utilitarian calculus. As instances of such absolute utilities, Patten cites "water in a desert," "honesty," and the like. "Positive utilities" are those which, by their susceptibility to measurement, enter into the utilitarian calculus.

Economics is the science of positive utilities—the realm where no other motives are recognized except those resulting from changes in the amount of our measurable pleasures and pains.*27

It is true that Patten's stress on the measurability of economic motives refers to their comparison with one another. Honesty is not directly relevant to economics because it is immeasurable, in the sense that no finite utilities can reach up to it. It is an absolute good.*28 But Patten's position reflects also the felt need for a conception of "quantities" of utility. Of course, in a scheme in which a label bearing for each individual a definite number of "units" of utility is mentally attached to every good, it is difficult to treat in terms of such units those values to whose utility the individual can imagine no limit to be assigned. This difficulty led to the postulation of a difference in kind between "positive" and "absolute" utilities. Economics became neatly identified with the first of these; and measurement, for Patten as for Marshall, constituted the decisive criterion.

But in the absence of a demand to know the "quantity" of a utility, the distinction between "positive" and "absolute" utilities disappears of itself. The modern idea of the role of preference in human action offers a completely adequate view of the matter. When forced to choose between two alternatives, the individual exercises his preference in a way that remains essentially the same regardless whether the alternatives represent "positive" or "absolute" utilities. In the process of preferring, all possible values are placed in an ordered array. "If honor cannot be eaten, eating can be forgone for honor."*29 Measurability becomes a criterion of doubtful worth simply because any results that it brings for comparing utilities with one another can be obtained even more easily without it. A considerable number of writers who cite the Marshall-Pigou view of economics have drawn attention to these weak points in the whole idea of measurement.*30

Money and Price-Economics

In a chapter on the role of money in definitions of economics, mention should be made of the part that it has played in the emergence of so-called "price-economics." In the literature of the second and third decades of this century there was a lively discussion of whether economics should deal with subjective utilities, with welfare itself, or whether it should deal only with the external manifestation of those utilities, with objective prices. The "price-economists" attempted to avoid reference to the underlying motives, desires, and satisfactions that are reflected in market prices. They rejected "explanations" of prices that invoked these subjective concepts. They conceived of economics as concerned, not with the causes of human behavior, but with its consequences as seen in the patterns of prices. Pareto, Cassel, Davenport, and Mitchell are representative of this line of thought. Writers such as Fetter and Viner in the United States, on the other hand, were among those who saw price-economics as an inadequate means of understanding the operations of the market and insisted on the need to dig below the surface phenomena of prices for their explanation.*31 It is not necessary for present purposes to go further into the origin and causes of the emergence of a price-economics. In so far as it represents a distinct outlook on the nature of economic phenomena, price-economics can be largely subsumed under the catallactic view of the subject, especially under that conception of the latter that stresses the purely functional relationship between different prices.*32

What is of relevance to the present chapter is the degree to which the presence of a general medium of exchange and the identification of economic activities with those involving such a medium may have contributed to the price-economics line of thought. Prices are the corollaries of acts of exchange. Every act of exchange, by definition, is associated with a definite ratio according to which the goods are exchanged against each other. The phenomenon of price is one with a peculiar fascination of its own, especially when the whole structure of prices—the interrelationships between different prices in the same market and between prices at different times—is grasped. It is not difficult to understand the temptation to treat these ratios as "things" in themselves, moving in accordance with their own "laws of motion," rather than as the manifestations of acts of human choice. The part played by money in the market has only heightened this temptation.

Money prices make possible a system of rational calculation in which any economic decision is influenced by all the relevant factors. The producer and the consumer are alike guided by money prices to adjust their actions in the most advantageous way to the real conditions of the market. In the discussion over the possibility of rational economic calculation of gain and cost in a socialist economy, one fact has emerged with overwhelming unanimity. It is almost universally conceded that in an economy without prices, real or "quasi," there is no means of judging the economic wisdom or folly of any action. Every prospective buyer or seller, if he is to act in a rational way, must be able to compare his prospective situation at the completion of the transaction with his present situation. This involves the comparison of innumerable "economic quantities" with one another: those actually under his control initially, those to be brought under his control through the transaction, and those possibilities of control which his initial position enables him to command through alternative transactions. The expression of market prices in terms of money is an inestimable boon to the solution of this complex problem. As a common medium of exchange for all marketable goods, money fuses all the alternatives confronting the marketer into an immeasurably simpler chain of decisions. The money price paid for one good expresses succinctly, and more convincingly than is ever conceivable in a barter transaction, a preference for this good over a definite set of alternative goods.

The implications of these well-recognized considerations for the construction of a theoretical "price system" in which the relative movements of different prices are to be reduced to all-embracing "laws" are obvious enough. A conception of a price structure ultimately depends on the sensitivity of each part of the structure to changes in other parts. When changes in prices in one area do not generate related price movements throughout the economy because of undefined "frictional" forces clogging the system, then the concept of "laws" of price movements becomes less and less realistic. The introduction of a monetary numeraire to describe the relationships among the prices in such a system is more than a matter of convenience. The assumption of rational behavior, guided by prices, which the concept of a system of prices postulates would be almost wholly untrue in a barter economy. Besides the extraordinary difficulty that would be entailed in the exposition of a system of barter prices, there would be the more serious objection that the loosely knit relationships that would perforce exist between barter "prices" would make the recognition of any "system" of such prices of negligible significance.

To present the matter briefly: in a market without money prices exchange ratios are of a type almost completely analogous to the transformation functions under which a Crusoe economy operates. In a Crusoe economy no analysis is possible without explicit assumptions regarding subjective categories that price-economics is anxious to avoid. The attempt to see economics as a system of laws governing the movements of prices that are the consequences of human behavior must depend on a common monetary denominator.*33 The possibility, of course, exists that improved means of calculation could enable rational comparison of alternatives to take place without guidance by external market prices. But this possibility would destroy the entire field investigated by price-economics. From a point of view that sees economics as essentially concerned with prices, it has been asserted, for example, that if linear programming could set up a system of shadow prices to guide managers, the borderline of economics might need to be reviewed.*34 In so far as the signals of shadow prices are not available and guidance must be sought in money prices, it is the preoccupation of economic activity with money that made possible the idea of an economics that could be "positive," disregarding the realm of dim mysteries of feelings and dealing with definite, observable market prices.

Money as an Economic Institution

Closely associated with the considerations of the previous section is the stress that has been laid on the essentiality of money for economic activity because of its unique role as an institution. Economic affairs, on this view, are monetary affairs, not because money is a passive sign of the presence of economic activity, but because it plays an active role in shaping the character of such activity. According to Marshall, as has been seen, money characterized economic activity by serving as a measure of certain motives. The presence of money was not seen in any way as influencing these motives themselves, or at least it was not because of any such influence that money was taken to be the criterion of the economic. Money was seen as merely expressing the real motives operative in the phenomena of the market. The fact that it served at the same time as a measuring rod was the reason why economics came to be defined in monetary terms.

But it is clear that the use of money is a real factor that has profoundly affected the entire pattern of economic activity. And in the literature on this subject attempts have been made to treat money as the definitive criterion of the economic by virtue of the peculiar influence it exercises on human action. Economic activity becomes such through its reflection of this influence. Professor Mises has pointed out that rational economic activity became possible only with the widespread adoption of a medium of exchange.*35 As we have seen in the previous section, the recognition of this fact led to the emergence of the concept of price.

It was Wesley Mitchell who stressed the role of money as an active institution that has shaped human activity in a definite pattern. Of the writers on this subject Mitchell was perhaps the most insistent on the necessity of confining economics to monetary affairs. "Money may not be the root of all evil, but it is the root of economic science."*36 Most of all, Mitchell wanted to avoid discussions on subjective concepts. "When the definite and objective interrelations among money prices have been analyzed it is time enough to penetrate into the dim mysteries of our feelings about utilities...*37 But Mitchell paid considerable attention to the positive influence that money has exerted.

Writing within the framework established by Veblen, Mitchell contrasts his "institutional" view of the economic significance of money with Marshall's concept. The latter sees money as "an indispensable tool for measuring the force of opposing motives; but it remains merely a tool... " To predict what men will do "one needs to know the motive force of the satisfactions and sacrifices promised by alternative lines of action. That force can best be expressed in terms of money; but the use of money does not alter the substantial character of economic behavior." But, Mitchell continues, on Veblen's view of the matter, the whole picture changes.

Money becomes a most significant thing in the economy of society, because it shapes the habits of thought into which our native pro- pensities grow. Instead of being a machine for doing quickly and commodiously what would be done, though less quickly and commodiously, without it, the use of money "exerts a distinct and independent influence of its own" upon our wants as consumers, upon our skill as planners, and upon our ideals as citizens.*38

Because of the manner in which the monetary calculus promotes rational behavior, the student of economics cannot picture economic logic without money and without prices.*39

Now, while the positive influence on economic activity that money exerts has been rather widely recognized,*40 this does not of itself provide a valid criterion of economic activity. Professor Robbins, for example, has complained that the restriction of economics to monetary phenomena confines the subject to a particular institutional setting.*41 The influence that money and monetary calculation has exerted is not so much a matter of innovating as of accelerating and facilitating a pattern of activity that, at least in principle, could exist without it. Nevertheless, the role that money has played in the conception of economic phenomena has been broadened by the "institutional" concept. Money has, in fact, played a role in economic activity, not merely as a passive tool, but also as an active force. The superposition of the ideas on the money criterion presented in this section contributes to fuller appreciation of what has been meant by the statement that money is an essential element in economic affairs.

Notes for this chapter

See, e.g., E. Cannan, A History of the Theories of Production and Distribution in English Political Economy from 1776-1848, ch. I.
J. Dupuit, "On the Measurement of Utility of Public Works" (translated in International Economic Papers, No. 2, p. 89).
W. Bagehot, Works (Hartford, 1889), V, 324.
R. Lowe, "Recent Attacks on Political Economy," Nineteenth Century, November, 1878, p. 864.
For passages in which Bagehot consistently refers to economics as the "science of business," see his Works (Hartford, 1889), III, 269; V, 243, 259, 324. See III, 44 for a passage in which Bagehot writes of Cairnes that he defined "the exact sort of science which political economy is" better than any previous writer.
The use of money as the criterion for defining the nature of economic activity, on the grounds that human action directed towards consumer goods is first channeled into a search for general purchasing power in the form of money, bears a close similarity to a distinction used later by Robbins and Hayek. In the following chapter we shall notice the identification by these writers of the economic motive with the desire for general opportunity, the ability to achieve unspecified ends. On this point see also L. Robbins, Nature and Significance (2nd ed.), pp. 30-31.
For examples of writers who have fairly recently sought for a defining criterion in this division between man's money-getting actions and his other actions, see K. Rivett, "The Definition of Economics," Economic Record, November, 1955, pp. 221, 229; E. Heimann, "Comparative Economic Systems," in Goals of Economic Life, ed. A. D. Ward (New York, 1953), pp. 122 f.
Parsons has minimized the importance to Marshall of his criterion of measurability (Structure of Social Action, p. 134). Robbins consistently associates the criterion of money as a measuring rod with Pigou rather than with Marshall. See also J. N. Tewari, "What Is Economics?" Indian Journal of Economics, April, 1947, for a similar implication of a difference between Marshall and Pigou with regard to the idea of money as a measuring rod.
A. Marshall, The Present Position of Economics (London, 1885). Passages from this lecture appear again in the Principles; in particular, several passages having reference to this chapter reappear verbatim in Appendix D (in the 8th edition).
A. Marshall, Principles of Economics (8th ed.; Macmillan & Co.), p. 1.
A. Marshall, The Present Position of Economics, pp. 22 f.
Ibid., p. 28.
Ibid., pp. 22-25.
Ibid., p. 29.
Ibid., p. 31.
A. Marshall, Principles, p. 38. Similar passages are to be found on pp. 15, 27, 57.
A. C. Pigou, Wealth and Welfare (London: Macmillan & Co., 1912), p. 3.
Ibid., p. 8. See also Pigou's inaugural Cambridge lecture, published as Economic Science in Relation to Practice (London, 1908).
A. C. Pigou, The Economics of Welfare (4th ed.; London: Macmillan & Co., 1932), p. 11.
See G. Tarde, Psychologie économique (Paris, 1902), p. 77.
B. Croce, "On the Economic Principle II," in International Economic Papers, No. 3, p. 197.
A. Marshall, The Present Position of Economics, p. 27.
See the article by L. Mises in Studium Generale, VI, No. 2, 1953.
F. H. Knight, "The Nature of Economic Science in Some Recent Discussion," American Economic Review, June, 1934, p. 236.
S. Pattern, "The Scope of Political Economy," reprinted in S. Patten, Essays in Economic Theory, ed. R. Tugwell (New York: Alfred Knopf, 1924), p. 192.
Ibid., p. 185.
Ibid. For other passages on economics and measurable motives, see O. R. Trowbridge, Bisocialism (1903), p. 106; R. Scoon, "Professor Robbins' Definition of Economics," Journal of Political Economy, August, 1943, p. 321.
On the possibility of infinite utility, see P. H. Wicksteed, "On Certain Passages in Jevons' Theory of Political Economy," Quarterly Journal of Economics, 1889, reprinted in Common Sense, II, 736.
L. Mises, Socialism (London: Jonathan Cape, 1936), p. 116.
Writers who have criticized the criterion of money as a measuring rod include J. A. Hobson, Free Thought in the Social Sciences (New York, 1926), pp. 97 f.; R. G. Hawtrey, The Economic Problem (London, 1925), p. 184; F. A. Fetter, "Price Economics Versus Welfare Economics," American Economic Review, 1920, pp. 721, 736; A. L. Macfie, An Essay on Economy and Value (London, 1936), pp. 72-73.
See, e.g., V. Pareto, "On the Economic Phenomenon," International Economic Papers, No. 3, p. 190; H. J. Davenport, "Fetter's 'Economic Principles,'" Journal of Political Economy, March, 1916; W. Mitchell, The Backward Art of Spending Money, pp. 232-233, 256-257; J. Viner, "The Utility Concept in Value Theory and Its Critics," Journal of Political Economy, 1925, p. 659.
At least one writer explicitly identified the position of the "priceeconomists" as the "catallactic point of view" (Carl Parry, "A Revaluation of Traditional Economic Theory," American Economic Review [Supplement, 1921], p. 123.)
For a discussion of the restriction of price-economics to monetary phenomena see F. A. Fetter, "Davenport's Competitive Economics," Journal of Political Economy, June, 1914, pp. 554 ff.
See above, ch. I, n. 4.
L. Mises, Nation, Staat and Wirtschaft (1919), p. 133. See also L. Mises, Human Action (1949), p. 232 on the same point.
W. C. Mitchell, "The Role of Money in Economic Theory," American Economic Review (Supplement, 1916), reprinted in The Backward Art of Spending Money, p. 171.
The Backward Art of Spending Money, pp. 256-257.
W. C. Mitchell, "Thorstein Veblen," in The Backward Art of Spending Money, pp. 304-305.
Op. cit., p. 256.
C. H. Cooley, especially, expanded on the pecuniary influences on society in a number of papers in the second decade of this century. See also A. A. Young, "Some Limitations of the Value Concept," Quarterly Journal of Economics, May, 1911, p. 415.
L. Robbins, "Live and Dead Issues in the Methodology of Economics," Economica, August, 1938, p. 344.

Chapter 6

End of Notes

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• Philadelphia Sunset Skyline
      B. Krist for Visit Philadelphia

    Updates and insight on education & talent development, business growth, and infrastructure in Greater Philadelphia
  • 2014 GPLEX Boston Greentown
April 15th 2015

Introducing Exchange to Change

Steve Wray introduces the Economy League’s Exchange to Change series looking back at 10 years of the Greater Philadelphia Leadership Exchange.      There’s a reason why place-based institutions of higher education endure: there’s no substitute for the group learning experience. Different kinds... Read More
Regional Direction
March 11th 2015

Fundamental Tax Changes Underpin Governor Wolf's Budge Proposal

In this piece, the Economy League provides an overview of how Governor Wolf plans to fund the investments proposed in his 2015-16 budget proposal.   In his first budget proposal, Governor Wolf called for substantial -- if not unexpected -- increases in state spending in several areas. In... Read More
Regional Direction
March 6th 2015

Governor Wolf's 2015-16 Budget Proposal and the World Class Agenda

  The Economy League assesses how Governor Wolf's recently-proposed state budget aligns with the priorities and strategies identified in the World Class Greater Philadelphia agenda.   It’s budget season and governors from all three states in the region have unveiled 2015-2016 budget proposals... Read More
  • Italian Market
Business Growth
February 18th 2015

How Immigrant Entrepreneurs are Driving Growth in Greater Philadelphia

  Last month, the Fiscal Policy Institute and Americas Society/Council of the Americas released a new report on the impact that immigrant entrepreneurs – particularly, “Main Street” business owners – have on local economies. The report cites Philadelphia, along with Minneapolis-St. Paul and... Read More
  • New Jersey State House
February 17th 2015

Will New Jersey's Tank Run Dry?

In January, as a bridge collapse claimed the life of a construction worker and created significant travel disruptions in the Cincinnati area, the crumbling state of America’s transportation infrastructure was once again thrust into the limelight. Shortly after the tragedy in Ohio and the forced... Read More
  • Campus Philly
Education & Talent
January 29th 2015

Greater Philadelphia: A Brain Engine

As Campus Philly celebrates 10 years of attracting, engaging and retaining college students in our region, we look at the organization's origins, findings from its latest survey of recent college graduates, and ways to increase graduate retention in the future.   From Idea to Impact   Of... Read More
  • Progress Illustration Horizontal
Business Growth
January 29th 2015

Technology Transfer: Are We Making Progress?

After several years of increased focus and investment in boosting technology transfer in Greater Philadelphia, are we making progress?   A New Look at Tech Transfer in PHL   Last month, the CEO Council for Growth released a new report on technology transfer – the translation of research... Read More
  • Student and Teacher
Education & Talent
January 28th 2015

2015 Educational Outlook: Issues to Watch

2015 may mark the beginning of some big changes in education in Greater Philadelphia -- many of which align with the priorities laid out in our shared World Class agenda. From key policy issues like fair funding to debates over curricula and teacher evaluations, here are a few key areas to watch... Read More
  • GPLEX Boston
November 24th 2014

From Corruption to Collaboration in Chelsea, MA

The city of Chelsea, MA, has struggled for decades with high unemployment, crime and the legacy of political corruption. Last month, Greater Philadelphia Leadership Exchange participants traveled to Chelsea to learn how leaders are successfully working together toward long-term solutions to these... Read More
  • World Class Exports Forum Nov 2014
Business Growth
November 24th 2014

Leaders Convene to Launch Greater Philadelphia Export Initiative

Strong regional assets and sustained public investments have helped contribute to export gains for Greater Philadelphia. Even with these gains, however, our region has ranked last out of the 10 largest U.S. metros for annual export growth in recent years. Catching up to the pack would have a... Read More
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Travelling with CF

The ECORN-CF study group (T.O. Hirche et al.) published the following paper in the Jounal of Cystic Fibrosis 9 (2010) 385 - 399:

"Travelling with cystic fibrosis: Recommendations for patients and care team members"

Please click here and read the abstract or have look at the table of contents.

free download of the article is available on the ECFS website.

We can also send you a PDF copy of the article for your personal use if you send us an e-mail.

Please find below a couple of documents and templates that are referred to in the paper and might be of interest:

Fibrose kystique et voyages (French translation)

Thanks to the work of the CPAFK (Comité provincial des adultes fibro-kystiques; a Canadian association of CF adults) there is a French version of the original English paper about Travelling with CF that can be downloaded here:

Fibrose kystique et voyages - Recommandations à l’intention des patients et des équipes de soins


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04 September, 2009

Festival Blogger review - Retrospect Ensemble

Image: Matthew Halls, Director of Retrospect Ensemble.

In this concert we heard two of Bach's less well-known secular cantata’s, 'O holder Tag, erwünschte Zeit' and 'Non sa che sia dolore', written when he was director of the Collegium Musicum in Leipzig.

Perhaps due to its length, 'O holder tag' being Bach’s longest solo cantata, the first piece included more contrast than the second and to my ear was a more satisfying whole. Yet both cantatas proved to be a delight. From the moment soprano Carolyn Sampson opened her mouth I knew we were in for a treat. Her voice sparkled and glistened throughout. This was not easy music and yet she seemed in complete control for the full hour of quite extensive singing. She handled the coloratura masterly and made it seem effortless.

After having heard Sampson I now understand why Gramophone magazine described her as, ‘the best British early music soprano by quite some distance.’ My only criticism would be that Sampson’s voice at times lacked contrast and certain passages would have benefitted from a slightly darker tone. However this is a minor criticism in what was a generally magnificent performance.

Sampson was accompanied by the able Retrospect Ensemble, a group who formed only this year and which has already secured an annual Wigmore Hall season. They played with sensitivity and attention to detail, and were led by the charming Matthew Halls on the harpsichord. The concert finished with a heartbreakingly beautiful encore of 'Bist du bei mir' sung by Sampson and accompanied by basso continuo. Unintentionally, this was perhaps the highlight of the concert and ensured that the audience all left in high spirits.

Reviewer: Fiona Stewart

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The Electric Daisy Carnival Is All Set To Debut in INDIA, And The Tickets Are Not All That Expensive

This is to everyone who loves electronic music!

The world’s biggest electronic music festival, Electric Daisy Carnival is all set to make its debut in INDIA, this year. The event is scheduled for the 12th and 13th November at the Buddh International Circuit, Noida; and is organized by Insomniac and Only Much Louder (OML) in partnership with Budweiser.

About EDC

The carnival is the brainchild of Insomniac Events and was started in 1996. For a company that strives to give an experience like no other, it brings in state-of-the-art lighting, fireworks, electrifying sound design, large-scale art installations, theatrical performers and even special effects to the EDC. It has been held at venues across the US, Mexico, the UK, Brazil and even Japan.

The EDC is a Vegas style festival, with each festive stage representing a distinct fusion of nature and technology. The carnival was dubbed the ‘American Ibiza’ in 2010 and attracted over 4 million fans at the three-day flagship event at Las Vegas, Nevada in 2014.

The Stages

EDC India will have three stages – The kineticFIELD (main stage), circuitGROUNDS, and neonGARDEN; each with their special distinctions in the kind of music played, ambiance and experience offered. Artists like Afrojack, Alesso, R3HAB, Nucleya, Steve Aoki and even the Dualist Inquiry will be present at EDC to set the stage ablaze!

The festive ground will also have interactive art installations that are jaw-dropping, and inspiring.

Well, here is the best part! There is no eligibility criterion. To be more specific, EDC is open to all age groups. For those who are below the age of sixteen years, need to be accompanied by an adult at all times.

Apart from the tickets, it is also important that one carries a valid Government issued ID proof that has the date of birth and photograph of the visitor.

Facilities At The Event

With no outside food or beverages allowed on the grounds, EDC ensures that its audience doesn’t go hungry or dehydrate with its free hydration stations, and food stalls. To add to this, EDC also serves alcohol (Budweiser! duh!) to only those who are above the Legal Drinking Age.

The tickets too are up for sale starting at Rs. 3500 for two days (unlike the expensive speculated concert that is to be held in Mumbai), and are available at the EDC India website. The event starts at 2pm and ends at 10pm. With OML and Insomniac collaborating, EDC India is sure to be a hell of an experience.

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Do You Know The Story Of EDM Of India? Read On

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Friday, April 29, 2005

I Agree with the President

Last night as I reviewed the text of W's speech/Q&A, I found a number of points that I can agree with. The idea of advancing fuelcell technology is one.

But then I flash back to the one night I was watching him on television (which I didn't do last night as I was grading papers for my course) and he gravely announced we were going to carpet bomb Iraq because there were Weapons of Mass Destruction, and likely they would trickle into the hands of terrorists via Saddam. I believed him then, and I gave him the benefit of the doubt thinking, "hey, he must have a whole lot more information than we are able to digest, and this, while a tough decision, must be based on some high quality intelligence."

Of course, we have all been misled. So, every time I find myself thinking, "hey, perhaps W is onto something," I can't get past the fact that there were no WMD and that there is now more terrorist activity than before.

Can someone help me to trust the president again? I can't get past this. Given our shared history, why should we trust this man at this point in time?

Incidentally, there is a whole other post that could go on here about how the Mainstream Media Propaganda Machine cut away from the whole of the press conference - and there is more to the thing than the bullet points the media outlets distilled for us. See post below.

1 comment:

Casey said...

I'd say it was just a mistake on Bush's part and the "not" wasn't there. It is the famous mispeaking prez.

Freudian slip anyone?


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Tuesday, January 24, 2006

No Remorse - Should We Expect More?

So, this is the brand of compasionate conservative we like to have running the show. No remorse for those killed in Pakistan? WTF, it makes me sad to know that the Shrub can't own up to mistakes of this calibre. What's that about a special place in hell...
Q Pakistan has been very critical of the air strike that killed a number of people, apparently some innocent civilians, last week. Did the Prime Minister raise objections or concerns with the President today? And what did President Bush say in response?

MR. McCLELLAN: Prime Minister Aziz talked about this a little bit earlier. I don't think there's really a whole lot to add to what he already said. The two leaders had a very good discussion. They talked about how we're working together in the war on terrorism and how it's important to continue working together. They talked about continuing to work to improve cooperation and coordination. And the discussion that I sat in on, both in the Oval Office and the residence, focused on our ongoing efforts to defeat al Qaeda and to prevent attacks from happening, both against Pakistan and against the United States. And that's where the focus was.

Now, they also had some private time together in between the two meetings. But there's really nothing else to add to what I just said and what the Prime Minister said earlier today.

Pakistan is a valued ally in the global war on terrorism. We work very closely with Pakistan and we will continue to do so. This President has made it clear we're going to pursue terrorists wherever they are -- wherever they are. There is no negotiation with terrorists. These are people who are determined to harm innocent civilians in Pakistan, in America, and in countries around the civilized world. And the way to defeat them is to take the fight to them and prevent them from carrying out the attacks in the first place.

Q We haven't heard from the President on this. Can you tell us what the President said?

MR. McCLELLAN: As I said, I think I'll just leave it where I did and leave it where the Prime Minister did.
Oh, and if you bother to look at the statement from the PM, there is no mention of the incident. So, alas, if you expect genuine remorse from a person who claims that he values life and tries to foster a culture of life - well, then, Scotty's got a hearty figurative fuck you for ya (see above discourse).

1 comment:

Anonymous said...

Should We Expect More?

Probably not. The operational words are, 'some innocent civilians.' The Pakistani PM probably cares less about the people killed by our Predator drone than we do.

The language of diplomacy prevents both sides from saying, 'We're glad these people who lay down with camels and get up with fleas are dead.'

Did 'innocent' people die because they extended traditional hospitality, or because they were harboring terrorists? Do we know what's in their hearts? Do they?


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Tuesday, February 4, 2014

Feb 3 2014

it still hasnt hit too hard, yesterday i had my going home interview... that was when it started to sink in.
the truth is that it all feels like a dream.
in church i gave my testamony but nothing more.
[Mother's note: I will post pictures of his return home here and then I will be done updating this blog. Thank you for joining us! And yes, the above is all we got in the way of email this week. I think he'd rather talk than write and he's saving up his talking for when he sees us]

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Tuesday, June 23, 2015

Delhi's Afghan affair

It does me good to take time off to explore the city I have come to love deeply. Delhi has in itself several key ingredients that I relate to - a glorious history, terrible macabre tales, a fetish for the undead. Delhi is as firecely female as one can imagine. Despite being vandalised, for beauty, for power, for position, she still stands mighty and evermore enchanting and mysterious. I chose a Sunday to explore the story of how Afghan's came to Delhi and made, for a short while, quite the mistress of her. The tale did not go very well as the leader of the walk was a terrible bore. History is not meant to be read out of pages and enacted on cues, it is meant to be shared with the very passion with which it was lived, no? There were some quite interesting bits and the ruins spoke volumes by themselves. I revisited the Purana Qila (Old Fort) later by myself and found it a better experience. Let's start with the entrance. Of the four entrances to the fort, only two remain functional today. This is the one adjacent to the Zoo.

The gate has the same structure and texture as that of most Mughal forts in India. A lot of the detailing being borrowed from the Rajput school of architecture, that is pointed edges attached throughout the facade of the gate to keep invaders out. The pointed edges have been lost to time but the facade reamins.

The first look at the imposing Qila-e-Kuhna masjid holds promise at the windows.

The mosque's front, facing the East, is an elaborate one. I couldn't capture the entire structure in one frame on either visit but the centre seemed appropriate to share.

The interiors are very beautifully carvd. Drawing inspiration from Buddhist (as my walk instructor had pointed out) as well as other major Indian symbols, the chamber is an awe-inspiring one.

The Buddhist architectural influence to highlight the chants have been cleverly incorporated to heighten the prayer calls at the mosque, four times a day.

Equally impressive is the shrine, in the direction of the Mecca (West), that forms the centre of the mosque.

The trainagular corners caught my eye with the lotus featured prominently at their centre, a very Indian motif.

A single mynah, hardly representing any sorrow at the point, perched itself on one of the windows of the structure.

Once I had my fill of the mosque, I headed to the Sher Mandal. A single shrine standing at the heart of a manicured lawn, makes for a great picture.

I caught a glimpse of time gone by and what the future holds in this single frame.

Wednesday, June 17, 2015

The remains of Lal Kot

My travels have taken a back seat since I suffered a heatstroke two weeks ago. I am awfully short of breath all the time but thankfully, well on the way to recovery. Unable to leave town just yet, I sneaked away with bunch of friends to explore Mehrauli Archaeological Park in the city. The area was refereed to as Lal Kot in that time and had started out as one of the primary settlements if Delhi as we know today.

The image here is of Quli Khan's tomb, next to the boathouse on the premises.

I have never been a great photographer which explains my great joy at finding a good frame, even if someone already has before. This frame is one of my favourites for the Qutb Minar.

A beautiful corridor along the Rajjo ki baoli also caught my attention, it reminded me of the time I had visited the original Meena Bazaar in Fatehpur Sikri.

The impressive stairwell, Rajjo ki baoli, makes for an incredible picture as well.

Memories of Mandawa

On my first journey to Mandawa, that I have chronicled in an earlier post, I didn't do justice to one amazing facet of the region, Castle Mandawa.

I'm no stranger to the traditional Rajasthani welcome and I don't mean the one you get at resorts trying to make a quick buck by distracting you with antics. No, Castle Mandawa does not have anyone waiting to welcome you with a song and dance routine, just a simple plate with vermilion put as a bindi to your head and you can walk yourself into the main courtyard.

Castle Manadwa is actually Mandawa Fort, the royal family of the region still live here. Only part of the property has been converted into a heritage resort with a luxurious cafe and poolside and really beautiful rooms. I had to take special permission to take a tour.

Like most other palace resorts, the Indian experience seems to be reserved for a non-Indian audience. Of the 80 rooms in all, including the Royal suites, Luxury Suites, Deluxe rooms and Standard rooms, most were occupied by international visitors.

The palace is built upon a vast expanse and a network of pathways lead from from area to another, it is quite like a city within the castle walls. I was ushered first to the poolside where I took a few moments to soak in the sun watching some children splashing about in the clear water. Then, I was led to a central courtyard to see how the rooms has been arranged for the guests.

The picture took me straight back to the Hazara Rama Temple in Hampi that I had visited, just that these images were far less painstakingly done. The entire Ramayana has been painted within this courtyard by the local Shekhawati artists. I stood there gaping at one image after another, soaking in the chapter in history until I was beckoned by my usher to have a look at the room. It was a deluxe room and quite cozy for a single seater.

I loved the ceiling of the bedroom which was painted completely in vibrant colours. The sitting area with a lovely window to spend hours reading was a delight as well. It felt a little too constricted, specially in the bedroom.
Back at the poolside, I asked for a glass of lemonade and was swiftly requested to join other visitors at the main cafe outside. Visitors are not served within the premises. Although the few moments within the Palace walls did make me feel no less than royalty, there were several polite reminders that I was not, I chuckled to myself savouring the sweet lime I ordered from the cafe.

Friday, June 5, 2015

The pen-toting fools!

I have quite frankly had enough of these newbies rising every other month with fresh "perspective" on destinations for the travel magazine whose content I manage. The fact is, there is no "perspective" and should I find a hint of it, it definitely is not "fresh". Sitting down to edit someone's story is nothing short of hacking off my arm. Unable, either to reach out to the writer to question their understanding, or to find any solace or help from office, it makes for a very stressful period. I have listed, for my benefit, as well as for all editors in the world, a few basic points that you must keep in mind while penning your travel experience.

Headline, intro, text - If you still need to be told that all stories require a headline and that a writer's suggestion for headline always takes the precedence over the editing teams, you shouldn't be writing. Kindly always follow the headline with a short (one to two line lead-in about what you destination is, where it is located and at least one standalone feature of it - for example: Bikaner in Rajasthan is a great destination to spot camels running along the sand by the train tracks. I stopped here a while to see what else the town holds in its fold). You can now start the text for the story.

Past, present, future - If your travel plans are made of dreams, kindly let them stay there. It is easy to lose track of time in a dream sequence, in reality editing tense after every sentence is a serious bummer. It requires a little effort from your end as most writers I know prefer to break their writing, thus increasing the chance of changing tense. Most writer go back and run through their articles, scrutinising them to avoid mistakes.

Fact check - There has been a new breed of writers who procrastinate writing till the last minute and then rush through the articles without checking facts. The temple you are writing about is 1,500 years old because the tour guide said so, really? Most protected monuments have boards carrying details of the monument, click a picture of them and keep them for reference while writing your story. A lot of Indian cities have undergone change in names, kindly mention your preferences if you have not included the updated names in your copy.

Poetic Licence - It's quite one thing to use poetic licence to expand and elaborate your emotions while writing a travelogue. It is quite another to use the same to hint at the facts. For example: The moon seemed so low that I could literally touch it - You cannot touch the moon from planet Earth, period.

Literal translations - English is not our primary language and no one will penalise you for a fault here and there but to use idioms and popular sayings from a local language and translate it word by word into English and apply it to your sentence is simply wrong. I have not balded my head and I will not have it hailed upon. Go figure!

I, me, myself - This one is probably a style bias but editing copies that have too many "I" in it feels strange. I went here, I did this, I saw this and then I thought that I did not like it. There are many ways to express your travel experiences, narrating everything from your perspective will surely get boring after 500 words.

The insufferable know-it-all - There are travellers and then there are these. Quite sure you have met the kind of travellers who keep telling you that your trip to a place was incomplete because you didn't go to that particular spot and face this particular direction! Yes, the know-it-all are always out to ruin every travellers joy of exploration by thrusting their own limited experience into everybody's faces. Reading their articles gives me depression and I cannot, for the love of life, understand why anyone would want to publish such nonsense.

Monday, June 1, 2015

A playground for the clouds

I have always been fascinated when the clouds come rolling in, covering the tops of the mountains, like a natural façade. A moment of private bliss for those living on the mountain tops. Born and raised in the plains, the mountains continue to overwhelm me. This particular morning, I woke up to a cool breezy morning with absolutely nothing in view from the window. A few soggy leaves apart, everything seemed covered by the mist. It took more than a moment for me to realise that I was in that part of the mountain top shaded by the clouds, as seen from below.
The monsoon brings with it an almost continuous onslaught of moisture-laden clouds. The only way of knowing you’ve been there is after the cloud has passed, leaving you drenched on the outside and strangely refreshed on the inside. It is not an experience one would like to simplify through words. This I realised while sitting mindlessly among the rotting pine leaves that did little to shelter me from the light drizzle that had begun but a lot to add a sense of drama to the moment.

Hiking in Dhanachuli

Getting to the stretch of pine forest was no trouble. However, getting back… that became quite another story. I was part of a group from the resort I was staying at to head out for the hike. I wouldn’t mind except that they turned out to be bitten majorly by the social media bug. Needless to say, with the numerous exclamations and variations of “Oh my god! It’s so beautiful” going on, the birds scattered quickly leaving nothing to sight.
The hiking trail seemed well treaded through the beginning. With a few of the members starting the walk with a pose for Facebook, I decided that I would keep up with the guide instead of lingering with the happy people. My plan was foiled very soon when I found out that the guide had to keep stopping for the rest of the group to catch up. No sooner than we had reached slightly denser part of the jungle, I fell behind. I decided to stop and let the group pass hoping that once their voices had faded a bit, as they advanced, I would still have hope for some sighting. The residents of the mountains are hardly fooled that easily. At least I was able to hear their songs from a distance.
Once into the depth of the trail, the drizzle began. I rushed along the now-partially visible trail to catch up with the group when I suddenly came upon a stretch of pine trees. The fallen leaves lending a magical golden-brown hue to the entire slope of the forest floor and it is here, that I was drenched leisurely by a cloud dragging past. My heart skipped a beat at the beauty around me and I sat by the path, trying to soak in every detail in that moment. No birds sang, no crickets either, there was just the sound of the passing clouds and my ragged breath.

Feathery friends

A dear friend of mine had written about the ravens when she wrote of Mukteshwar. An avid follower of Game of Thrones, I must admit it was a little spooky to be surrounded by the birds all the time. Of all the feathery residents of Kumaon, the raven is least perturbed by human presence, it seems. Unlike the friendly, smart crows of the city, raven have a very different caw. One particular raven and I seemed to get along quite well. I believe the staff of Te Aroha (the picturesque resort I was staying at) are quite friendly with the birds in the region. And so, on the very first afternoon of my stay there, I found myself being observed by a nosy raven on my window. After much stuttering and stumbling, he finally uttered a “caw”. Finding no response, he left. Only to return in a while and caw at me again.
I spent better part of my evening at the resort in their garden. A lovely swing provided for a perfect spot to wait and watch the bird returning to their nest in the trees in the resort and all the way across on another mountain as well. Apart from several finches and ravens, I found two noisy babblers among the scarlet minivets, blue-fronted redstart and a red-billed blue magpie. A raven visited each morning to greet me at the start of the day and spent some time in the evening with me before setting out to his nest somewhere in the mountains nearby.

Gods of the mountains

Faith can move mountains, I have heard. On my second, and thankfully quiet, hike through the forest, I came upon a shrine dedicated to Lord Shiva. In Dhanachuli, he is worshipped as Edheshwar. The closest village has been named after the Lord, Edhedhar. The tiny shrine has a paved entrance but no semblance of a temple. The idol stands at the base of two trees and is marked by the metallic trishuls that have been placed around it.
My guide told me that it is during the season of sawaan (monsoon) in the Hindu calendar that the most activity can be observed here as women and girls from near and far gather to pray to the Lord in hope for a good husband. Being hidden away in the folds of the mountains, it takes great courage for the women to gather here. The oak forest lends an element of somberness to the air. I sit there and my guide brings out two cups of tea. I sit observing the spider webs sagging with the weight of the raindrops. The mountains are known as the keeper of legends, every fold has a different story to tell. The renowned hunter and author, Jim Corbett, had once described Dhanachuli to be among his best-loved destinations in the Kumaon region.
It was during my visit to the Mukteshwar temple in the city that shed more light on some popular folktales of the region. The festival of Bagwal, I came to hear from a local priest at the temple is one such unique tale. On the day of Raksha Bandhan, women fast from morning and assemble at the temple to offer prayers and observe rituals for the Varaha Devi. It is said that as soon as the first plate of offering is provided to the Devi, she expresses her acceptance by making it rain. It is known to rain on every Raksha Bandhan. It is a custom worth witnessing when you are in the area. The Mukteshwar temple, the priest tells me, is one of the dham (sacred space) for worshippers of Shiva. As I sat, listening to his stories interspersed with the falling rain that I had braved for a view of the Lord, I marvelled at how hallowed the path of a traveller is, for we happen to stumble upon such sacred spaces and collect such blessings, that we had not planned. A play of divine love for the believer.

Te Aroha
One of the best accommodations available in Dhanachuli, not only does the resort make for a classy sojourn but also comes armed with a keen sense of preserving the ecological balance in the region. The number of rooms has been limited (10 rooms) to cut the impact of humans on the mountain. Low lighting on the premises ensures that the birds nesting in the neighbouring trees are not disturbed. A labour of love, the property was initially a summer home for the Batra family. Over time, they have developed it into the wondrous lodging that stands today.
The undisturbed view of the Himalayas from the property has drawn the lovers of the mountains to its fold for years. The simple yet elegant way of life of the mountains is reflected in every aspect of the resort. Sumant Batra, the owner of the property, is quite the connoisseur of the fine details that make life. The team at the hotel, mainly locals, are efficient and driven to make every visitors stay memorable.
There are no television sets in the rooms, giving the visitors an excuse to look out of the large windows and soak in as much of the mountain range or the mist as possible. There are no air-conditioners or fans in the rooms either. The most outspoken facet of the rooms is the stately four-poster bed. Should one be more inclined to observe more human pursuits, the Chitrashala – a museum dedicated to Graphic art – put together painfully over the years by Sumant Batra is an absolute delight. There is a library as well as lovely reading room for spending some quality time.

The resort will be the seat of the first Kumaon Literary Festival from October 23-27. Be there!


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Wednesday, August 3, 2011

And so begins the tour of Africa

Hello all,

When I left you last we were at the hotel in Cape Town just about to meet our tour group, and tour guide, Colin.

There are 11 of us total. The next morning (Monday) we packed all our stuff into a type of Toyota Landcruiser that I had never seen before. We pile all our gear on the roof, and we climb in the windows (which pivot at the top) to get in the seats. We also tow a trailer that houses a fridge and freezer, as well as the rest of the gear.

Before leaving this part of South Africa, Colin takes us to Table View which is a boardwalk by the water by which we can see the whole city of Cape Town with Table Mountain in the background. It's very beautiful and impressive. Then we go to a mall for a quick break - where Shawna and I bought hoodies, bottled water and candy - all of which end up being very handy.

We stopped at a gas station along our way and had lunch - sandwiches and drinks. Colin told us about the campsite that we'd be arriving at that night. He warned us that a wolf lives there and we should not interact with it. Ummm... huh? Sure enough, after a few hours of driving we arrive at the Gecko Creek Campsite and there's a sign, "Beware of Wolf." He sure doesn't look much like a wolf at first, since he's so plainly happy to have visitors. He is wagging his tail and giving a puppy dog look. But once you get a little closer you see that this thing is HUGE. He kinda looks like a Husky but way more muscular. He's a Husky on stereoids. Anyways, it's hard, but we don't interact with him. Later on, we get a little more information from the manager, who says, "he loves people, and he welcomes everyone into his pack, but his pack has a hierarchy, and you are at the bottom." This is further illustrated by "Wolf Rules" that say things like, "if you drop food on the ground when the wolf is near, do not pick it up - just back away slowly."

We have some time to relax on site which is nice because this Gecko Creek Campsite is really beautiful - way better than I was expecting. There are swings and chairs and hammocks, a pool with a bar, a fire pit, a barbeque, a kitchen area and decent showers. It was way better than any provincial park site I've stayed at, that's for sure. :)

Colin makes us dinner on most nights and that first night he made chicken, rice and mixed veggies. Colin has one heck of a time being our cook because out of 10 people, 5 of them have special dietary requirements. Shawna doesn't have dairy, Yvonne is vegetarian, and the 3 guys in the German family all have Celiac disease. This makes it really hard on Colin and especially since he only gets a certain budget; some of those diets are expensive to support. It also means that the rest of us get what we get!

After dinner we went to the fire pit and relaxed around the fire in, of course, bean bag chairs. We looked up at the stars and I can't believe how many there are. How come we don't have that many stars? The sky is filled with stars here, I can't find any constellations since it's so overwhelming! We are exhausted from our day on the road and head to bed early.

The next morning (Tuesday), we have breakfast, pack up our stuff and leave camp. We have a long day of driving ahead of us - over 500km and we're crossing the border into Namibia. We have to rotate positions in the Landcruiser because there are good and not-so-good spots. We drive and drive and drive. After several hours we pull over at a rest stop (like our rest stops but no washrooms) and have lunch. Colin pulls out a table, enough chairs for everyone and we start making sandwiches. He also made a salad out of last night's rice that, despite my skepticism, was really rather tasty. It had mint peas in it, rice, carrots, mayonnaise, onion and tomato. Sound strange? It actually tasted rather good. I was starting to have faith in Colin's cooking abilities. :)

We stopped in a town called Springbok not long after where we went to a grocery store. What I notice about the landscape leading up to the cities is that there are orange orchards everywhere. Orange vendors, orange trees, and now in Springbok, orange hawkers. They pleasantly harass us on the streets, trying to get us to buy bags of oranges. It's one of the big crops here it seems.

We motor on. Eventually we reach the South African/Namibian border crossing. First we have to get out and get our passports stamped to say we leave S.A., then we drive a little further to get out and get admitted to Namibia. All goes without incident. We marvel at the Orange River which is the natural border between the two countries. And no, it isn't orange - maybe that refers to the local crops?

We head to our campsite which is quite close. Shawna & I are the only two out of the group who are doing the full-camping option. Everyone else either has all cabins or half-and-half. So we set up our tent and try to help Colin out with preparing dinner. Have to say, it wasn't so good this time. Plain polenta (looks like mashed potatoes, fooled us into taking a lot), some kind of very salty BBQd meat, and spinach with peanut butter sauce. The peanut butter sauce wasn't real peanut butter, either. It was "caramel crunch" peanut butter. Not totally hideous, but not good. Not like gomae. Sigh - maybe this food thing is going to be hit-and-miss.

Early to bed. Breakfast this morning (Wednesday) was good (toast, eggs, sauteed veggies), and we headed off for the day's excursion on the Orange River. Yes that's right - we were spending a half day canoeing down the river for 20 kms. Good thing I'm an expert now, huh? Shawna and I were rock stars. :) We did well, and had no problem with the 4 sets of rapids we had to paddle through. We stopped early for lunch on the bank, and the bugs were crazy. The only relief you got from them was paddling, so our break wasn't too long. I thought I was being vigilant with suncreen, but apparently not good enough - I burned nearly everywhere that I had left exposed, which wasn't much: backs of my hands, cheeks, lips, nose. I was probably the most covered of everyone and still... how annoying. This African sun is gonna be tough to manage.

I was glad when the canoeing was done so we could get away from those bugs. We showered, did laundry, and discovered the business center - yay.

Tomorrow we are off on the road again. :)
Hope all is well at home,

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LED – And The Way Ahead - Electrical Notebook

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LED – And The Way Ahead

LED – And The Way Ahead

So what does happen next.  For the average person in the high street, the ever increasing variations of LED lamps may raise such questions as. . .
>   Are the lamps we have suitably energy rated?
>   What of our traditional style lighting schemes that suit the heritage of the building?
>   Can I do this myself or do I need to get in contact with someone?
>   Is the building too gloomy?
The most likely scenario is that any incandescent lamp existing within the building would probably fall below the grade of energy efficient lighting.
For further action : An energy audit maybe carried out to accurately determine the situation
Traditional style luminaires and lanterns do not need to be replaced with modern fittings, this is essential for heritage buildings where the visual content has to remain the same. Many lamps can now be replaced with energy efficient alternatives, some look better than others and warm through to cool colour temperatures are available.
For further action : Replace lamps with modern energy saving lamps, seek the advice of a Chartered Electrical Engineer for lamp types.

Lamps are relatively easy to replace and can be done by competent building maintenance staff, ensuring that safety measures are in place for working at heights and with electricity.
For further action : Should the lamp type be no longer available, heritage luminaires can be modified by authorised electricians to fit lamp holders as required, certifying the modified luminaire.

. . . and is your building too gloomy, or indeed, too bright and inefficient.  Selecting energy efficient lighting these days may be as easy as ‘Off The Shelf’ but can be as involved as tuning a car, providing enough light to make the space habitable but keeping within an economic and efficient energy usage.  An experienced lighting designer will be able to advise of suitable solutions and schemes.

Russell Fox
B.Eng, C.Eng, MIET, CPEng(Aust), MIEAust,  NPER
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