“THE WORLD IS IN GENERAL EQUILIBRIUM….” I had the pleasure of knowing Subramanian Swamy some 50 years ago when I was a graduate student. He was a brilliant and witty economist. So I was delighted to see this article in the Economist about him. Apparently Swamy has been engaged in a twitter war with another highly regarded economist (Raghuram Rajan) and then has apparently engaged in irreverent twitter comments about the the finance minister and the prime minister. According to The Economist, Prime Minister Modi said, alluding to Swamy,that “‘such publicity stunts’ were inappropriate: ‘Anyone who believes he is stronger than the system is wrong.'”
Swamy’s response is wonderful:
“The world is in general equilibrium. A small change in one parameter effects changes in all variables. So Krishna advised.”