Top 49+ Raghuram G. Rajan Quotes for Inspiration and Motivation

Best Raghuram Rajan Quotes: Raghuram Govind Rajan is an Indian economist who is also Katherine Dusak Miller Distinguished Service Professor of Finance at the University of Chicago's Booth School of Business. In 2015, during his tenure at RBI, he also became the Vice-Chairman of the Bank for International Settlements. Learn from his life and work through the words of wit and wisdom.

About Raghuram G Rajan

The renowned economist Raghuram Rajan was born in Bhopal, India, on February 3, 1963, and is well-known for his important contributions to finance and economics. He was a professor at MIT Sloan and the University of Chicago. He received his Ph.D. from MIT. He emphasised financial sector concerns while serving as the IMF's Chief Economist from 2003 to 2006. Rajan's prediction of the global financial crisis in 2008 was seen as prescient. During his tenure as the Reserve Bank of India's 23rd Governor (2013–2016), he put economic stabilisation policies into action with an emphasis on banking reforms and inflation targeting. During his administration, attempts to resolve bad loans and specialised banking licences were adopted. Rajan's achievements include Central Banking Publications' 2014 designation of him as "Governor of the Year." His knowledge, academic accomplishments, and significant responsibilities in international economics continue to earn him great respect.

Inspirational and Motivational Quotes by Dr. Raghuram Rajan

• “Strong government doesn't mean simply military power or an efficient intelligence apparatus. Instead, it should mean effective, fair administration - in other words, 'good governance.”
• “Monetary policy is like juggling six balls... it is not 'interest rate up, interest rate down.' There is the exchange rate, there are long term yields, there are short term yields, there is credit growth.”
• “Competition is like a treadmill. If you stand still, you get swept off. But when you run, you can never really get ahead of the treadmill and cover new terrain - so you never run faster than the speed that is set.”
• “The first step to prescribing the right medicine is to recognize the cause of the illness. And, when it comes to what is ailing the global economy, extreme monetary easing has been more cause than cure. The sooner we recognize that the stronger and more sustainable the global economic recovery will be.”
• “Indian cricket fans are manic-depressive in their treatment of their favorite teams. They elevate players to god-like status when their team performs well, ignoring obvious weaknesses; but when it loses, as any team must, the fall is equally steep, and every weakness is dissected.”
• “Ultimately, in the long run we need to immunise our system from being overly responsive to fluctuations in the exchange rate; that is, people should, by and large, be reasonably hedged, or they should borrow more in domestic currency rather than foreign currency.
• “In India, we say one thing, and we do something else.”
• “Customers often value a good more when its price goes up. One reason may be its signaling value. An expensive handcrafted mechanical watch may tell time no more accurately than a cheap quartz model; but, because few people can afford one, buying it signals that the owner is rich.”

• “In a competitive industry, only paranoid incumbents - those constantly striving for betterment - have any hope of surviving.”
• “Customers often value a good more when its price goes up. One reason may be its signaling value. An expensive handcrafted mechanical watch may tell time no more accurately than a cheap quartz model; but, because few people can afford one, buying it signals that the owner is rich.”
• “In a competitive industry, only paranoid incumbents - those constantly striving for betterment - have any hope of surviving.”
• “To ensure stable and sustainable economic growth, world leaders must re-examine the international rules of the monetary game, with advanced and emerging economies alike adopting more mutually beneficial monetary policies.”
• “Taking my bike out and riding the bike path along Lake Shore Drive, that's one of the great experiences in my life. And I hope to do it as long as I can.”
• “One of the difficulties of a job in the, quote, 'real world' is you don't really get time to shut yourself off in a room and think.”
• “Politicians know that structural reforms - to increase competition, foster innovation, and drive institutional change - are the way to tackle structural impediments to growth. But they know that while the pain from reform is immediate, gains are typically delayed and their beneficiaries uncertain.”
• “Perhaps the hardest challenge has been to persuade the public, impatient for rapid growth, of the need to ensure stability first. Growth, it is argued, is always more important, regardless of the looming economic risks.”

• “In emerging markets, slow growth in the advanced economies has shut down a traditional development path: export-led growth. As a result, emerging markets have had to rely once again on domestic demand. This is always a difficult task, given the temptation to over-stimulate.”
• ‘Endorsing unconventional monetary policies unquestioningly is tantamount to saying that it is acceptable to distort asset prices if there are other domestic constraints on growth.”
• “In a world with weak aggregate demand, countries are engaging in a futile competition for a greater share of it. In the process, they are creating financial-sector and cross-border risks that will become increasingly apparent as countries exit their unconventional policies.”
• “As a country that does not belong to any power bloc, India cannot afford to put itself in the position of needing multilateral support - a trap into which even developed countries, like Portugal and Spain, have fallen.”
• “The few emerging economies that have avoided booms and busts have done so by adhering to sound policy frameworks.”
• “The few emerging economies that have avoided booms and busts have done so by adhering to sound policy frameworks.”
• “If developed countries' citizens want to feel slightly better about their economies' slow growth and high unemployment, they should contemplate how much worse matters could be without the institutions that they have.”

Famous Raghuram Rajan Quotes Images

• “The more that everyone has access to the same educational opportunities, the more society will tend to accept some receiving disproportionate rewards. After all, they have a chance to be winners.”

• “The American political scientist Francis Fukuyama has argued that liberal democracies, with their political freedom and economic success, have three important pillars: a strong government, the rule of law, and democratic accountability. I would add a fourth: free markets.”

• “Democratic accountability means that governments must be popularly accepted, with citizens empowered to replace corrupt or incompetent rulers.”

• “The American political scientist Francis Fukuyama has argued that liberal democracies, with their political freedom and economic success, have three important pillars: a strong government, the rule of law, and democratic accountability. I would add a fourth: free markets.”

• “The difficulty in a number of Western democracies is that the playing field is being tilted. For many in the middle class, prosperity seems unattainable because a good education - today's passport to riches - is unaffordable.”

• “I am an academic, and I have always made it clear that my ultimate home is in the realm of ideas.”

• “We should make sure that unscrupulous schools do not prey on uninformed students, leaving them with high debt and useless degrees.”

• “Indian-ness, love for your country, is complicated. For every person, there is a different way that you show respect for your country... my mother-in-law will say karmayogi is the way to go - do your work.”

• “Too many years away from academia renders you pretty incompetent at research and teaching. So I had to go back.”

• “By killing transparency and competition, crony capitalism is harmful to free enterprise, opportunity, and economic growth. And by substituting special interests for the public interest, it is harmful to democratic expression.”

• “How do we get more politicians to move from 'fixing' the system to reforming the system? The obvious answer is to either improve the quality of public services or reduce the public's dependence on them. Both approaches are necessary.”

• “Uncertainty of any sort results in volatility, and Brexit will be no exception.”

• “I have said repeatedly that the way to sustainable growth is to bring down inflation to much more reasonable levels.”

• “The problem with forbearance is that it always looks like a good thing to do until it stops working.”

• “A monopoly is like running on firm ground. Nothing compels you to move, but if you do, you move forward. The faster you run, the more scenery you see - so you have some incentive to run fast.”

• “If economists were to wait for careful studies before offering opinions about policy, we would never have anything timely to say.”

• “The government will always tell you that it wants low inflation. The real issue is the horizon over which to bring inflation down.”

• “Instead of abandoning competition and giving banks protected monopolies once again, the public would be better served by making it easier to close banks when they get into trouble.”

• “Instead of making banking boring, let us make it a normal industry, susceptible to destruction in the face of creativity.”

• “I don’t know what you want to call me... Santa Claus... you want to call me hawk, I don’t know. I don’t go by this. My name is Raghuram Rajan and I do what I do.”

• “A book is almost always a collective effort, even if it has only a single author.”

• “Policy making invariably involves taking measured risks in the face of uncertainty, for one has neither a prior template nor the luxury of indecision.”

• “A forced equalization of wages that disregards the marginal contributions of different workers will deaden incentives and lead to a misallocation of resources and effort.”

• “India is becoming a large middle income country, too complex and varied to be controlled centrally. The government will need to withdraw from occupying the commanding heights of the economy, confining itself to providing public goods and the governing framework, and leaving economic activity to the people.”

Conclusion

The renowned economist Raghuram Rajan has been recognised for his exceptional contributions to economics, finance, and public service with several honours and awards. Some awards and recognitions have been bestowed upon him, such as the Fisher Black Prize, the Financial Times/Goldman Sachs Business Book of the Year, the Infosys Prize for Economic Sciences, the Governor of the Year, and the selection to become a Fellow of the American Academy of Arts and Sciences.