Too many years away from academia renders you pretty incompetent at research and teaching. So I had to go back.
Interpretation
Engaging with academia periodically is essential to maintain competency in research and teaching.
Raghuram Rajan emphasizes the importance of staying connected to academia, suggesting that a prolonged absence can lead to a decline in one's ability to conduct research and teach effectively. This highlights the dynamic nature of knowledge and the necessity of continual learning and interaction within the academic field.
In practice
This quote can be shared during a university seminar to stress the importance of continuous education.
The U.S. should worry about the effects of its polices on the rest of the world. We would like to live in a world where countries take into account the effect of their policies on other countries and do what is right, broadly, rather than what is just right given the circumstances of that country.
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.
The problem with forbearance is that it always looks like a good thing to do until it stops working.
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.
The gap in India has always been between the promise and the execution.
Democratic accountability means that governments must be popularly accepted, with citizens empowered to replace corrupt or incompetent rulers.
I vowed to myself that when I grew up and became a theoretical physicist, in addition to doing research, I would write books that I would have liked to have read as a child. So whenever I write, I imagine myself, as a youth, reading my books, being thrilled by the incredible advances being made in physics and science.
And with a practice of writing comes a certain important integrity. A culture filled with bloggers thinks differently about politics or public affairs, if only because more have been forced through the discipline of showing in writing why A leads to B.
I respect Millar, sir: he has raised the price of literature.
Everyone [in higher education] was what I call drillers of deeper wells. These academics sit at the bottom of a deep well and they look up and see a sliver of the sky. They know everything about that little sliver of sky and nothing else. I scan all my horizons.
The court generally moves in small steps rather than in one giant step.
Sometimes, immersed in his books, there would come to him the awareness of all that he did not know, of all that he had not read; and the serenity for which he labored was shattered as he realized the little time he had in life to read so much, to learn what he had to know.
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