When the randomness of monetary policy

The real issue may be that the RBI does not really subscribe to the mandate it has been given, and the govt, in a pre-election year, quietly supports such agnosticism, writes T N Ninan

In 1943, Hermann Hesse, then a future Nobel laureate, published a novel titled Magister Ludi (Latin for “Master of the Game”). The “Glass Bead Game”, another title for the book, is not defined. It takes place in the future, in a place dedicated to the life of the mind. Those playing the game, whose rules are elusive, have to spend years studying unconnected subjects like music, cultural history, and mathematics, and find connections that help them play better. It’s all a bit esoteric, like monetary policy — which is the point of bringing this up just now.