Hissar,-- ‘We need to increase the propensity to save which increase propensity to invest with multiplier effects for increasing the propensity to serve the society with altruism instead of increasing the propensity to consume by promoting greed through personal loans of various kinds by the banks,’ opined Dr. M.M. Goel, Professor & Chairman Department of Economics, Kurukshetra University, Kurukshetra. He was addressing the participants of the Orientation Course for the university/college lecturers being organized by UGC Academic Staff College, Guru Jambeshwar University, today on ‘Management of Global Economic Crisis’. Externalities (social cost) of an unemployed youth in terms of zero opportunity cost are practically more than perceived in-terms of terrorism of various kinds by the unemployed youth who are interested in making their families millionaire even by becoming human bombs instead of human capital, told Professor Goel. To reduce the fiscal deficit in forth coming union budget 2010-11, it would be relevant for the finance Minister Mr. Parnab Mukarjee to adopt the canons of public expenditure advocated by Bharat Rattan Dr .B. R. Ambedkar in terms of the faithfulness to the intentions of the will of the people, wisdom as provided by the professionals in the field, coupled with well-considered and honest judgment, and economy in execution. The allocation of public expenditure among competing demands and the manner of utilization fall within the domain of Ambedkar’s canons, which can be seen as a touch-stone to see whether a particular items of public spending is necessary or not, said Professor Goel - a keen observer of the Indian economy.
In the second lecture on the topic ‘Excellence Models for Teachers in a Changing Economic Scenario’, Professor Goel said that spirituality is the mantra of real happiness for which India is the best country to learn lessons for life which is other wise ranked 88th in terms of the quality of life index by travel magazine International living on the basis of nine indicators including cost of living in style, risk and safety, culture and leisure, economy, environment, freedom , health, infrastructure and climate out of the 194 nations of the world. The ‘spill over’ effects ( social benefits) of education consisting of proper, productive and practical (3 P) use of hands, head and heart (3 H) are certainly more than the private benefits to the individual which justifies higher allocation of resources by the Government, opined Professor Goel. To encounter the truth of polluted relationship between teachers and students of today, we need to be courageous and realistic in dreams, imagination and tranquility which are essential attributes for sustainable human development. To reduce the critical gap in terms of availability of opportunity of higher education between the rural and urban area in India, Professor Goel justified more allocation of public sector allocation for opening more educational institutions of higher learning in rural areas. He made a call for treating higher education as a highly valuable service that has a price tag and not a heavily subsidized commodity. There is a case for formulating a well-conceived, well planned and equally well implemntable strategy for higher education in India, believes Professor Goel. To keep the higher education within the reach of poor aspirants, Professor Goel made a case for effective monitoring and regulation of the private sector through appropriate policy measures – a judicious mix of policies, which ensure efficient use of the available educational resources. He has justified the use of cost-benefit analysis for developing new projects of higher education. To plug the loopholes in non-performance, he has rightly pointed out the need for accountability. Earlier Dr. B.K.Punia Professor & Director Academic Staff College welcomed & introduced Professor Goel.
