Jagdish Bhagwati

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Jagdish Bhagwati and Padma Desai (Columbia University) (7204981944) (cropped)

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The External Affairs Minister, Shri K. Natwar Singh presenting Pravasi Bhartiya Samman to the Internationally Renowned Economist and Professor of Columbia University, USA, Prof. Jagdish Bhagwati in New Delhi on February 24, 2005

Professor Jagdish Bhagwati, of Columbia University (8957848771)

Jagdish Bhagwati is a prominent economist known for his work in the field of international trade and for his advocacy of free trade policies. Born on July 26, 1934, in Mumbai, India, Bhagwati has made significant contributions to the theory of tariffs, trade policy, and the General Agreement on Tariffs and Trade (GATT), now known as the World Trade Organization (WTO). He is a University Professor at Columbia University, where he teaches economics and law.

Early Life and Education

Jagdish Bhagwati was born into a well-educated family in Mumbai. He pursued his initial education at Sydenham College, Mumbai, before moving to the United Kingdom to study at Cambridge University, where he received a degree in Economics. Bhagwati furthered his education at the Massachusetts Institute of Technology (MIT), where he completed his Ph.D. in Economics.

Career

Bhagwati's academic career has been distinguished and varied. He has served on the faculties of several prestigious institutions, including the Indian Statistical Institute, the Delhi School of Economics, and MIT. His tenure at Columbia University has been particularly notable, where he has been influential in shaping the discourse on international trade and economics.

Throughout his career, Bhagwati has been a vocal advocate for free trade, arguing that it leads to economic efficiency and growth. He has written extensively on the subject, critiquing protectionist policies and highlighting the benefits of a global free trade regime. His work has influenced both academic thought and policy-making, making him a key figure in economic circles.

Contributions to Economics

Bhagwati's contributions to economics are vast. He is best known for his theoretical and empirical work on trade policy, including the development of the theory of preferential trading agreements, the theory of tariffs, and the effects of globalization on developing economies. His research has helped to illuminate the complexities of international trade and the impact of policies on economies around the world.

One of Bhagwati's significant contributions is the concept of "immiserizing growth," a paradoxical situation where economic growth could lead to a country's welfare worsening due to adverse terms of trade movements. This concept has been influential in discussions about the effects of trade policies on developing countries.

Awards and Honors

Jagdish Bhagwati has received numerous awards and honors for his contributions to economics. These include the Padma Vibhushan, one of India's highest civilian awards, and several honorary degrees from universities around the world. He is also a fellow of the American Academy of Arts and Sciences and the Econometric Society.

Publications

Bhagwati has authored and co-authored a wide range of books and articles on trade policy and economics. Some of his most notable works include "In Defense of Globalization," which argues that, despite its flaws, globalization is a positive force for social and economic progress. His writings are known for their clarity, insight, and influence on both academic thought and practical policy.

Personal Life

Jagdish Bhagwati is married to Padma Desai, a fellow economist and professor at Columbia University. Together, they have contributed to the field of economics, both individually and as collaborators on various projects.

Legacy

Jagdish Bhagwati's work has left an indelible mark on the field of economics, particularly in the areas of international trade and policy. His advocacy for free trade and his contributions to economic theory have influenced generations of economists and policymakers. As a teacher and mentor, he has shaped the careers of many who have gone on to make their own contributions to the field.