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 themselves have a chance to be winners.
Interpretation
Equal access to education leads to societal acceptance of unequal rewards.
Raghuram Rajan's quote suggests that when everyone has equal educational opportunities, it fosters a societal belief that uneven distribution of rewards is acceptable. This creates an environment where individuals feel that they can compete on equal footing, and those who succeed are seen as deserving of their success, reinforcing the idea that hard work and talent can lead to rewards regardless of one's background.
In practice
In a graduation speech, you might say, 'As Raghuram Rajan noted, equal access to education ensures that we all have a chance to succeed.'
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.
Too many years away from academia renders you pretty incompetent at research and teaching. So I had to go back.
The gap in India has always been between the promise and the execution.
I can never tell ahead of time which book will give me trouble - some balk every step of the way, others seem to write themselves - but certainly the mechanics of writing, finding the time and the psychic space, are easier now that my children are grown.
I sat down in 1989 and I made up my mind at that point that I was going to spend the rest of my life assisting women and youth to gain social and political empowerment through business and education. I convinced myself economic empowerment of women was going to be key, especially in a country like this where most women didn't go to school.
We have an obligation to read aloud to our children. To read them things they enjoy. To read to them stories we are already tired of. To do the voices, to make it interesting, and not to stop reading to them just because they learn to read to themselves. Use reading-aloud time as bonding time, as time when no phones are being checked, when the distractions of the world are put aside.
If we want to recruit and retain high-quality teachers, it starts with a fair wage, adequate working conditions, and the resources and support to succeed. Remember: teachers' working conditions are students' learning conditions.
Reading papers and memorizing them doesn't make you a good researcher.
Helping people to connect with their personal creative capacities is the surest way to release the best they have to offer.
Subscribe for the occasional hand-picked quote. No noise.