New Delhi, Delhi, India
In a quantitative analysis of world power crisis, Paul L. Joskow, the esteemed Guru of Economics and Director of the Massachusetts Institute of Technology, Center for Energy & Environmental Policy Research said that it is high time that world governments especially the US fix broken power conservation regulations with new regulations in various markets.
During his conversation with the general public, a mix-bag of academicians, industrialists and media people at Rai Foundation, Paul emphasized on the economics of having capital infrastructure, especially in the areas of energy and environment. He gave a complete analysis of the economic, technical, and institutional aspects of the electric utility industry. He evaluated four currently popular options for deregulating this unique segment of the economy. In a balanced program for reform in energy conservation, Paul advised against total deregulation and recommended a cautious approach to even partial deregulation by governments.
Keeping in mind the US economy and the pacing Indian economy, he said, "the developments in electricity markets and regulation over the last years have inevitably become intertwined with revelations of broader corporate accounting, financial reporting, and related abuses by several large companies, their senior executives, their auditors, and their bankers both within and outside the electricity and gas industries. These revelations should remind us that certain types of regulatory rules and effective regulatory oversight, as well as clear and accurate disclosure of relevant accounting and financial information, are necessary for market economies to work effectively for consumers and investors."
Praising Prof. Paul L. Joskow, Mr. Vinay Rai Chairman Rai Foundation said, "Paul succeeds in his analysis of deregulation proposals by sticking closely to economic principles, and avoiding the tiresome polemics associated with debates over competition versus government. His views will indeed be an eye-opener for various governments, especially the Indian Government and Rai Foundation is proud to have him for the Rai Global Spark Lecture Series."
Paul L. Joskow is Elizabeth and James Killian Professor of Economics & Management at MIT and Director of the MIT Center for Energy and Environmental Policy Research. A bachelor's degree holder from Cornell University and a PhD Economics alumnus from Yale University, Paul is here in India for the Rai Global Spark Lecture Series, an initiative by Rai Foundation that brings to India International Professors from top ranking Universities from US and UK to talk on special themes of professional and radical knowledge at public domains giving insights to current methodologies and best practices adhered worldwide.
At MIT Professor Joskow is engaged in teaching and research in the areas of industrial organization, energy and environmental economics, competition policy, and government regulation of industry. He has published six books and over 120 articles and papers in the American Economic Review, Bell Journal of Economics, Rand Journal of Economics, Journal of Political Economy, Economics and Organization, Review of Economics and Statistics, Journal of Econometrics, Yale Law Journal, New England Journal of Medicine, Foreign Affairs, Energy Journal, Electricity Journal, Oxford Review of Economic Policy and other journals and books.
Professor Joskow is a Director of National Grid PLC, a Director of TransCanada Corporation, and a Trustee of the Putnam Mutual Funds. He has served on the U.S. EPA's Acid Rain Advisory Committee and on the Environmental Economics Committee of the EPA's Science Advisory Board.
Rajiv Chhibber, Rai Foundation, +91 9313556481 rajiv.chhibber@raifoundation.org
Source: Rai Foundation (Business Wire India)
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