Alumnus and economic expert to lecture at SIUC
Carrie Roderick
Daily Egyptian
Someone who correctly predicted the fall of communism in the Soviet Union and the United States' current economic troubles will speak Tuesday at SIUC.
Raveendra N. Batra, an SIUC alumnus and professor of economics at Southern Methodist University in Dallas, will lecture at 7 p.m. Tuesday at the Student Center Auditorium on the "The Anatomy of a Stock Market Bubble and Crash."
Stock market bubbles don't occur that frequently, Batra said. In the United States there was one in the 1920s and then had another bubble in the 1990s. Batra will try to explain what happens in the economy that brings about a bubble, and why once there is a bubble it has to crash.
"My analysis is that in the end it is the unethical policy of the government that first brings about a bubble and then a crash," Batra said. "This unethical policy is one which tolerates the buildup of high inequality and concentration."
Shirley Clay Scott, dean of the College of Liberal Arts, will chair the event.
"I think we're very lucky to have him speak here," Scott said. "This is his scholarly expertise, and I think we're all trying to figure out what's going on with the economy."
Batra has authored more than 100 academic papers, eight books in the U.S. and four in Japan. He also wrote five international best sellers.
"I like to write material that challenges conventional wisdom, and that's why I'm a bit controversial around the world," he said. " I have to stand up for my beliefs and it wasn't easy sometimes, but if you feel that your viewpoint is logical then the logic in the end proves valid."
Batra came to the United States from India in 1966 and obtained his doctorate from SIUC in 1969. He made his mark in his chosen discipline so quickly that by the age of 30, he was a full professor at the Southern Methodist University. In 1978 he was ranked third in a group of 46 "superstar economists" selected by the journal Economic Inquiry.
The Italian prime minister awarded him a Medal of the Italian Senate in 1990 for correctly predicting the downfall of Soviet Communism in "The Downfall of Capitalism and Communism," a book he wrote in 1978.
"I felt very gratified, because until then I had been criticized a lot because nobody was expecting the Soviet Communism to fall," he said. "They were not even expecting it to be hurt much, let alone collapse."
Batra's 1999 book "The Crash of the Millennium" predicted the current stock market crash in the United States and around the world. He wrote in the book the crash would start in the year 2000 and would keep going for several years to come.
Batra is looking forward to coming back and lecturing at SIUC.
"It feels great," he said. "My career started at SIU."
Reporter Carrie Roderick can be reached at croderick@dailyegyptian.com
Deck: SIUC alumnus will lecture at SIUC about economy
Factoid: The event will take place at 7 p.m. on Tuesday in the Student Center Auditorium. People interested in Batra's books can visit his website at www.ravibatra.com
Someone who correctly predicted the fall of communism in the Soviet Union and the United States' current economic troubles will speak Tuesday at SIUC.
Raveendra N. Batra, an SIUC alumnus and professor of economics at Southern Methodist University in Dallas, will lecture at 7 p.m. Tuesday at the Student Center Auditorium on the "The Anatomy of a Stock Market Bubble and Crash."
Stock market bubbles don't occur that frequently, Batra said. In the United States there was one in the 1920s and then had another bubble in the 1990s. Batra will try to explain what happens in the economy that brings about a bubble, and why once there is a bubble it has to crash.
"My analysis is that in the end it is the unethical policy of the government that first brings about a bubble and then a crash," Batra said. "This unethical policy is one which tolerates the buildup of high inequality and concentration."
Shirley Clay Scott, dean of the College of Liberal Arts, will chair the event.
"I think we're very lucky to have him speak here," Scott said. "This is his scholarly expertise, and I think we're all trying to figure out what's going on with the economy."
Batra has authored more than 100 academic papers, eight books in the U.S. and four in Japan. He also wrote five international best sellers.
"I like to write material that challenges conventional wisdom, and that's why I'm a bit controversial around the world," he said. " I have to stand up for my beliefs and it wasn't easy sometimes, but if you feel that your viewpoint is logical then the logic in the end proves valid."
Batra came to the United States from India in 1966 and obtained his doctorate from SIUC in 1969. He made his mark in his chosen discipline so quickly that by the age of 30, he was a full professor at the Southern Methodist University. In 1978 he was ranked third in a group of 46 "superstar economists" selected by the journal Economic Inquiry.
The Italian prime minister awarded him a Medal of the Italian Senate in 1990 for correctly predicting the downfall of Soviet Communism in "The Downfall of Capitalism and Communism," a book he wrote in 1978.
"I felt very gratified, because until then I had been criticized a lot because nobody was expecting the Soviet Communism to fall," he said. "They were not even expecting it to be hurt much, let alone collapse."
Batra's 1999 book "The Crash of the Millennium" predicted the current stock market crash in the United States and around the world. He wrote in the book the crash would start in the year 2000 and would keep going for several years to come.
Batra is looking forward to coming back and lecturing at SIUC.
"It feels great," he said. "My career started at SIU."
Factoid: The event will take place at 7 p.m. on Tuesday in the Student Center Auditorium. People interested in Batra's books can visit his website at www.ravibatra.com
Reporter Carrie Roderick can be reached at croderick@dailyegyptian.com
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