In fact, Bertrand Russell remarked that he had never heard philosophy better expounded than by Dr. Radhakrishnan. Of particular relevance today is not only that Professor Radhakrishnan was a great teacher but also the fact that he served in a vast number of Universities.
First, the central bank should be given legally-backed formal autonomy. Second, in a situation where inflation dynamics are more often dictated by supply side elements, the central bank’s ability to control inflation is restricted. An MPC mechanism in such a situation can weaken the coordination between the Government and the Reserve Bank.