Everything is Everything

We define a state as the entity that has a monopoly on violence. But does political authority lead to political legitimacy? How do we define legitimacy? What happens without it? How should we approach it as citizens.Welcome to Episode 98 of Everything is Everything, a weekly podcast hosted by Amit Varma and Ajay Shah.In this episode, Ajay draws from political philosophy to expand on the intricacies of the concept of political legitimacy. And at the end, Amit gives an impassioned monologue on why it may not even matter in India!TABLE OF CONTENTS: 00:00 Packaging00:13 Intro: A Vacation & an Education03:07 Chapter 1: What is Legitimacy?11:53 Chapter 2: Where Does Legitimacy Come From?19:39 Chapter 3: What Goes Wrong Without Legitimacy?26:41 Chapter 4: What Public Choice Theory Tells Us32:57 Chapter 5: Legitimacy for an Ideologue36:36 Chapter 6: How to Increase Legitimacy44:35 Chapter 7: Amit Gives Context and Nuance55:33 Chapter 8: RecommendationsFor full show notes, please click here.

We often assume that art and genius are the playground of the youth. Well, while giving himself an education in art during a vacation in Spain, Amit realised that all the great Spanish masters did their most powerful work in old age, when thehraav met mastery. The light in winter is different.Welcome to Episode 97 of Everything is Everything, a weekly podcast hosted by Amit Varma and Ajay Shah.In this episode, Amit expands on his observation about the artistic possibilities of old age, while introducing the lives and work of Diego Velázquez, Francisco Goya, Pablo Picasso and Joan Miro. Also featured: Salvador Dali, U2, Bob Dylan, Penelope Fitzgerald and Wim Wenders.TABLE OF CONTENTS: 00:00 Packaging00:13 Intro: A Vacation & an Education04:34 Chapter 0: Museums and Narratives07:26 Chapter 1: Diego Velázquez and Lal Meninas19:32 Chapter 2: Francisco Goya and the Black Paintings31:42 Chapter 3: Pablo Picasso Likes to Play47:56 Chapter 4: Joan Miró Strips It Down54:47 Chapter 5: More Late Mastery1:04:51 Chapter 6: RecommendationsFor the full awesome show notes, click here!

Last week, we went through a 101 of globalisation: the first principles, why it rocks, why tariffs are terrible. We also did a potted history of how it spread and almost unravelled. Now, it's time to come to these current times.Is globalisation doomed?Welcome to Episode 96 of Everything is Everything, a weekly podcast hosted by Amit Varma and Ajay Shah.In this episode, Ajay brings the narrative up to the present times. What GATT and the WTO achieved, why they weren't enough, where the fault lines lie, the problem of China, and the damage the Trump tariffs can cause.TABLE OF CONTENTS: 00:00 Packaging00:13 Intro: The Need for a 10102:43 Chapter 1: The Aftermath of Smoot-Hawley10:34 Chapter 2: Everything You Always Wanted to Know About GATT (But Were Afraid to Ask)20:28 Chapter 3: Some Wrinkles to Consider55:43 Chapter 4: The Trumpist Arguments1:05:41 Chapter 5: The Trump Tariffs1:14:54 Chapter 6: What Next?1:18:11 Chapter 7: India's Opportunity1:25:29 Chapter 8: RecommendationsFor magnificent, detailed, juicy show notes, ⁠⁠click here⁠⁠.

Globalisation is great. Tariffs are terrible. But why? What is the history of trade? What is the history of the ideas around it?Today, more than ever, it is important to understand.Welcome to Episode 95 of Everything is Everything, a weekly podcast hosted by Amit Varma and Ajay Shah.In this episode, Amit and Ajay give a 101 masterclass on why globalisation is great — as well as a 101 history of globalisation so far.TABLE OF CONTENTS: 00:00 Packaging00:13 Intro: The Need for a 10105:52 Chapter 1: Why is Globalisation Great?34:30 Chapter 2: The Story of Globalization57:25 Chapter 3: Let's Bust Some Tariff Myths!For magnificent, detailed, juicy show notes, ⁠click here.

For all the toxicity of social media, it is also a source of much Good Gyan, as every day the best minds in the world think aloud for our benefit. Here's another conversation about some more wisdom that we have gathered! Welcome to Episode 94 of Everything is Everything, a weekly podcast hosted by Amit Varma and Ajay Shah.TABLE OF CONTENTS: 00:00 Packaging00:13 Intro: Two Good Dogs00:45 Good Gyan 1: Desire04:23 GG 2: Greatness22:40 GG 3: Productivity24:26 GG 4: Normalcy28:09 GG 5: Passion30:13 GG 6: Talent36:10 GG 7: Imperfectionism44:40 GG 8: The Hard Yards46:44 GG 9: Procrastination49:15 GG 10: Making It54:09 GG 11: Our Shrinking Future56:30 GG 12: Spring59:10 RecommendationsFor magnificent, detailed, juicy show notes, ⁠click here.

Social media may be addictive, even sometimes toxic, but it is almost magical in one gift it gives us: every day, the best minds in the world think aloud for our benefit. And some of us, gentle readers, are listening & taking notes.Welcome to Episode 93 of Everything is Everything, a weekly podcast hosted by Amit Varma and Ajay Shah.In this episode, Amit shares nuggets from his Good Gyan folder on Twitter. He shares why he considers those tweets to be good gyan — and Ajay responds to them, and adds his own good gyan!TABLE OF CONTENTS: 00:00 Packaging00:13 Intro: Good Gyan on Twitter? Really?02:52 Good Gyan 1: Perception09:42 GG 2: Relevance13:32 GG 3: Relevance again16:28 GG 4: Solitary hobbies19:32 GG 5: Relationships22:52 GG 6: Happiness30:39 GG 7: Courage33:11 GG 8: Breadth35:35 GG 9: Whiners40:16 GG 10: Complexity41:48 GG 11: Purpose44:28 GG 12: Knowing Oneself46:06 GG 13: AI & Us47:41 GG 14 & 15: Good Doctors53:02 GG 16: Preparation & Planning54:52 GG 17: Crackheads56:40 GG 18: WisdomFor magnificent, detailed, juicy show notes, ⁠click here⁠.

Too often, we think a Strong Man will solve all our problems, and that decisive leadership is all a nation needs. This could not be more wrong. We need strong rules, not strong rulers — and we need those strong rules to restrain the state. The secret to prosperity lies in rules, not discretion.Welcome to Episode 92 of Everything is Everything, a weekly podcast hosted by Amit Varma and Ajay Shah.In this episode, Ajay explains the history of a concept that is one of the most important in political philosophy: Rules, Not Discretion. Also discussed: the contribution of economics to this concept, what poker also teaches us, and why rowing machines are good for you.TABLE OF CONTENTS: 00:00 Packaging00:13 Intro: A Rebel With Rules01:03 Chapter 1: Beware of the Strong Man09:16 Chapter 2: Ireland's Story20:33 Chapter 3: Monetary Policy26:01 Chapter 4: A Paper That Made Ajay Drunk With Happiness28:52 Chapter 5: Focus on Rules43:31 Chapter 6: Rules are the Key to Growth48:48 Chapter 7: Amit's Thoughts1:05:08 Chapter 8: Other Applications of this Framework1:17:25 Chapter 9: RecommendationsFor magnificent, detailed, juicy show notes, ⁠click here⁠.

We think of the state as a monolithic beast -- but it should be anything but monolithic. The state exists to serve us, not rule us, and for that, we must have checks and balances -- and the best kind is the separation of powers.Welcome to Episode 91 of Everything is Everything, a weekly podcast hosted by Amit Varma and Ajay Shah.In this episode, Ajay explains why for democracy to be meaningful, a separation of powers is essential. We talk history, theory and India's story.TABLE OF CONTENTS: 00:00 Packaging00:13 Intro: The Planner and the Doer02:59 Chapter 1: Introducing the Subject06:10 Chapter 2: Arriving at The Separation of Powers18:02 Chapter 3: The Indian Story33:08 Chapter 4: What Some Regulators Get Wrong38:32 Chapter 5: Two Big Developments in the US49:55 Chapter 6: Some Additional Thoughts55:26 Chapter 7: RecommendationsFor magnificent, detailed, juicy show notes, click here.

All of us suffer from constraints in our life. Some are small -- and some can be huge. We should take inspiration from people who have fought huge constraints and broken barriers despite the obstacles in their way -- and sometimes because of them.Welcome to Episode 90 of Everything is Everything, a weekly podcast hosted by Amit Varma and Ajay Shah.In this episode, Amit takes us through a few inspiring stories of how a few pioneers used their constraints to break new ground.TABLE OF CONTENTS: 00:00 Packaging00:13 Intro: We are Stupid AND Creative02:40 Chapter 1: Joni Mitchell Plays Guitar10:09 Chapter 2: Frida Kahlo Won't Be Stopped18:23 Chapter 3: Dr Seuss Has 50 Words32:23 Chapter 4: Fosbury was Not a Flop42:40 Chapter 5: Some More StoriesFor magnificent, detailed, juicy show notes, click here.

There are few things a government can do to harm society more than Industrial policy. It sounds well-intentioned, but is born out of hubris and results in disaster.Welcome to Episode 89 of Everything is Everything, a weekly podcast hosted by Amit Varma and Ajay Shah.In this episode, Ajay breaks down the thinking behind industrial policy, the practice of it, and why it is always bad for the people.TABLE OF CONTENTS: 00:00 Packaging00:13 Intro: The 500 Dollar Bill08:01 Chapter 1: What is Industrial Policy?15:39 Chapter 2: How Industrial Policy Works26:50 Chapter 3: Subsidies42:54 Chapter 4: The Folly of PLI52:56 Chapter 5: Coercive Power57:36 Chapter 6: Ethno-Nationalism1:05:42 Chapter 7: Government Monopolies 1:11:54 Chapter 8: The China Question1:14:55 Chapter 9: What Should the State Do?For magnificent, detailed, juicy show notes, click here.

Society needs free speech. Democracy needs free speech. For our lives to have meaning and purpose, WE need free speech.Welcome to Episode 88 of Everything is Everything, a weekly podcast hosted by Amit Varma and Ajay Shah.In this episode, Amit lays out the case for free speech absolutism -- and also, the troubled history of free speech in India. TABLE OF CONTENTS: 00:00 Packaging00:13 Intro: It's Not All Black and White03:02 Chapter 1: The Ranveer Episode13:45 Chapter 2: The Arguments for Free Speech20:43 Chapter 3: The Troubled History of the Freedom of Expression34:46 Chapter 4: The Hypocrisy of the Elites41:23 Chapter 5: Some Common Objections to Free Speech50:28 Chapter 6: Ajay's Closing RemarksFor magnificent, detailed, juicy show notes, click here.

Humanity has progressed more in the last few decades than in all of history before that. Moore's Laws -- yes, we used the plural -- go some way in addressing that, as do a couple of other frameworks shared in this episode.Welcome to Episode 87 of Everything is Everything, a weekly podcast hosted by Amit Varma and Ajay Shah.In this episode, you will find mathematical joy, technological wonder and life lessons that are priceless. TABLE OF CONTENTS: 00:00 Packaging00:13 Intro: Testing Ajay's Math Skills04:57 Chapter 1: What is Moore's Law?12:56 Chapter 2: The Implications of Moore's Law23:17 Chapter 3: The Impact on Prices33:04 Chapter 4: Two More Frameworks51:38 Chapter 5: I, CPU1:00:26 Chapter 6: Some Larger Thoughts1:11:44 Chapter 7: RecommendationsFor magnificent, detailed, juicy show notes, click here.

Amit had a minor heart attack recently. As he was put back together, he reflected on how the miraculous technology that was reviving & renewing him was a result of rebels questioning conventional thinking. Indeed, all progress depends upon that.Welcome to Episode 86 of Everything is Everything, a weekly podcast hosted by Amit Varma and Ajay Shah.In this episode, Amit and Ajay discuss some rousing stories of heretics who reshaped the foundational thinking of their fields -- from the pioneers of angiography & angioplasty to underdog Sri Lankan cricketers to an audacious upstart that first disrupted the behemoth of their sector, and then disrupted themselves.TABLE OF CONTENTS: 00:00 Packaging00:13 Intro: A Life Update13:43 Chapter 1: Rethink the Fundamentals16:18 Chapter 2: Matters of the Heart29:15 Chapter 3: More Matters of the Heart42:37 Chapter 4: Matters of Sport54:20 Chapter 5: Watching Movies1:03:30 Chapter 6: A Personal Story1:10:15 Chapter 7: Closing ThoughtsFor magnificent, detailed, juicy show notes, click here.

Our longest episode so far might also be the most fun. In episode 85 of Everything is Everything, Amit Varma and Ajay Shah tackle a barrage of words & concepts & names thrown at them with responses of Underrated, Overrated or Complicated -- and then they explain why they feel that way.Enjoy the lively disagreements! :)For magnificent, detailed, juicy show notes,click here.

War has changed. Sometimes, an act of war doesn't seem like war at all. Often it can't be detected, or attributed, or responded to. It's a messy world. Welcome to Episode 84 of Everything is Everything, a weekly podcast hosted by Amit Varma and Ajay Shah. In this episode, Ajay lays out the many kinds of Hybrid Warfare in this modern world -- and the incentives that drive them. TABLE OF CONTENTS: 00:00 Packaging 00:13 Intro: 'Not in an amorous way' 02:10 Chapter 1: The Middle Zone of Hybrid War 06:51 Chapter 2: The Different Elements of Hybrid Warfare 33:06 Chapter 3: The Incentives 59:15 Chapter 4: Complicating Factors 1:09:41 Chapter 5: The India Story 1:16:06 Chapter 6: How Do We Better? For magnificent, detailed, juicy show notes, click here.

What is atheism? Is it a belief system? Is it political? Don't we need religion in our lives? Welcome to Episode 83 of Everything is Everything, a weekly podcast hosted by Amit Varma and Ajay Shah. In this episode, Amit describes the thought processes that led to him becoming a non-believer -- and busts common myths around atheism. TABLE OF CONTENTS: 00:00 Packaging 00:13 Intro: Why Atheism? 02:34 Chapter 1: Atheism is Not a Belief But an Absence of Belief 06:24 Chapter 2: Atheist & Agnostic 12:09 Chapter 3: Why Religion Exists 26:51 Chapter 4: New Atheism and the Four Horsemen 38:20 Chapter 5: Closing Thoughts For magnificent, detailed, juicy show notes, click here.

A policy that works in one country often cannot simply be transplanted onto another. The invisible infrastructure that is needed to make it work may not exist. But what is this invisible infrastructure? Why is it invisible? Why do specialists often get it wrong? Why is everything everything? Welcome to Episode 82 of Everything is Everything, a weekly podcast hosted by Amit Varma and Ajay Shah. In this episode, Ajay elaborates on his frequent exhortation that before we talk about policy, we must consider the invisible infrastructure that will determine its success or failure. TABLE OF CONTENTS: 00:00 Packaging 00:13 Intro: Finding Life Lessons 01:22 Chapter 1: What is Invisible Infrastructure? 07:21 Chapter 2: A Concrete Example 11:56 Chapter 3: ‘Think of It as an API Call' 18:53 Chapter 4: One Example – Privacy in India 26:06 Chapter 5: The New York Taxi Driver 29:57 Chapter 6: What is to be Done? 32:37 Chapter 7: Be Wary of Specialisation 41:18 Chapter 8: Everything is Everything 42:23 Chapter 9: Think About Incentives 45:05 Chapter 10: Think Locally 47:29 Chapter 11: Sometimes, We Should Do Nothing 52:39 Chapter 12: Focus on the Foundations 58:05 Chapter 13: An Idea For a Future Episode For magnificent, detailed, juicy show notes, click here.

Chess is a beautiful game -- and holds many lessons for life. A lot happened in chess in 2024: Gukesh Dommaraju won the World Chess Championships, Arjun Erigaisi reached 2809, India won Olympiad golds, Magnus Carlsen threw his weight around -- and there are Life Lessons in it for all of us. Welcome to Episode 81 of Everything is Everything, a weekly podcast hosted by Amit Varma and Ajay Shah. In this episode, Amit shares the nuances in the events in chess in 2024 -- and draws timeless learnings from them. TABLE OF CONTENTS: 00:00 Packaging 00:13 Intro: Finding Life Lessons 01:35 Chapter 1: The Last Blunder 13:45 Chapter 2: The Game Outside the Game 25:50 Chapter 3: The Different Journeys of Gukesh and Arjun 42:13 Chapter 4: The Decline of Classical Chess 52:24 Chapter 5: Magnus's Misbehaviour 1:10:44 Chapter 6: Computers and Coverage 1:14:14 Chapter 7: Sagar and Amruta For magnificent, detailed, juicy show notes, click here.

Firms are awesome. So is creative destruction. In a well-functioning market, firms die, new firms are born, there is rebirth and renewal. For this to play out smoothly, there has to be a good bankruptcy process, so that resources & people are not tied up in unproductive zombie firms. Welcome to Episode 80 of Everything is Everything, a weekly podcast hosted by Amit Varma & Ajay Shah. In this episode, Ajay lays out a masterclass on a) how to think about bankruptcy; & b) how bankruptcy happens in practice in India. TABLE OF CONTENTS: 00:00 Packaging 00:13 Intro: We Love Firms! 00:32 Chapter 1: Creative Destruction 06:27 Chapter 2: What is a Firm? 10:48 Chapter 3: Don't Be Sentimental 17:59 Chapter 4: Intangible and Tangible Capital 23:47 Chapter 5: The Committee of Creditors 27:18 Chapter 6: What is the Endgame? 31:50 Chapter 7: What is an Ideal Bankruptcy Code? 34:24 Chapter 8: The History of Bankruptcy Law 39:34 Chapter 9: Our Bankruptcy Code in the Real World 46:09 Chapter 10: What Happens to the Promoter? 50:04 Chapter 11: The Role of the Courts 51:12 Chapter 12: A New Regulator 53:57 Chapter 13: The Indian Non-Rule of Law 55:36 Chapter 14: A Useful Framework 1:08:10 Chapter 15: Recommendations For magnificent, detailed, juicy show notes, click here.

There is a man who steals the electricity bills of everyone in his apartment block. Why? Can he find love and redemption? Two young Sikhs take a stand defending a bridge. Why? What do they really want? Two great chess players take each other on. Are they playing the game on the board, or some other game? There is a child in the mail. What? A child in the MAIL? Welcome to Episode 79 of Everything is Everything, a weekly podcast hosted by Amit Varma and Ajay Shah. In this episode, Amit and Ajay lay out four more stories that should be films. Great fun -- and much to think about! TABLE OF CONTENTS: 00:00 Packaging 00:13 Intro: More Stories! 00:54 Story 1: Collector of Bills 23:04 Story 2: The Khalsa Bridge 38:13 Story 3: Two Chess Stories 48:02 Story 4: Postal Boy For magnificent, detailed, juicy show notes, click here.

Nuclear power has been given a bad name. It is the safest form of energy, and a huge leap forward in solving for climate change. What's more, with small modular reactors becoming feasible, it may end up being far cheaper than it used to be as well. Welcome to Episode 78 of Everything is Everything, a weekly podcast hosted by Amit Varma and Ajay Shah. In this episode, Amit and Ajay put forward the case for nuclear electricity -- and Ajay describes in detail how India should think about it. They allay all the typical fears -- and then make a case for freedom, not for action. TABLE OF CONTENTS: 00:00 Packaging 00:13 Intro: What's in a Name? 00:50 Chapter 1: The Broad Case for Nuclear Energy 04:15 Chapter 2: A Historical Perspective: Why Nuclear Stumbled 09:06 Chapter 3: Let's Talk About Safety 18:29 Chapter 4: Small Modular Reactors 30:33 Chapter 5: The Indian Story 37:27 Chapter 6: Our Nuclear Energy Dream 40:50 Chapter 7: The Five Conditions for Success 49:20 Chapter 8: An Argument for Freedom 52:09 Chapter 9: Recommendations For magnificent, detailed, juicy show notes, click here.

Many of the objects we grew up with have disappeared with time -- and overall, progress is a damn good thing. But many of these lost objects also represent a different way of doing things and of living life, and some of that would have been worth holding on to. Welcome to Episode 77 of Everything is Everything, a weekly podcast hosted by Amit Varma and Ajay Shah. In this episode, Amit and Ajay share objects from their past -- and what they represented then and mean now. TABLE OF CONTENTS: 00:00 Packaging 00:13 Intro: What's in the Bag? 06:33 Chapter 1: Mixtapes 12:01 Chapter 2: Letters by Hand 22:02 Chapter 3: Playboy 26:45 Chapter 4: Diary 31:06 Chapter 5: Old Books 33:52 Chapter 6: Address Book 39:20 Chapter 7: Filofax and Recipes 43:10 Chapter 8: Visiting Cards 45:09 Chapter 9: STD Booths 50:34 Chapter 10: Maps 53:10 Chapter 11: Landline Phones 57:37 Chapter 12: Cash For magnificent, detailed, juicy show notes, click here.

Hinduism contains multitudes -- and is contained by multitudes. Any simple story you tell about it is bound to be false. Welcome to Episode 76 of Everything is Everything, a weekly podcast hosted by Amit Varma and Ajay Shah. In this episode, Amit and Ajay put together a potted history of Hinduism that goes beyond simple narratives and acknowledges its complexity. They also try to make sense of the historical circumstances and incentives that shaped it. TABLE OF CONTENTS: 00:00 Packaging 00:13 Intro: Not a Name, But a River 03:32 Chapter 1: The Early History 17:09 Chapter 2: The Role of Religion 20:07 Chapter 3: The Puranic Period 29:35 Chapter 4: The Arrival of Islam 34:43 Chapter 5: The Open-Source Epics 37:56 Chapter 6: The Missionaries 46:20 Chapter 7: Colonialism 52:18 Chapter 8: The Movements Within Hinduism 58:14 Chapter 9: Arriving at Hindutva 1:05:43 Chapter 10: The Question of Caste 1:11:09 Chapter 11: Hinduism Today 1:14:45 Chapter 12: Recommendations For magnificent, detailed, juicy show notes, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠click here.

The study of humanity is the study of humanity. Everything is everything. And yet, different disciplines of study have imprisoned themselves in silos, refusing to learn from each other. Welcome to Episode 75 of Everything is Everything, a weekly podcast hosted by Amit Varma and Ajay Shah. In this episode, Amit and Ajay discuss a great paper from Biju Rao that talks about what economists can learn from anthropologists and sociologists -- and how only a multidisciplinary approach can reveal the world. TABLE OF CONTENTS: 00:00 Packaging 00:13 Intro: How We Read and Why 09:08 Chapter 1: Economics, Anthropology, Sociology: The Sad Divergence 18:01 Chapter 2: Cognitive Empathy 22:43 Chapter 3: The Importance of Words 24:27 Chapter 4: Process Matters 26:22 Chapter 5: The Power of Participation 28:32 Chapter 6: The Incentives Within Academia 49:06 Chapter 7: Learn the Thumri 54:12 Chapter 8: Recommendations For magnificent, detailed, juicy show notes, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠click here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

Which Indian hasn't experienced a KYC nightmare? And yet, we have normalised it. We should instead fight it. India's KYC is not just the worst such measure in the world, it is also an infringement on our rights. Welcome to Episode 74 of Everything is Everything, a weekly podcast hosted by Amit Varma and Ajay Shah. TABLE OF CONTENTS: 00:00 Packaging 00:13 Intro: Kaagaz Dikhaao! 00:50 Chapter 1: The Curious Tale of Lal Bihari Mritak 04:55 Chapter 2: The Nightmare of KYC 09:26 Chapter 3: The Importance of Financial Privacy 21:24 Chapter 4: The History of KYC 34:02 Chapter 5: Why India Has the Worst KYC 38:58 Chapter 6: Why Aadhaar Didn't Solve This 41:55 Chapter 7: Don't Take Blindly From the USA 44:29 Chapter 8: Recommendations

Should alcohol be banned? What about recreational drugs? Gambling? Hate speech? You may disapprove of certain things, but if they do not infringe anyone's rights, then turning them into crimes tends to backfire. We should think hard about what we classify as crimes -- and also examine our own morality. Welcome to Episode 73 of Everything is Everything, a weekly podcast hosted by Amit Varma and Ajay Shah. TABLE OF CONTENTS: 00:00 Packaging 00:13 Intro: How Do We Wow Them Today? 01:02 Chapter 1: What Are Victimless Crimes? 03:47 Chapter 2: Why We Should Not Punish Victimless Crimes 07:10 Chapter 3: Alcohol 14:19 Chapter 4: Drugs 20:32 Chapter 5: Gambling 25:03 Chapter 6: Prostitution 30:30 Chapter 7: Homosexuality 34:37 Chapter 8: Self-Harm 39:10 Chapter 9: Hate Speech 40:47 Chapter 10: The German Cannibal and our Moral Intuitions 47:36 Chapter 11: State Capability 58:31 Chapter 12: Recommendations For magnificent, detailed, juicy show notes, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠click here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

Songs, albums, books, films are the way they for a reason -- and those reasons are outdated. The dominant forms of creative expression evolved because of constraints that no longer apply. We should free our minds and look beyond them! Welcome to Episode 72 of Everything is Everything, a weekly podcast hosted by Amit Varma and Ajay Shah. TABLE OF CONTENTS: 00:00 Packaging 00:13 Intro: The Contemplative Atom 02:29 Chapter 1: Understand Form 05:57 Chapter 2: The Sound of Birds 09:51 Chapter 3: How Music Was Shaped By Form 26:26 Chapter 4: Form and Writing 37:48 Chapter 5: The Audio-Visual Medium 44:52 Chapter 6: A Golden Age For Creators 56:42 Chapter 7: Recommendations For magnificent, detailed, juicy show notes, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠click here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

Finance is the lifeblood of every economy. India's financial system has taken decades to evolve to where it is today -- and we still have a long way to go. What has this journey been like? What can we learn? Welcome to Episode 71 of Everything is Everything, a weekly podcast hosted by Amit Varma & Ajay Shah. TABLE OF CONTENTS: 02:56 Chapter 1: Banking 39:33 Chapter 2: Equity Markets 51:33 Chapter 3: Other Financial Firms 57:31 Chapter 4: Currency Controls 1:07:58 Chapter 5: Bankruptcy 1:18:40 Chapter 6: Monetary Policy 1:22:52 Chapter 7: Household Finance 1:27:32 Chapter 8: Financial Surveillance 1:29:26 Chapter 9: Systemic Risk 1:41:40 Chapter 10: The Problems of State Power 1:46:43 Chapter 11: The Policy Process 1:48:21 Chapter 12: DPI 1:51:02 Chapter 13: Still Central Planning 1:55:13 Chapter 14: Recos For magnificent, detailed, juicy show notes, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠click here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

India's system of competitive entrance exams is broken. There is too much pressure on kids and their families -- and we don't even get the best outcomes. Welcome to Episode 70 of Everything is Everything, a weekly podcast hosted by Amit Varma and Ajay Shah. In this episode, Amit and Ajay discuss what's broken about the system. What can we do to make the current system work better? What can we do to attack the root cause and build a better world for the generations to come? Listen in! TABLE OF CONTENTS: 00:00 Packaging 00:13 Intro: A Multiple Choice Question! 01:03 Chapter 1: The Problem With Competitive Exams 03:56 Chapter 2: The Meritocracy Lie 11:39 Chapter 3: Coaching Classes are Not the Problem 15:47 Chapter 4: Ajay's Three-Part Solution 26:36 Chapter 5: Free the Colleges! 34:02 Chapter 6: The Lottery Proposal 43:24 Chapter 7: The Root Cause 49:00 Chapter 8: Ajay's advice For Parents and Students 50:38 Chapter 9: Recommendations For magnificent, detailed, juicy show notes, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠click here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

The specialisation of our species is storytelling -- and yet, some people say, we are really just telling the same stories again and again. Welcome to Episode 69 of Everything is Everything, a weekly podcast hosted by Amit Varma and Ajay Shah. In this episode, Amit discusses the classic book by Christopher Booker, The Seven Basic Plots. Booker asserts that there are just seven storylines we recycle again and again -- and all of literature & Hollywood & Bollywood & Tollywood & Lollywood draw on these. What are they? Can there be more? Why should we never feel constrained as storytellers? What do Jaws, Sholay and the Russia-Ukraine war have in common? TABLE OF CONTENTS: 00:00 Packaging 00:13 Intro: What Is That Orange Ball in the Sky? 03:31 Prologue: Finding the Tropes 11:22 Chapter 1: Overcoming the Monster 14:41 Chapter 2: Rags to Riches 18:40 Chapter 3: The Quest 24:05 Chapter 4: Voyage and Return 27:55 Chapter 5: Comedy 34:56 Chapter 6: Tragedy 40:38 Chapter 7: Rebirth 43:25 Chapter 8: A Tragic Ending to the Episode For magnificent, detailed, juicy show notes, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠click here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

Inflation is a tax on the poor. High and variable inflation can shatter the fine interplay of incentives and information within an economy. And, as Milton Friedman famously said, inflation is always and everywhere a monetary phenomenon. The state is responsible -- and the central bank's one job should be to keep inflation in check. Thankfully, we got that right with inflation targeting. Welcome to Episode 68 of Everything is Everything, a weekly podcast hosted by Amit Varma and Ajay Shah. In this episode, Ajay talks about why inflation can be such a problem, and Inflation Targeting is an elegant way to keep it under control. Ajay was in the policy community in India that made it happen. Here's the inside story! TABLE OF CONTENTS: 00:00 Packaging 00:13 Intro: Ajay Loves Bumper Stickers! 00:55 Chapter 1: A Basic Guide to Inflation 05:40 Chapter 2: What Do You Measure? 13:25 Chapter 3: Why Inflation Matters 30:02 Chapter 4: Introducing Inflation Targeting 36:45 Chapter 5: Inside the Boiler Room 42:05 Chapter 6: The India Story 1:01:23 Chapter 7: Recommendations For magnificent, detailed, juicy show notes, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠click here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

In the last episode, Amit and Ajay spoke about how the state should never mess with the price system. Well, the exchange rate is the most important price -- and the state shouldn't try to control that either! Welcome to Episode 67 of Everything is Everything, a weekly podcast hosted by Amit Varma and Ajay Shah. In this episode, Ajay sheds light on one of his pet peeves -- people's obsession with the exchange rate. It doesn't matter if the rupee is 'strong' or 'weak', he argues -- these terms mean nothing. All mature economies have learnt to leave the exchange rate to the market -- and so should we. A freely fluctuating exchange rate guarantees macroeconomic stability. TABLE OF CONTENTS: 00:00 Packaging 00:13 Intro: Ajay Loves Bumper Stickers! 05:47 Chapter 1: The Exchange Rate is the Most Important Price 21:48 Chapter 2: The Evolution of Exchange Rates 27:46 Chapter 3: The Three Rooms in the House 33:52 Chapter 4: Fluctuating Exchange Rates are Great! 42:57 Chapter 5: The India Story 1:08:47 Chapter 6: Recommendations 1:11:04 Chapter 7: Life Lessons For magnificent, detailed, juicy show notes, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠click here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

How do people in society fulfil each other's needs while being self-interested? No human person or committee could coordinate all this -- but the miraculous, decentralised system of prices do exactly this. And when you mess with prices, you harm society. Always. Welcome to Episode 66 of Everything is Everything, a weekly podcast hosted by Amit Varma and Ajay Shah. In this episode, Amit and Ajay describe how all interventions in the price system end badly & harm the poor -- from price caps to rent control to the minimum wage to MSPs to import tariffs. Don't mess with the price system! By the way, Amit and Ajay have launched their online course LIFE LESSONS. Click here to sign up: https://lifelessons.co.in/ TABLE OF CONTENTS: 00:00 Packaging 00:13 Intro: The Gravity of Gravity 02:10 Chapter 1: The Miracle of Prices 11:53 Chapter 2: Price Caps 32:18 Chapter 3: Rent Control 39:20 Chapter 4: Minimum Wage 53:06 Chapter 5: Minimum Support Prices 57:54 Chapter 6: Import Tariffs 1:01:55 Chapter 7: Why Don't We Learn? 1:11:46 Chapter 8: Recommendations 1:13:21 Life Lessons! For magnificent, detailed, juicy show notes, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠click here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

There was a time when India's pensions system grew to become a threat to the country. Then we fixed it -- kinda. And now it's going to hell again. Welcome to Episode 65 of Everything is Everything, a weekly podcast hosted by Amit Varma and Ajay Shah. In this episode, Ajay takes us through the history and evolution of pensions, why the Old Pension Scheme (OPS) was such a catastrophe, how there was a bipartisan consensus on the New Pension Scheme (NPS), and how this field is on fire again. And of course, why it matters -- because it does! TABLE OF CONTENTS: 00:00 Packaging 00:13 Intro: Who Will Stop the Bleeding? 02:45 Chapter 1: Why We Are Doing This Episode 05:46 Chapter 2: The Origin of Pensions 18:21 Chapter 3: The Evolution of Pensions 31:37 Chapter 4: The Old Pension Scheme 40:19 Chapter 5: The New Pension Scheme 55:38 Chapter 6: The Political Process 1:09:16 Chapter 7: What Went Wrong? 1:28:27 Chapter 8: What About the Unified Pension Scheme? 1:34:29 Chapter 9: Structural Reforms vs Parametric Reforms 1:41:25 Chapter 10: Recommendations For magnificent, detailed, juicy show notes, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠click here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

The world is at war -- and not all of it is in the obvious ways. There is a war around technology, and using technology, and the US and China are at the heart of it. Welcome to Episode 64 of Everything is Everything, a weekly podcast hosted by Amit Varma and Ajay Shah. In this episode, Ajay and Amit discuss the contours of the global tech wars playing out on the geopolitical stage. It is fundamental, it is fierce and it affects us all. TABLE OF CONTENTS: 00:00 Packaging 00:13 Intro: But a Distant Memory? 04:37 Chapter 1: What is This Great Drama? 07:19 Chapter 2: How This War is Playing Out 13:00 Chapter 3: It All Goes to Hell. Why? 38:31 Chapter 4: What Can Happen Next? 54:14 Chapter 5: Recommendations For magnificent, detailed, juicy show notes, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠click here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

We often assume that all knowledge is recorded, and every generation builds on the knowledge of past generations. This is not true. Much knowledge is lost -- and some is regained. Welcome to Episode 63 of Everything is Everything, a weekly podcast hosted by Amit Varma and Ajay Shah. In this episode, Amit and Ajay discuss precious knowledge of remarkable things that we lost over time -- some of which we are slowly regaining! TABLE OF CONTENTS: 00:00 Packaging 00:13 Intro: The Witch Casts a Spell 13:08 Chapter 1: Silphium/Silpheon 20:00 Chapter 2: Dhaka Muslin 29:11 Chapter 3: Fogbank 36:43 Chapter 4: Artemisinin 49:07 Chapter 5: Reconstructing Germany and Japan After WW2 For magnificent, detailed, juicy show notes, ⁠⁠⁠⁠⁠⁠⁠⁠⁠click here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

In academia and research, the pursuit of knowledge very often culminates in a paper. But even outside that field -- within any field, in fact -- knowledge must be pursued, parsed, processed and put down on paper. Everyone should know how to do this, even if you never want to write a paper in your life. Welcome to Episode 62 of Everything is Everything, a weekly podcast hosted by Amit Varma and Ajay Shah. In this episode, Ajay distills his experience of many decades of writing papers into a masterclass that will help you not just be a better writer, but a better thinker. TABLE OF CONTENTS: 00:00 Packaging 00:13 Chapter 1: The Sociology of How This Machine Works 15:29 Chapter 2: The Elements of a Paper 20:24 Chapter 3: What Makes for a Good Paper? 25:59 Chapter 4: Put the Reader First 34:39 Chapter 5: The Structure of a Paper 47:21 Chapter 6: The Act of Writing 55:38 Chapter 7: Getting It Out There 1:01:11 Chapter 8: Ajay's Insights About Writing Papers 1:06:39 Chapter 9: Recommendations For magnificent, detailed, juicy show notes, ⁠⁠⁠⁠⁠⁠⁠⁠click here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

The people who change the world are people who go against the grain. And yet, challenging conventional wisdom, or living an unconventional life, can make you an Outlaw. Welcome to Episode 61 of Everything is Everything, a weekly podcast hosted by Amit Varma and Ajay Shah. In this episode, Amit and Ajay discuss a group of people who were ignored or reviled in their lifetimes -- and who we now remember as pathbreakers. For magnificent, detailed, juicy show notes, ⁠⁠⁠⁠⁠⁠⁠click here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

Firms are awesome. They are the source of a country's prosperity. And so, some people make the blunder of assuming that you should run a country like a company. This is a terrible mistake. Welcome to Episode 60 of Everything is Everything, a weekly podcast hosted by Amit Varma and Ajay Shah. For magnificent, detailed, juicy show notes, ⁠⁠⁠⁠⁠⁠click here⁠⁠⁠⁠⁠⁠⁠⁠⁠.

Should the state have a role in amplifying innovation? If so, what should it do? Welcome to Episode 59 of Everything is Everything, a weekly podcast hosted by Amit Varma and Ajay Shah. In this episode, Ajay and Amit argue furiously about whether the state should spend its resources trying to make innovation happen. But while they disagree on the Why, they agree on what How and the What: the blueprint laid out in Ajay's brilliant paper with RA Mashelkar and Susan Thomas. For magnificent, detailed, juicy show notes, ⁠⁠⁠⁠⁠click here⁠⁠⁠⁠⁠⁠⁠⁠.

There is great natural beauty in India -- but we get tourism wrong. We allow beautiful places to become tourist traps. The local people do not benefit enough. We don't care about sustainability. It need not be this way. Welcome to Episode 58 of Everything is Everything, a weekly podcast hosted by Amit Varma and Ajay Shah. In this episode, Ajay and Amit, recording the last of The Bir Sessions, discuss how Himalayan states can build tourism and grow their economies in a way that benefits the local people and is sustainable. Win-win all around. For magnificent, detailed, juicy show notes, ⁠⁠⁠⁠click here⁠⁠⁠⁠⁠⁠⁠.

It is the moral imperative of every poor country to lift all its people out of poverty. And yet India, like so many other poor countries, has failed to do this. Development Economics carries much of the blame for this. Wrong beliefs and dangerous fashions within this field have mostly failed to help -- and sometimes caused much harm. Welcome to Episode 57 of Everything is Everything, a weekly podcast hosted by Amit Varma and Ajay Shah. For magnificent, detailed, juicy show notes, ⁠⁠⁠click here⁠⁠⁠⁠⁠⁠.

Everyone is raving about India's digital public goods -- or its digital public infrastructure, aka DPI. But is the picture all rosy? What is the flip side of this technological achievement? Welcome to Episode 56 of Everything is Everything, a weekly podcast hosted by Amit Varma and Ajay Shah. In this episode, Ajay and Amit talk about how such a government monopoly cannot be a good thing. In the long run, suppressing competition will hurt us. Firstly, it empowers the state more than it should, and power corrupts. Secondly, it stifles competition, and thus, innovation. For magnificent, detailed, juicy show notes, ⁠⁠click here⁠⁠⁠⁠⁠.

It is considered a truism that building infrastructure is always great for the economy. Roads, ports, airports & bridges always have huge positive externalities. But is this truism true? Yes -- and no. There is a good story; and there is a bad story. Welcome to Episode 55 of Everything is Everything, a weekly podcast hosted by Amit Varma and Ajay Shah. In this episode, Ajay talks about how infrastructure enabled a services revolution in India -- but did not move the needle when it became to goods. What's more, while big infrastructure projects once gave us great bang for the buck, that is no longer true. We need to think about why that is the case -- and where our money is best spent. For magnificent, detailed, juicy show notes, ⁠click here⁠⁠⁠⁠.

Education in India is broken. It is a tragic waste of our potential. How can it be fixed? Why will pumping in more spending solve nothing? What is the link between education & development? Why do we need to redefine education? Welcome to Episode 54 of Everything is Everything, a weekly podcast hosted by Amit Varma and Ajay Shah. In this episode, Amit and Ajay give a comprehensive lay of the land in the field of education in India, challenging many conventional notions on the way. For magnificent, detailed, juicy show notes, click here⁠⁠⁠.

Cycling is physically one of the most gruelling sports in the world -- and it requires as much of the mind as of the body. Welcome to Episode 53 of Everything is Everything, a weekly podcast hosted by Amit Varma and Ajay Shah. In this episode, Amit explains his passion for cycling by telling us how the sport works. Amit and Ajay discuss the kinds of races and the kinds of racers. They discuss why it is a team sport. They get into deep nuances of strategy -- and the drama of some of the great stories in modern cycling. Get into the slipstream! For magnificent, detailed, juicy show notes, ⁠⁠click here⁠⁠.

We love chess -- and now, as it has exploded as a spectator sport, so do millions of others. But why do we love it so much? What does it mean for India that D Gukesh has qualified for the World Championship match? How did Vishy Anand inspire a generation of grandmasters to emerge? What role do computers play? Welcome to Episode 52 of Everything is Everything, a weekly podcast hosted by Amit Varma and Ajay Shah. In this episode, Amit takes us through a history of the World Chess Championships, all the way from 1886 to now. He discusses the intellectual evolution of the game -- and the geopolitics of it. He parses the role of computers, and explains why the game is more exciting now than ever before. Ajay adds in some higher-order thoughts about chess and society. And finally, right at the end, the two of them even play a game! For magnificent, detailed, juicy show notes, ⁠click here⁠.

We have normalized lines on maps -- but they are unnatural to the way we live. They are toxic in the ways they push us to think of people in categories decided by the accidents of geography and politics. We must free our minds. We must tear down these walls. Welcome to Episode 51 of Everything is Everything, a weekly podcast hosted by Amit Varma and Ajay Shah. For magnificent, detailed, juicy show notes, click here.

Hooray! We've reached episode 50, and it's time for an AMA. In this episode, Amit and Ajay answer questions from gentle readers that were solicited through Twitter and elsewhere. No holds barred, straight from the heart! This episode was first published on YouTube on June 7, 2024. For magnificent, detailed, juicy show notes, click here.

Podcasting is such an exciting medium. Would YOU like to start a podcast? Do you have questions about first principles & what you need to get started? Here's our attempt at a podcasting masterclass! Welcome to Episode 49 of Everything is Everything, a weekly podcast hosted by Amit Varma & Ajay Shah. Started in 2017, The Seen and the Unseen went against conventional wisdom & built up a cult audience. In this episode, Amit shares everything he has learnt about podcasting, all the way from higher-order thinking to the brasstacks of starting. Enjoy! This episode was first published on YouTube on May 31, 2024. For magnificent, detailed, juicy show notes, click here.

In these insular times of shrill nationalistic rhetoric, there is a danger that we may become less globalised instead of more. But internationalisation (aka I18N) is key to India's progress. The more Indian firms learn to compete in the global marketplace, the more our nation will prosper. Welcome to Episode 48 of Everything is Everything, a weekly podcast hosted by Amit Varma and Ajay Shah. In this episode, Ajay shares his thinking around what I18N implies, how it involves more than exports, and how Indian firms can make that journey. This episode was first published on YouTube on May 24, 2024. For magnificent, detailed, juicy show notes, click here.