co-operation

New Delhi, Feb 14 (UNI) Citing countries which could be part of an alliance, Nobel Laurete John Nash today argued that India could benefit from enhanced regional co-operation to reap the benefits of efficiency in specialisation of production and international exchange.

The countries, Prof Nash listed who could be part of the grand alliance included India, China, Indonesia, Malaysia and perhaps Thailand. The British Economist Ricardo's concept of international exchange through specialisation in production would come into being.

It was the legendary Mathematician who got in 1994 the Nobel prize in economics for his contributions to the game theory overawing an elite Delhi audience with the application of his concepts at the posh Maurya Sheraton hotel.

The mere stature of the noted academician came into play several times. The audience gave him a standing ovation before he commenced his address. He was the First Nobel Laurete to be invited by the Government of India in a series on 'The Nobel Laurete lectures'. And in the Chair was none other than External Affairs Minister Pranab Mukherjeee, who heard the Economist with rapt attention.

Prof Nash's speech and the Question- Answer session which followed was greeted at the end by a thunder created by the clapping of hands.

The audience included diplomats, strategic thinktanks, economists, other experts from social sciences, policy makers and of course the media. The series was organsied by the Public Diplomacy Division of the Ministry of External Affairs.

But unlike the unending queues in Mumbai who came to listen to Prof Nash, the audience in the capital could attend the function strictly by invitation. It was compact.

The lanky and frail professor spoke about the dangers of global warming, the threats of nuclear proliferation, the contribution of economists like Adam Smith as espoused in the 'Wealth of Nations' and Ricardo's contributions to the theory of International Trade. He also spoke of the applications of game theory, which has a strong basis in Mathematics, to various situations.

A reference was made more than once to the famous Hollywood movie on Prof Nash titled 'The Beautiful Mind,' which brought to the fore the indomitable spirit of the man who fought schizophrenia to emerge as the tallest figure in the world of academics.

"I spent my life figuring numbers but it is only now that I have begun to understand the sublime equations of life," Prof Nash had said in the movie which was repeated for the benefit of the audience.

The sublime equations of love and life included his wife Alicia and his son John Charles, who were present on the occasion. Dr Charles described himself as a peddller in Mathametics as compared to the seminal contribution of his father to the field.

Prof Nash said the game theory could only be applied to situation where two entities were involved, say two Corporations, two nations or two individuals and the equations that would work out among them would involve giving weights to these entities.

Game theory could be apllied to the Tata's recent takeover of British steel major Corus, but neigbours would need to be assigned to them.

Much of what Prof Nash spoke was in terms of theory, but much that was said about the leading figure of Economics is well known to the world.

Mr Mukherjee said relationships need not be a zero sum game, where one won at the expense of the other, but need to be a win-win situation for all parties. That is what India had believed and stood for. The zero sum game is main plank of the game theory in economics.

UNI