MLC Daily Current Affairs - 19 October 2024

Today in History (October 19^th, 1910)

Subrahmanyan Chandrasekhar (19 October 1910 – 21 August 1995) was an Indian-American theoretical physicist who spent his professional life in the United States. He shared the 1983 Nobel Prize for Physics with William A. Fowler for “…theoretical studies of the physical processes of importance to the structure and evolution of the stars”. His mathematical treatment of stellar evolution yielded many of the current theoretical models of the later evolutionary stages of massive stars and black holes. Many concepts, institutions, and inventions, including the Chandrasekhar limit and the Chandra X-Ray Observatory, are named after him.

Let’s Revise

A) Who were the recipients of the 2024 Nobel Prize in Economic Sciences?

Daron Acemoglu, Simon Johnson, and James A. Robinson
Paul Krugman, Joseph Stiglitz, and Amartya Sen
Milton Friedman, Gary Becker, and Robert Lucas
Thomas Piketty, Esther Duflo, and Abhijit Banerjee

Answer: A)
Explanation: The Nobel Prize in Economics for 2024 was awarded specifically to these three researchers- Daron Acemoglu, Simon Johnson, and James A. Robinson.

B) Where do Daron Acemoglu and Simon Johnson work?

Harvard University
Stanford University
Massachusetts Institute of Technology (MIT)
University of Chicago

Answer: C)
Explanation: Acemoglu and Johnson are both affiliated with Massachusetts Institute of Technology (MIT).

C) What type of institutions are considered “good” according to the research?

Authoritarian regimes
Democratic systems with strong laws
Weak legal frameworks
Systems with concentrated power

Answer: B)
Explanation: Good institutions include democracy, strong laws, and protection of property rights, which foster a stable environment for investment are considered “good”.

D) What is one consequence of having bad institutions?

Increased investment and innovation
Greater economic growth
Insecurity and low motivation for investment
Enhanced property rights

Answer: C)
Explanation: Bad institutions often lead to insecurity, which can deter people from investing and innovating.

E) What potential does India have according to the researchers?

To maintain its current growth rate indefinitely
To reach its economic potential by strengthening its institutions
To become more authoritarian like China
To reduce its democratic practices

Answer: B)
Explanation: The researchers believe that India can still enhance its economic growth by improving its institutions.

F) Who was awarded the Nobel Peace Prize for 2024?

Hiroshima Survivors
Nihon Hidankyo
United Nations
Hibakusha

Answer: B)
Explanation: The Nobel Peace Prize for 2024 was awarded to the Japanese organization Nihon Hidankyo for its efforts against nuclear weapons.

G) What is Nihon Hidankyo?

A government organization
A grassroots movement of atomic bomb survivors
An international treaty organization
A military group

Answer: B)
Explanation: Nihon Hidankyo is a grassroots movement comprised of atomic bomb survivors from Hiroshima and Nagasaki.

H) When were the atomic bombs dropped on Hiroshima and Nagasaki?

August 6 and 9, 1945
July 4 and August 6, 1945
August 9 and 10, 1945
June 6 and August 9, 1945

Answer: A)
Explanation: The United States detonated atomic bombs over Hiroshima on August 6 and Nagasaki on August 9, 1945.

I) What role do the Hibakusha play in the movement against nuclear weapons?

They promote military action.
They share personal experiences to raise awareness.
They conduct scientific research on nuclear energy.
They create weapons technology.

Answer: B)
Explanation: The Hibakusha share their personal experiences to articulate the consequences of nuclear weapons and raise awareness about their dangers.

J) Why is the work of Nihon Hidankyo important?

It promotes nuclear weapon development.
It helps society understand the impact of nuclear weapons.
It focuses on military training.
It encourages the use of nuclear energy.

Answer: B)
Explanation: Nihon Hidankyo’s efforts help society contemplate the profound pain caused by nuclear weapons and raises awareness of their humanitarian consequences.

Summary of Today’s News

Changes in traditional figure of Lady Justice

The traditional figure of Lady Justice, usually shown blindfolded with scales and a sword, has been updated in the Supreme Court of India. Chief Justice DY Chandrachud led this change, making the new statue more representative of modern justice.
Key Changes:
• No Blindfold: The new statue has open eyes, showing that justice in India is aware and empathetic, rather than blind.
• Constitution Instead of Sword: The sword, which represented punishment, has been replaced by the Indian Constitution, emphasizing that justice is based on constitutional values, not violence.
• Scales Remain: The scales symbolize fairness, showing that the court considers all sides before making decisions.
This new statue moves away from colonial ideas of justice and reinforces that Indian justice is rooted in equality and constitutional law. Chief Justice Chandrachud wants to show that everyone is equal under the law, and justice is served fairly.
Overall, the updated statue symbolizes a modern and progressive vision for the Indian judiciary. Recently, President Droupadi Murmu also introduced a new flag for the Supreme Court to celebrate its 75th anniversary.

MSP Hike for better income of Farmers

Minimum Support Prices (MSPs) are the lowest rates at which the government buys crops to protect farmers from having to sell at low prices. These rates are raised twice a year for summer and winter crops.
Recently, the Cabinet Committee on Economic Affairs, led by Prime Minister Narendra Modi, approved increases in MSPs for six important winter crops. The MSP for wheat was raised by ₹150 to ₹2,425 per quintal, while mustard saw a bigger hike of ₹300, bringing its price to ₹5,950 per quintal. The MSP for gram was increased by ₹210 to ₹5,650 per quintal.
This decision aims to support farmers and encourage them to grow certain crops, reflecting the government’s commitment to their welfare.