Almost, Mr TCA become a bogus analyst with horrified mind said a friend of mine.
Well, if any one I wanted to call notorious in the analysis of Indian economy it will be “Cornell economist Kaushik Basu”.
Mr Basu said in his Sage - Madras School of Economics Endowment Lecture (2007) “one undeniable factor is that
Nonetheless, the question is important Mr. Basu “once asked why everyone held an opinion on economics but not on aircraft design. He was arguing that economics was a specialisation requiring technical skills that were no less rigorous than those required of an aircraft designer”.
Some time back Mr TCA seems to be good analyst of economics and politics but now I realised that he also misdirected his readers. He simply scraped the
No doubt, I agree with at least this point that “It was that if you got the market design right, the danger of market failure was almost nil. This assumption led to the influx of engineers, scientists and physicists into a domain that superficially looked like their own but contained, alas, humans also, with all their foibles”.
No matter how many business analysts, journalist, and other “…..harking back to Keynes now but nowhere did he say that the taxpayers should pay the price of private folly and greed via bailouts What he said was governments should buy goods and services when private demand fell short of what installed capacity could provide. He was treating a different problem, namely, the survival of the poor, not of the rich”.
Our academicians including the economics departments of Indian universities are in deep sleep. They cannot back to Keynes nor look forward to Hayek or anyone else.
It is no less folly to blame only “private folly and greed via bailouts”. Election after election, schemes after schemes, law after law, Acts after Acts, rules after rules, etc goes with publically announced “bailouts” in the name of “poor” without mining whether it reaches or not.
What remains a big mess is the Constitution of India which becomes focal point for everyone to speak but not to adhere, morally, mentally and physically and be responsible when get elected by people of this country.