Modi is speaking exactly what an economist wants to hear and what a liberal wants to hear. Yes, please get rid of the government from all unrelated areas like managing temples, giving incentives to religions, censoring and rewarding movies, manufacturing watches, selling oil, running airlines, researching on computer tablets etc. Do only what private people can not and would not do. Why do we need the state? There are five main components: The first is public goods such as defense, police, and judiciary. The second is externalities which hurt others, such as pollution. For this, we need a regulatory system. The third is market power; where monopolies need controls The fourth is information gaps; where you need someone to ensure that medicines are genuine and so on. Last, we need a well designed welfare and subsidy mechanism to ensure that the bottom of society is protected from deprivation. This specially includes education and healthcare. firstpost/business/revealed-the-modi-economic-vision-for-bharat-india-and-india-inc-2051079.html
Posted on: Mon, 19 Jan 2015 03:48:14 +0000
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