First ever an interview of Robert Solow, a noble laureate in Economics, I came across and I found it very interesting from the point of view that the Government in India is formulating its policies at the current juncture. Solow very candidly accepts that the standard narrative of mainstream economics that lower taxes and lesser interference of government incetivizes the private business sector and therefore promotes faster growth is at best flimsy. There is no convincing rigorous academic evidence in support of standard narrative of mainstream economics that lower taxes promotes better growth. Rather he emphasizes on the bringing up the bottom of the population to better standard of economic and social measurements and that will automatically feed into higher trajectary of economic growth and this requires greater involvement of the government. This goes against the policy slogan of the current government that is minimum government. It is must watch for everyone...... (comment from the wall of Santosh Kumar) Robert Solow was the recipient of Nobel Prize in Economic Sciences in 1987.
Posted on: Mon, 03 Nov 2014 19:07:29 +0000
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