The Economists of the Nation have missed to note the situation as is being experienced by We the People now where 1) Competency & Expertise have been set aside deliberately by the policy makers resulting trespassing of huge unreasonable costs into the cost pool so the fix the prices at much higher level, 2) sharp rise (hyperinflation) of prices of goods & services, 3) huge supply of Money for which RBI was enforced to declare money issued prior to 2005 is invalid, 3) no growth of economy but sharp price rise of goods & services (Stagflation), 4) huge devaluation of Money in comparison to Dollar value (from Rs. 45/- to Rs. 65/- ), 5) situation of increase of unemployment, 6) the adverse effect of demand pull inflation in case some special essential goods & services in energy sector like Oil, Gas & electricity where demand is always higher due to higher economics. Had our Economists been realistic in approach to study the situations of People in a free & fair manner, then they could find the ways & means to overcome the crises which we do feel now as stated in the above 6 (Six) Points !! So economic theory needs to be realistic and updated with facts & figures. This is very much crucial for Sustainable Development !!
Posted on: Tue, 01 Apr 2014 05:23:25 +0000
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