prasad1
Active member
Good intentions are best left to political parties, governments and religious establishments, suggests T C A Srinivasa-Raghavan.
Illustration: Uttam Ghosh/Rediff.com
Good intentions are best left to political parties, governments and religious establishments.
Attempts to weave them into in a formal way into economics helps neither the intentions nor the discipline.
Both become suspect.
Let me end by quoting a much derided economist, P T Bauer of the LSE: 'Those who propose replacing the market system by political decisions rarely address themselves to such crucial matters as the concentration of economic power in political hands, the implications of restriction of choice, the objectives of politicians and administrators, and the quality and extent of knowledge in a society and its methods of transmission.'
He wrote that in 1982, but it was the essence of his life's work since 1955.
The series of Indian experiments since 1952 suggest Bauer should have got the Nobel long, long ago.
Illustration: Uttam Ghosh/Rediff.com
Good intentions are best left to political parties, governments and religious establishments.
Attempts to weave them into in a formal way into economics helps neither the intentions nor the discipline.
Both become suspect.
Let me end by quoting a much derided economist, P T Bauer of the LSE: 'Those who propose replacing the market system by political decisions rarely address themselves to such crucial matters as the concentration of economic power in political hands, the implications of restriction of choice, the objectives of politicians and administrators, and the quality and extent of knowledge in a society and its methods of transmission.'
He wrote that in 1982, but it was the essence of his life's work since 1955.
The series of Indian experiments since 1952 suggest Bauer should have got the Nobel long, long ago.
India and the economics of good intentions
Good intentions are best left to political parties, governments and religious establishments, suggests T C A Srinivasa-Raghavan.
www.rediff.com
