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Latest imagesWhat India needs: supply side economics
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Idéfix
Propagandhi711
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Merlot Daruwala
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What India needs: supply side economics
by Merlot Daruwala Sun May 11, 2014 8:15 pm
An excellent summary of what the Indian economy needs...
Merlot Daruwala- Posts : 5005
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Re: What India needs: supply side economics
by Hellsangel Sun May 11, 2014 8:16 pm
What part of the world are you in, Mr. Drinkman?
Hellsangel- Posts : 14721
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Re: What India needs: supply side economics
by Merlot Daruwala Sun May 11, 2014 8:17 pm
Very much at home. You?
Merlot Daruwala- Posts : 5005
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Re: What India needs: supply side economics
by Hellsangel Sun May 11, 2014 8:18 pm
Ditto.Merlot Daruwala wrote:Very much at home. You?
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Re: What India needs: supply side economics
by Rishi Sun May 11, 2014 8:21 pm
>>Are you also saying that MMS listening to Sonia and implementing her schemes like MNREGA ruined the economy?Merlot Daruwala wrote:An excellent summary of what the Indian economy needs...
Rishi- Posts : 5129
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Re: What India needs: supply side economics
by Merlot Daruwala Mon May 12, 2014 1:04 am
Rishi wrote:>>Are you also saying that MMS listening to Sonia and implementing her schemes like MNREGA ruined the economy?Merlot Daruwala wrote:An excellent summary of what the Indian economy needs...
Yes. But let me clarify. I'm ok with policies which redistribute wealth in society (thereby bridging inequities), provided it is done in a fiscally prudent, pay-as-you-go fashion. Spending more than what you earn is irresponsible to the extreme and criminally so when the motivation is primarily political.
And that's exactly what Sonia Gandhi and her jholawala advisors in the NAC did, in the hope that grateful beneficiaries would vote for the Congress. In the event, all that largesse didn't pay off politically. But it did fuel inflation which the RBI reflexively (and ineffectually) responded to with tighter money supply, impacting economic growth, hurting the country and costing the Congress any residual goodwill it might have had.
Merlot Daruwala- Posts : 5005
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Re: What India needs: supply side economics
by Propagandhi711 Mon May 12, 2014 8:56 am
but that wont do! isnt supply side the hated bugaboo of libbies, supposedly causing all the current ills in american society from inequality to global warming? and that conservative mouthpiece wsj is recommending the same to india? tut tut, this demands some bar charts dammit
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Re: What India needs: supply side economics
by Idéfix Mon May 12, 2014 11:52 am
That's right. The interesting question is, will the next government be able to put the genie back in the bottle?Merlot Daruwala wrote:Rishi wrote:>>Are you also saying that MMS listening to Sonia and implementing her schemes like MNREGA ruined the economy?Merlot Daruwala wrote:An excellent summary of what the Indian economy needs...
Yes. But let me clarify. I'm ok with policies which redistribute wealth in society (thereby bridging inequities), provided it is done in a fiscally prudent, pay-as-you-go fashion. Spending more than what you earn is irresponsible to the extreme and criminally so when the motivation is primarily political.
And that's exactly what Sonia Gandhi and her jholawala advisors in the NAC did, in the hope that grateful beneficiaries would vote for the Congress. In the event, all that largesse didn't pay off politically. But it did fuel inflation which the RBI reflexively (and ineffectually) responded to with tighter money supply, impacting economic growth, hurting the country and costing the Congress any residual goodwill it might have had.
Idéfix- Posts : 8808
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Re: What India needs: supply side economics
by confuzzled dude Thu Jun 26, 2014 10:22 pm
"Commentators, including this one, sympathetic to the possibility that a Narendra Modi-led government will be better for the economy than the United Progressive Alliance (UPA), have at the same time been reluctant to endorse the tempting but tricky comparisons to Margaret Thatcher and Ronald Reagan. The contemporary Indian political economy is so much further to the left than that of Great Britain or the US, the argument goes, that it is highly unlikely that Modi will emerge as a bold economic reformer, rather than merely a good economic manager."
http://www.livemint.com/Opinion/l5U2kGQ2hw24QZxXSRCjUJ/Making-a-supply-side-revolution.html?utm_source=copy
"The Wall Street Journal, reacting to the speech in an unsigned leader, went so far as to argue: “Mr. Modi is suggesting that he wants to lead nothing less than a supply-side revolution.” I am in sympathy with this view for three major reasons, which I had first mooted on an NDTV panel debate on the evening of the speech, and which are fleshed out here."
Wall Street Journal's column:
http://online.wsj.com/articles/modi-turns-to-the-supply-side-1402419886
http://www.livemint.com/Opinion/l5U2kGQ2hw24QZxXSRCjUJ/Making-a-supply-side-revolution.html?utm_source=copy
"The Wall Street Journal, reacting to the speech in an unsigned leader, went so far as to argue: “Mr. Modi is suggesting that he wants to lead nothing less than a supply-side revolution.” I am in sympathy with this view for three major reasons, which I had first mooted on an NDTV panel debate on the evening of the speech, and which are fleshed out here."
Wall Street Journal's column:
http://online.wsj.com/articles/modi-turns-to-the-supply-side-1402419886
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Re: What India needs: supply side economics
by harharmahadev Fri Jun 27, 2014 9:57 am
Merlot Daruwala wrote:An excellent summary of what the Indian economy needs...
Excellent article! Thanks for sharing.
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Re: What India needs: supply side economics
by smArtha Fri Jun 27, 2014 10:59 am
Good article and summary of the supply side hurdles. One question I have is regarding agricultural productivity. Are we annually producing (on a per acre or hectare basis) significantly lower than other developed countries or even China? Or is it the inefficient chain that delivers from the farm to the table that needs fixing?
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Re: What India needs: supply side economics
by truthbetold Fri Jun 27, 2014 11:32 am
http://articles.economictimes.indiatimes.com/2012-04-02/news/31275500_1_tonne-record-wheat-and-rice-varieties
Yes. Indian rice yields are less than world average. rice and wheat yields are ar behind Chinese yields.
Yes. Indian rice yields are less than world average. rice and wheat yields are ar behind Chinese yields.
truthbetold- Posts : 6799
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Re: What India needs: supply side economics
by truthbetold Fri Jun 27, 2014 11:35 am
Agricultural India needs to be liberated from nehruvian land reforms. Such reforms will attract more investment and more mechanization.
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Re: What India needs: supply side economics
by smArtha Fri Jun 27, 2014 3:38 pm
truthbetold wrote:http://articles.economictimes.indiatimes.com/2012-04-02/news/31275500_1_tonne-record-wheat-and-rice-varieties
Yes. Indian rice yields are less than world average. rice and wheat yields are ar behind Chinese yields.
Reproducing a comment from that url. Hopefully these high yield varieties are not impacting health, nutrition and taste
"If you visit a superpower like the USA, you will see big box stores, that have rows and rows of bight colored, shiny "fruits" and "vegetables", harvested ages back, and kept "fresh" though cold storage. Bite into an glossy, waxed, deep red apple, it is so crisp, tastes like a mild soap, with a slight sweetness. India should do the same too. Get all farmers to grow crops that have medicinal value like ginger, mint, coriander, turmeric, and small millets with the maximum possible pesticide, and fungicide use, and with heavy fertilization. All farmers should be made to do this patriotic duty, and increase yields, so that we can compete with other superpowers with our high yielding, low nutrition, tasteless, shiny and crisp "fruits", "vegetables" and "grains". Let all our farmers do their solemn patriotic duty"
smArtha- Posts : 1229
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Re: What India needs: supply side economics
by truthbetold Fri Jun 27, 2014 4:05 pm
the problem with these type of comments is that it has no specifics. genetically something bad is happening in the west. it will happen in India also. we are ok as we are doing. do nothing.smArtha wrote:truthbetold wrote:http://articles.economictimes.indiatimes.com/2012-04-02/news/31275500_1_tonne-record-wheat-and-rice-varieties
Yes. Indian rice yields are less than world average. rice and wheat yields are ar behind Chinese yields.
Reproducing a comment from that url. Hopefully these high yield varieties are not impacting health, nutrition and taste
"If you visit a superpower like the USA, you will see big box stores, that have rows and rows of bight colored, shiny "fruits" and "vegetables", harvested ages back, and kept "fresh" though cold storage. Bite into an glossy, waxed, deep red apple, it is so crisp, tastes like a mild soap, with a slight sweetness. India should do the same too. Get all farmers to grow crops that have medicinal value like ginger, mint, coriander, turmeric, and small millets with the maximum possible pesticide, and fungicide use, and with heavy fertilization. All farmers should be made to do this patriotic duty, and increase yields, so that we can compete with other superpowers with our high yielding, low nutrition, tasteless, shiny and crisp "fruits", "vegetables" and "grains". Let all our farmers do their solemn patriotic duty"
look back 100 years. India farmer is using lot of new ideas compared to 1910. there are some ill effects but overall India made forward progress. Indians cannot frighten themselves into inaction. risk is part of progress. mindless aggression as in building more and more coal plants could be bad for environment. but calculated risk with reasonable safeguards are necessary to make progress. Indians can do that.
truthbetold- Posts : 6799
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