Saw a folksy opinion going around that we’re okay because the pandemic has caused both a supply and demand shock; and that we can live with a smaller GDP.
*You* might be okay with a smaller income; but a smaller income for hundreds of millions of people means poverty.
*You* might be okay with a smaller income; but a smaller income for hundreds of millions of people means poverty.
If you live in a rich country, good for you.
For us in India, reviving economic growth is as much a matter of survival as controlling the pandemic.
And no, UBI is not a miracle solution, because we need economic growth to be able to begin to afford it.
For us in India, reviving economic growth is as much a matter of survival as controlling the pandemic.
And no, UBI is not a miracle solution, because we need economic growth to be able to begin to afford it.
So before you join your rich country fellows and fashionably diss economic growth, free markets, capitalism remember that our per capita income was around $2000 and the US is at $64000. We don’t have the luxury of shooting ourselves in the foot.
India collects a mere $340/person/year in tax. The US collects $15000. So the US govt can do a lot of things that we simply cannot.
We needed economic growth before the pandemic, we need it now, and we will need it in the future.
For that we need an open world economy.
We needed economic growth before the pandemic, we need it now, and we will need it in the future.
For that we need an open world economy.
In fact, we need economic growth on moral grounds. See theprint.in/opinion/slow-e…
