Friday, December 4, 2009

The Art of living of Bauer's ideas

(Academic Foundation, New Delhi Rs 595 pp192 )

There is a fair enough review by Roudra Bhattacharya about a new edited book (Peter Bauer and the Economics of Prosperity by James A Dorn and Barun S Mitra) on the great development economist late Peter Bauer.

Roudra writes:

“This book is able to successfully encapsulate Bauer's elaborate works of over five decades. Among his various ideas, an area where Bauer has voiced his strong opinion is the freedom of labour migration. This, he believes, is a key factor for the development of the world's economically backward regions.

Bauer, who strongly opposed Government regulation in most areas of commerce, felt that the Government should remain a political institution and refrain from making economic decisions for the people. The Government's job, he believed, was limited to safeguarding the rights of its citizens and strengthening the system of justice for the upholding of contracts.

All decisions relating to the movement of people and trade are best left to the dynamics of the market. Particularly, the free migration of people across nations, he said, ensures a steady source of labour for all regions of the world, while keeping labour costs in check.”

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