Monday, July 2, 2012

PM & FM folly

Furious Shankkar Aiyar remarks: 
  • "It is fortuitous that the Prime Minister has introduced the concept of animal spirits and Keynes into the discourse. The illusionists need to appreciate that the economy cannot grow in a political vacuum. Keynes did believe that “a large proportion of our positive activities depend on spontaneous optimism rather than on a mathematical expectation, whether moral, hedonistic or economic” and that “the decision to do something positive can only be taken as a result of animal spirits”. But he also said that “economic prosperity is excessively dependent on a political and social atmosphere which is congenial to the average businessman”.
  • "IG Patel, the well-known economist and former governor of the RBI, once described Manmohan Singh as "under-rated as a politician and over-rated as an economist". Given the dire state of the economy, we must hope the PM proves Patel wrong and lives up to his rating as a first-class economist." more is here.

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