S.Gurumurthy has very interesting article in the BL on global financial crisis and its impact on real economy. The most interesting part is below para:
- "Milton Friedman suggested that governments must statutorily limit the rate of money expansion to the rate of growth of the real economy. That is, there must be direct correlation between money and growth. But now, post 1990, the financial economy has grown 10 times the real economy."
The essence of the above arguments was the pioneering work of Dr.B R Ambedkar in the early 1920s. But nobody had have interest to read and understand from his point of view.