MAWBPLA! GET THE ECONOMICS RIGHT!
The ongoing unemployment situation demands a new look at the way the world’s economy is being managed.
TO MAKE THE WORLD A BETTER PLACE!
Dear friends, ordinary folks East and West,
Academics and professionals usually get into a rut of ideas. Over a period of time it retards their ability to think originally. They merely continue further along the rut even when circumstances call for a radical change of thinking.
Larry Summers, One-time US Treasury Secretary and noted Harvard economist, asserts that it is dangerous for Western economies to depend on the progress of India and China to sort out the West’s own economic problems. He is right. But when he seeks to assert that all economies are bound to crash at some point and that India and China will not be able to maintain their high growth rate for long, I think he is fundamentally wrong.
In case of both the developing and the developed countries, he is basing his arguments on financial statistics past and…
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