Dr. BR Ambedkar: A Free Market Economist at Heart
“Ambedkar is my Father in Economics. He is true celebrated champion of the underprivileged. He deserves more than what he has achieved today. However he was highly controversial figure in his home country, though it was not the reality.
Top 5 Must-Reads on Free Markets
Free Market is a hypothetical market condition where manufacturers and service providers can export, import and offer services under no conditions and with zero taxes, subsidies and policies involved. Being a highly debatable topic; many economists along the years have opposed or stood by
Prof. B.R. Shenoy: India’s Free Market Visionary
The birth of a nation represents sheer potential. Potential in terms of an unwritten future, that could go in any direction. The blank pages of history wait to be filled… with overlying goals, structure and the freedom to decide how to achieve the goals. When India became independent, it was faced with three economic models.
In India, ‘Economic Equality’ Continues to be Just Arm-Chair Idealism
“Inequality in India has grown faster in the last 10-12 years than in any other time in our history since the colonial raj.”
– P. Sainath, Senior Journalist and Rural Affairs Editor, The Hindu
We have all heard a lot of talk about the need for “inclusive growth” in India, especially in the last few years – ever since the powers that have had to face the deafening “anti-corruption” music, what with a barrage of multi-million dollar scams being exposed every other day by the increasingly activist television media of the country. One could ask – wasn’t that exactly what we set out to achieve more than 60 years ago? Wasn’t that the whole point of fighting the colonialists tooth and nail for freedom? Doesn’t political independence entail socio-economic independence too? The fact is – economic equality has become a victim of malevolent, ill-conceived, unnecessary, and overzealous government intervention into the economic lives of the people of the union.
The Rationale of Free Markets
To have any meaningful understanding of a socio-economic system, one needs to first gain an insight into two things – one, what purpose it is meant to serve, and two, for whom it is supposed to serve that purpose.
India to Slide from Position of Second Fastest Growing Economy
The Asian Tiger seems to be getting into the crouching position again. It seems to be moving further and further away from the Dragon. While her neighbour China continues to rule the roost, India has moved down from its prestigious position as the world’s second fastest growing economy. According to the International Monetary Fund (IMF), India’s growth in 2012 will be reported at 4.5%. This is disappointing, since we were all out to cheer for the country surpassing its larger neighbour in terms of economic growth.
Governments and Contradictory Objectives
My previous blog – Why Governments Fail – addressed some questions. Governments do not fail because of inept politicians or a dearth of the number of laws being passed.
There is talk of improving the public sector by removing political interference and granting autonomy i.e. run government companies as private companies. This is a contradiction. If the public sector is to function as the private sector and provide a return on investment, then why have it at all?
Why Governments Fail?
When one is in office one has no idea how damnable things can feel to the ordinary rank and profile of the public – Sir Winston Churchill
Government isn’t the solution; government is the problem – Old slogan of the Libertarian Party of the USA
Feeling good about the government is like looking on the bright side of any catastrophe. When you quit looking on the bright side, the catastrophe is still there – P.J. O’Rourke
Why do governments perform poorly? Why do government actions have consequences which are the opposite of the intended objectives? Why are government forays into business abysmal failures? Why is the government record pathetic in controlling crime and terrorism? Why when the government administers justice, the horrendous delays negate the concept of justice? Why are government budgets perpetually in deficit and countries eternally in debt? Why are governments constantly looking for increased revenues and forever increasing taxes? Why are government actions hallmarks of ineptitude and inefficiency? Why is corruption endemic?….Why?
Online Gaming: Time to Give it its Due!
In the first part of this article, which you can read here, we discussed the hurdles that online gaming and its legal status have witnessed worldwide. While the size of the widely popular gambling form is difficult to measure, there are a few ways in which the necessary change can be brought about. In this section, we will talk about those factors that can usher in some positive developments in this regard.
Are the Ministries Gambling with Nepal’s Future?
Nepal’s Tourism Ministry, which had backed allowing Nepalese citizens to enter local casinos sometime back, has taken a summersault and back tracked completely. So much so that the ministry now seeks to put a ban on the entry of Nepalis into casinos, as stated in a draft released by the Ministry of Culture, Tourism and Civil Aviation (MoCTCA).
Rakesh Wadhwa. Ever since, I was a school boy, I knew India was on the wrong path. Socialism was just not what we needed to get ahead. Government controlled our travel; government controlled our ability to buy and sell; and government controlled our freedom to move our money. My life has focused on the inherent rights people have. When I was in college, I never understood, what the governments meant by their "socialistic attitude". If people are free to buy, sell and move their capital themselves without any restrictions by state, then the welfare of people is inevitable & hence the countries they live in will become wealthy. The government has no right whatsoever, to point a finger at me or my business. I am not a revolutionary. I just want to light up my cigarette and not get nagged about it. I believe in non-interfering attitude to attain more. 
The Bastiat Award is a journalism award, given annually by the International Policy Network, London. Bastiat Prize entries are judged on intellectual content, the persuasiveness of the language used and the type of publication in which they appear. Rakesh Wadhwa won the 3rd prize (a cash award of $1,000 and a candlestick), in 2006.
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