Executive inaction is the problem and reducing transaction costs is on no one’s agenda in Delhi. This is in contrast to it figuring prominently in economic advisory councils of earlier PMs. Economists may well be responsible. There are too many economists now involved in formulating policy. Frederic Bastiat wrote, “Everyone wants to live at the expense of the state. They forget that the state wants to live at the expense of everyone.” Economists are naturally inclined towards the first sentence, not the second.
The writer is a noted economist.
express@expressindia.com
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