Amartya Lahiri on Fostering Economic Growth
Ideas of India
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Is There Any Kind of Cushion in the Economy When Things Go Wrong?
Yeno: India's economy is in a vicious cycle of high spending and low investment. He says the savers are essentially subsidizing the government, so they don't have much incentive to save when times are good. Yeno argues that fiscal policy has been rendered ineffective by huge overspent budgets. The only hope now is some sort of income support for the urban lower middle classes, which he says will be hit hard by price spikes.
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