Milton Freedman's advice

Via Tyler Cowen: one of the great "what-if's" is ... what if Nehru in 1955 had listened to the advice of Milton Freedman than to the advice of liberal economists?

Freedman suggested that the Indian government should stop trying to control the economy and instead invest in education and the creation of a free market.  Of course, Friedman was right (as was one lone dissenter on the Indian government's panel of 22 economists), but their advice was ignored.  Conventional advice gave us a "Hindu rate of growth" for the next 40 years.

No comments:

Post a Comment