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//Monday, October 25, 2010 11:26 PM
My fav excerpts of a speech by Perm Sec(Trade and Industry) Ravi Menon
"It is sometimes said that Western economies adopted the welfare state
to save capitalism from itself. There is some truth to this." 'As economist Amartya Sen puts it: "The invisible hand of the market has often relied on the visible hand of the government."' 'Paul Krugman says that much of the past 30 years of macroeconomics was "spectacularly useless at best, and positively harmful at worst"' "The choice is not between big government and small government. It is about creating effective government... The size of governments may well have to shrink... But the responsibilities of government may well have to expand." |
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