On my last blog, one of the comments was that my views are regressive. Could be. It is the view that you are looking. If others are looking from some other angle, they may not agree.
We look at any economic/financial problem immediatrely with an economist's eye -- how to boost industry to raise the employement opportunity leading to better earning capacity. Is this the crux of the problem? Why are we through this recession? Simply because one Lehmann or some other bank succumbed to bad debt it had released? Is world economy so fragile that a bank and an insurance company can rock it?
My point is, the real issue is food grain. We are not producing enough food for the people we have on earth. Go threogh an FAO report, quoted in the Times of India, New Delhi of December 13, 2008. Mind boggling 15% of Indian population is hungry, indicated by its malnutritional conditions. A report in the same newspaper (sometime around June 2008) told that a pregnant woman in Nigeria ate mud cakes for survival of the foetus. Is this the index of growth? What growth.
Governments are pumping liquidity in the market by boosting automobile and housing sector. More money, with less of food will lead to sectoral inflation. You may buy a cheap car but not foodgrains. Are governments, or even the economists for that matter, really concerned about the common man, or are they worried only about the industrial health?
They is no incentive for agriculture produce. Even agriculture can generate employment. Unfortunately, we have pltoed in agricultural production. The economists are eating into whatever agricultural land is left in the name of rampant, blindfolded industrialisation.
The reasons of recession are elsewhere to find, probably in our cultivable lands and fields. It is not the lack of money but the lack of food that has caused it. Our economists need to come down to the common man and his most basic needs the दाल चावल.
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