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Re: Efficiency of the markets

1. I agree, but that is the nature of human affairs.

>The word LIMITED has no anaytical content.

2. The history of govts all over the world tells you that anything the govt
gets into, it does not manage well & it does not permit competition. This
not unique to India. And the more it diverts its mandate into micromanaging
the economy, the less credibility & effectiveness it has for doing its
"basic" functions.

it has not
>managed well and has not permitted competetion. At the same time it has
>done an adequate job of basic functions of any state, law and order,
>education, basic health care, public sanitation etc.

4. You might have noticed that even where free markets are "fashionable"
(e.g. US), Federal Govt. continues to be a growth industry & the share of
govt. micromanaging continues to increase. That alone should warn you about
the sliding slope governance is. History shows that bureucracies always
(in all countries, across cultures). I'd like you to help IP devise a plan
whereby this tendency of bureaucracies is controlled. This is not an easy
task & it has no "analytical" content, but if you can achieve this, you
make your mark on the world!

>India did err in not using the markets more in the past, but let there be
>erring in the opposite direction, the current fashion notwithstanding.

- manoj

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