The world economic crisis continues. Economic
growth happens but jobs are not created. Explanations by economists of economic
crisis and jobless growth is lost in jargons and complex mathematics.
That economists can solve economic problems is a myth. That economists compound
economic problems is a truth. Why do economists compound economic problems? The
answer lies in their prescriptions. Increase government spending to boost
economy and or increase government control to manipulate money supply, interest
rates, and purchasing power of money. Most economists prescribing these
measures to improve economy forget that government debt and taxes keeps on
raising and money supply increases with no relation to the real economy. So,
their prescription only compounds a country's economic problem and results in jobless economic growth.
In India since Narendra Modi came to power in 2014, he has been subject to
extraordinary scrutiny and criticism. He has been criticized, without realizing
that jobs can’t be created, for not creating enough jobs. But the truth is aspiring
Indian never found enough jobs since 1947. An example will illustrate this
truth. India created IITs but never created opportunities or jobs to use IIT
graduates. This is the reason why so many IITians are not working in India. Any
economy has to create opportunity for jobs.
Modi faces umpteen critics including Raghuram Rajan,
former RBI governor, who are themselves clueless that jobs can’t be created or Government
along with central banks like RBI can’t control the economy. India doesn't need
Raghuram Rajan's or any economists' ambiguous prescriptions. India needs
actionable ideas for jobs. India as a country lost a golden opportunity to
create a foundation for an economy that will satisfy the ambitions of aspiring
Indians for jobs in the period 1947-1977 when it was ruled by Congress with
negligible opposition. No political party in any country in the world got the
opportunity that the Congress got in India. But the opportunity was squandered.
All of MODI’s critics including economists overlook this crucial point.
What is true for India is true for every country
in the world. Each country's economy needs economists or policy experts as
critics but on one condition. They should substantiate the criticism and offer
actionable ideas which have not been tried before. Critics be they economists
or policy experts should realise that finding solutions inside the source of
the problem is no solution at all for economic problems.
