The economists of Povertarianism:
Several dozen economists have been awarded Nobel prize for the their ‘contribution’ to the study of economics, in past many decades. A large number of these are from India and of these even greater number of such economists belong to State of West Bengal. Many of these economists’ first wife and children from first marriage are living in Kolkatta.
Time-travel into past:
For those who have not been to West Bengal, let me clarify, it is the poorest State of India in terms of infrastructure, per capita income, human development index and every other possible measure. So much so, if one wishes to time travel into past, one can travel to west Bengal and experience what India was about three decades earlier. Old cars, old houses, old technologies, primitive gatherings all witness to a bygone era. The Courts compounds are still bursting with typewriters. Street vendors employ same age old equipment to process and sell goods. This is in the metropolitan of Kolkatta. Try visiting nearby small town and have the real fun.
Back to future:
Ordinarily, a journey to the past must bring good experience but here it appears cause some numbing experience to the mind. All these economist, come up with fantastic theories of ‘distribution of wealth’ and assume that this will eradicate poverty. All these economist have churned out theories after theories in past several decades but nothing have worked anywhere because the empirical evidence they produce has no taker except their ‘fourth European wife’ and the prize committee of Nobel Prize. IMF and World bank like institutions often hire them as consultants to convince countries to pour borrowed milk over sand to alleviate poverty.
Creation of wealth:
It never struck to these Nobel economists that the poverty can not be eradicated till wealth is generated and a surplus is created in the hand of poor to meet financial fluctuations in life which act as a gravitational force towards poverty. This pandemic was one such great pull toward poverty. Universal basic income is one such brain child of Nobel economists These economist have been at the forefront at distribution of money to poor in USA, claiming that it will arrest fall of people into poverty. I am no Nobel economist to trust such assertion and time will tell. But such cash moves are popular.
So what is the contribution of these economists?
These economists act like blinders. The kind that is places on the eyes of galloping horse. These economist ensure that sufficient poverty is maintained in the society so that certain political outfits do not go out of business of governance. They also ensure that economy is always kept in deficit financing mode and therefore economy of potentially rich country like India is kept in cudgels of poverty alleviation and subsidies continue to dole out to people and state remain entangled in managing micro-economics and the politics surrounding it.
That is the Super-Nationalist cause, these Nobel economist serve. It is a different matter that the intellectual lies created with such economic theories have caught up with the west as well including USA and we shall see the results within a decade or so.