Sir — This refers to the article, “Failure has seeped deep into economy” (August 24) by Hiranmay Karlekar.
The writer’s analysis offers a comprehensive and holistic view of things as they stand today. However, one fails to understand how our great economists, one of whom is a Nobel laureate, argue the matter of ‘growth versus welfare’ without addressing the issue of the country’s poor delivery system; the unholy private/public ‘partnership’ that exists between the Government machinery, corrupt officials at the State and local level and the over-active middlemen. Indeed, the more the godowns fill up, the richer and prosperous the ‘rats’ will be!
However, the ‘Galbraith analogy’ may be slightly off the mark. Isn’t it a fact that the rich in the US have historically invested in science, technology and educationIJ They have a culture of method and efficiency where they get a return on investment that they expect. They don’t hoard the way the rich in India do. Their wealth circulates and creates new avenues for the masses and does not remain locked.