Vivek Kaul on India’s growth scenario: “In this scenario, if income growth has to pick up, investment needs to go up in order to create jobs and spur economic activity. The trouble is that many businesses are not in a position to borrow. Even if they are, the capacity utilization in many sectors continues to be low, which means that producers have no need to expand unless consumer demand rises to justify it. Consumer demand is a function of income growth. Income growth, in turn, depends on investment. This has become like a chicken-and-egg story, which has proven difficult to break. Another view from Ninan: “A step jump in medium-term growth rates, of the kind projected, needs all four engines of the economy to be firing. But the govt seems to have bet on just two.”
Bernard Bailyn: “For the primary goal of the American Revolution, which transformed American life and introduced a new era in human history, was not the overthrow or even the alteration of the existing social order but the preservation of political liberty threatened by the apparent corruption of the constitution, and the establishment in principle of the existing conditions of liberty…What was essentially involved in the American Revolution was not the disruption of society, with all the fear, despair, and hatred that that entails, but the realization, the comprehension and fulfillment, of the inheritance of liberty and of what was taken to be America’s destiny in the context of world history.” [via CafeHayek]
David Perell on selfish writing: “Instead of writing for others, let yourself be the judge of quality and write the things you’d want to read.”
