Thinks 298

David Whyte: “We stick to the wrong thing quite often, not because it will come to fruition by further effort but because we cannot let go of the way we have decided to tell the story, and we become further enmeshed even by trying to make sense of what entraps us, when what is needed is a simple, clean breaking away.” [via Shane Parish]

Pete Boettke: “For the economists who informed [Henry] Hazlitt and who have worked in his tradition since then, markets are never perfect. They are always in a process of becoming, and that process is where we see the constant adaptation and adjustments that coordinate economic activities over time. Hayek called this complex coordination through the market a marvel.”

Business Standard: ” The share of regular salaried workers has been declining for some years, reflecting problems with the much-touted formalisation of the economy. The proportion of the non-agricultural workforce working in the informal sector rose to almost 70 per cent. There has also been a sharp rise of 2.6 percentage points in the proportion of people working in household enterprises who receive no compensation. Women are working more, apparently — but not necessarily out of choice, since most of the increase is as unpaid family workers in agriculture. These facts are worrying enough, but the most problematic data point is surely that there has been a more than three percentage point increase in the share of workers in agriculture — the first time that this has happened in the modern statistical era. By all accounts, therefore, the PLFS indicates that India — far from modernising and formalising its economy — seems to be moving backwards in terms of the employment available. This is a severe indictment indeed.”

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Rajesh Jain

An Entrepreneur based in Mumbai, India.