Thinks 630

Tyler Cowen (2018): “At critical moments in time, you can raise the aspirations of other people significantly, especially when they are relatively young, simply by suggesting they do something better or more ambitious than what they might have in mind.  It costs you relatively little to do this, but the benefit to them, and to the broader world, may be enormous. This is in fact one of the most valuable things you can do with your time and with your life.”

Yamini Aiyar: “India’s structural transformation, particularly since 1991, has been slow and unique. Despite abundant low-skilled labour, our growth trajectory has mostly skipped manufacturing, growing instead on the back of a far smaller, high-skilled services sector. Consequently, as economist Amit Basole has shown in an important new paper, the bulk of jobs our economy generated even in its peak growth years were in the largely informal, low value add construction sector. The distributional consequences of this have been significant. Under-employment and low inter-generational mobility have been persistent features of the Indian economy resulting in deep inequalities. Most of India continues to live in extremely precarious economic conditions with limited opportunity. Growth lifted a large population out of poverty. However, as the World Bank data show, most of those (40 per cent of the population) who escaped poverty between 2005-2012 moved into what they call the vulnerable group — one income shock away from falling below the poverty line.”

Read: Wild Problems, by Russ Roberts.

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Rajesh Jain

An Entrepreneur based in Mumbai, India.

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