Modi, Williamson and Alesina

On May 21 and 23, two great economists died. The first was Oliver Williamson at the age of 88. The second was Alberto Alesina at a mere 63.   Both offered insights that India must follow over the next two decades. If it doesn’t, it can resign itself to its current low-grade economic status.   The economy has struggled from the very start because of two early blunders. The first was the Congress party’s decision in 1955 to make the government the leading player in manufacturing. This was followed by its decision in 1970 to undertake massive welfare expenditure, thus sh.....

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