John Maynard Keynes, writing in 1936, said that “most, probably, of our decisions to do something positive... can only be taken as the result of animal spirits — a spontaneous urge to action rather than inaction, and not as the outcome of a weighted average of quantitative benefits multiplied by quantitative probabilities.” But do we really have a problem with animal spirits? Why? And what can be done about it?
We have a problem
Consider two August 15s, 28 years apart: 1991 and 2019. In 1991, the Indian economy was a shadow of what it is today.
We were, then.....