If India eliminated all its distortions it would generate over 200m new jobs, and reduce absolute poverty to zero. It would also be the fifth largest economy in the world, and in GDP per capita terms, it would rise from being ranked 169th to being ranked 67th. Modi's government must push structural reform even in the teeth of great resistance. The stakes for the Indian economy, the Indian people and the relief of poverty could not be higher.
Milton Friedman was right in thinking that while many people want the government to protect the consumer, a much more urgent problem is to protect the consumer from the government. As the digital economy expands, top-down government regulation is being made unnecessary by forms of private governance. These turn out to be as effective as actual laws, but significantly less lengthy, expensive, and invasive.
Here are the basics: there was a financial crisis in Greece, which due to the fact that it initially threatened the Eurozone stability, was handled by the Troika – a coalition of the IMF and the EU. So how has the Troika been performing? 3 adjustment programmes, 12 reviews, 220bn Euros and 7 years down the road, the results are abysmal: 179% debt, 0% growth, 25.1% unemployment and no improvement in sight for Greece.
Scientists have devised a system that produces liquid fuel from sunlight, pure carbon dioxide, and water. And they have done it at an efficiency of 10%. In other words, one-tenth of the energy in sunlight is captured and turned into fuel. That is much higher than natural photosynthesis, which converts just 1% of solar energy into the carbohydrates used by plants. This could be a milestone in the shift away from fossil fuels.
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