The paradox of thrift—why austerity overdone could hurt India’s economy
· livemint.com
As Indians are urged to spend less and save more, is the economy at risk of a problem identified by Keynes almost a century ago? That depends on whether austerity behaves like inflation sometimes does.
What Indians have been urged to buy less of is stuff that’s either hit by scarcity or using up too many dollars at a time of dollar deficiency. That’s reaso...