3 Review(s)

While money and capital occupy a centre stage in our daily lives, we rarely pause to think about their real nature. Contrary to an intuitive and unstated belief of most people, money and capital are not resources but simply bidding tokens. This rethinking of their nature can free the collective energies of human race from several artificially imposed constraints that hold no water upon closer scrutiny. The analysis in this book leads to many counterintuitive conclusions. For example, the fiscal deficit is the counterpart of the demand for net savings by individuals and not an evil to be battled. Inflation is sometimes an indicator of more egalitarian distribution of incomes and not always a scourge that hurts the poor. There is a strong case for negative real interest rates on risk-free debt. The book employs these and several other such inferences into a broad program for reinvigorating our economic policy towards a better life for all.