Political economics

This refers to TCA Srinivasa-Raghavan’s brilliant analysis “The economics of bottomless pits” (Marginal Utility, December 3). The concept of ‘mixed economy’ was a joke during the Nehru days. I still remember E X Joseph who worked in Bombay AG’s Office during those days (1963), comparing mixed economy to adulteration of chicken meat with meat from dead horses during war days in Britain. The proportion was 1:1, one horse for one chicken! He said in mixed economy capitalism and socialism was having that kind of ‘mixing’. The role of public sector in India continues to be viewed with derisive criticism.

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