The backseat drivers

The post-1945 consensus, as a result of Keynesian theory, is that a major slump in aggregate demand can be countered by a steep increase in government demand

I love our policy-wonking macroeconomists. They confirm my belief that I am not the only loser in the world. 

Take the Great Indian Slowdown of 2019. All of them are accusing the government of not doing enough to reverse it. But none can agree on what is to be done, how, and how much. 

Offering policy advice is risk-free, which is perhaps why, as Srivatsa Krishna, an IAS officer, has argued, it leads to a ‘tyranny of experts’.

  

In 1991 Manmohan Singh was lucky. The IMF told him exactly what to do and how. He had to listen because the IMF was lending