As per Nobel Laureate Joseph E Stiglitz, “a rising tide lifts all boats.” But, “sometimes, a quickly rising tide, especially when accompanied by a storm, dashes weaker boats against the shore, smashing them to smithereens.” Historically-backed evidence shows that trickle-down economics has failed to deliver its claim of uplifting the poor.
Instead, as economies have seen accelerated growth rates, the bottom percentile has experienced a decline in its real incomes commensurate with rising inequalities.
This has led to the need for governments to rethink the way a modern welfare state functions, while keeping in mind fiscal constraints.For a country like India, […]
Full Post at www.dnaindia.com