By I. G. Patel (auth.)
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Additional info for Essays in Economic Policy and Economic Growth
Sample text
What we are left with is the rather vague concept of assuring, as rapidly as possible, a certain basic minimum to all members of the society. This is a good enough beginning for retaining within economics its essentially humanitarian roots. But can we decide how soon the basic minumum can or should be provided to all without defining a conscious policy for distribution of income? The arithmetic of the case is startling enough. If the basic minimum represents an annual per capita income of 900 rupees, and the present per capita income for the country is 300 rupees with a section of the people having aper capita annual income of no more than 100 rupees, we have to increase national product nine-fold if everyone is to be assured a basic minimum without changing the distribution ofincome.
Unless we are thinking of a chronic shortage of such commodities, the argument is presumably based on the assumption that prices of such goods go up in times of scarcity disproportionately but do not come down in the same proportion when circumstances are reversed. I do not think we can dismiss either of the two possibilities. The very fact that even the most affiuent country in the world finds it necessary periodically to coax, cajole and coerce its producers of steel to maintain prices should prevent us from being purists in this regard.
If our judgements lack precision or finality, they are useful nevertheless because someone or the other is always seeking to assert his will or interest on the body economic. Nothing is ever left alone in a matter which concerns human beings so intimately; and what may be repetitive in one sense needs to be repeated for the benefit of newer and newer audiences. Even the business of acquiring a broad-based training in related social fields can be exciting as also the need to develop familiarity with the technical aspects of different branches of the economy.