I always feel puzzled by what economists say. Many advocate capitalism and some, however, opine socialism is the best. If capitalism is best, why do we have recessions, stock market meltdowns, and bailouts to big businesses at the cost of the poor?
If socialism is the best, why did it collapse in the former Soviet Union in the first place, and why Bolivars are being thrown away in Venezuela?
They say that the Indian economy is on a downward spiral and people are not spending even on Parle-G biscuits. But how come the real estate prices are going up? Is it because the ill-gotten money is being parked in the sector?
The government is facing a lot of criticism for its so-called mismanagement of the economy. But is it not true that in a capitalist system economic cycles are natural phenomena?
They say spending fuels economic growth. Therefore, people should visit malls and spend. Are spending and consumption should go on forever at an increased pace to sustain economic growth? Is it practicable and sustainable?
On the one hand, economists advocate more consumption. On the other hand, environmentalists say excessive consumerism leads to climate change. Who is true? Economists or environmentalists?
We have so many economists and politicians, who say that the economy is not doing well. But we scarcely have people who come up with concrete ideas to make growth rate rebound. Why is it so?
Most of the economists, when asked to suggest measures to revive the economy, advise the introduction of sops for big businesses such as tax cuts and bailouts, which ensure the welfare of the well-to-do. Is making rich further enriched the only way to revive growth?
Are the big businesses and wealthy investors the only custodians of the economy, who deserve all the favorable treatment from governments? Don’t the poor and the middle class have any role in reviving the economy except earning and spending?
Many capitalists, who claim themselves to be true capitalists, feel capitalism is being sabotaged. In the same way, many socialists, who claim themselves to be true socialists, feel socialism was sabotaged which led to its collapse. Are they true?
Finally, in this modern-day society, where ensuring economic growth is considered paramount, are people losing their identity as humans, and are they allowing themselves to be treated as mere consumers, who engage themselves in blind and never-ending pursuit of material things?