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I = S - M

The modern way of thinking about economics has been I = M - S Where I is the I as in me, M is what is 'mine' and S is what ...

8/12/15

What do I imagine to be the perfect world? I can do no better than the words that my own teacher Kumarappa quotes from Anquetil du Perron in Public Finance and Our Poverty (1945):

"When I entered the country of the Marathas, I thought myself in the midst of simplicity and happiness of the golden age, where nature was as yet unchanged, and war and misery were unknown. The people were cheerful, vigorous and in high health, and unbounded hospitality was an universal virtue; every door was open and friends, neighbours and strangers were alike welcome to whatever they found."

This description is not a figment of du Perron's imagination. I know that for a fact for my wife and I visited this mythical-seeming land of the Marathas during my Fulbright in India. It is after all this time still the same. I must also inform you, dear reader, that this is my ancestral land.

That it is unchanged, untouched should not come as a surprise. After all Kumarappa, the father of Gandhian economics, called it the economy of permanence. 

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