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Topic : problems before india
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Indian Economy expects its citizen(economic agent) to be 1)Utility maximizing agent2)utility minimizing Beggar

Created by : Mathew Cherian, Research Associate/Analyst, Western Michigan University  | 08 09 2011 08:10:00 +0000
Keywords : indian economy expects its citizen(economic agent) to be 1)utility maximizing agent2)utility minimizing beggar
Activity:  40 views;  last activity : 08 09 2011 08:11:51 +0000
 
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Utility maximizing Agent Vs utility minimizing Beggar
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A well conceived Economy is one in which the 'social welfare function(swf) is visible where the citizen is considered a 'utility maximizing economic agent'. In India it seems the other way round, no welfare, no security, no 'contingent claim' insurance where a citizen can adjust his cashflows to maximize utility and live out of shame(bond markets and transparent consumer markets are missing), only private consumption and no public consumption(those who clamor for socialism also find cash flows and indulge in private consumption instead of public consumption from which their wages are fixed) and so on and so forth. So one tend to believe that our economy expects citizen to be 'utility minimizing Beggar'
By Mathew Cherian, Research Associate/Analyst, Western Michigan University  | 08 09 2011 08:10:00 +0000
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