The number of Indian families earning about $4500 to $22000 (Rs2,00000, Rs10,00000), which constitutes the middle class as per the World Bank’s definition of middle class in 1995-96 was 4.5 million per anum, the number of such households grew to 0.7 million in 2001-02. Now India has 28.4 million such families by 2009-10. One can say that the Indian families are growing rich, from poor or depraved families; they are traversing towards the middle income group range. Irrespective of the higher inflation rates, one can justifiably state that the number of high-income households in India has exceeded the number of low-income households and similar is the assertion of National Council of Applied Economic Research (NCAER).
Defining recession is not an easy issue specially when there is no widely approved definition for recession. Newspapers and popular business tabloids suggest that recession is a period of general economic decline that causes and results in decline in the Gross Domestic Product of a country for two or more consecutive economic quarters of a financial year. The conventional associated indicators, causes or results of recession are considered to be a decline in stock market figues, dropping realty sector prices, and a steep rise in unemployment rate. Yet, the definition does not emphasize on any such consequences and hence it cannot be termed as a universal definition of recession. Furthermore, with this definition of recession that depends on two quarters of financial year, it is very difficult to mention the exact point of time of the beginning of recession and it is impossible to suggest what was the actual cause of recession. That is, recession remains a mystery.
This is a theory I have been pushing forward for some time now but I rarely get support on it from libertarians despite of the fact that it is really promising and has huge positive consequences in a consistent libertarian theory.
Let me just straightaway come to the point. In a society of pure liberty, if an individual hires an assassin to kill someone, is this individual guilty of murder?
Yes we all know that the assassin is definitely guilty of murder, but the way we have grown up in the statist mindset it just sounds unjust to not punish the guy who is hiring people to murder others. Allow me to make my case on why its not consistent with the principles of individualism and liberty to hold the contractee guilty of murder.
What would it mean to live in a completely free society? In dealing with personal sovereignty, which takes precedence: freedom of association or property rights? At first glance, we know that these two are tied together into one idea through self-ownership but when looked at more deeply, they can conflict.
There are Two Constructions of Libertarianism as set up by Chandran Kukathas in Libertarian Papers Vol 1, 11 (2009). One of these is a world in which there is complete freedom of association—the right to give up your libertarian right for the moment to whatever is yours in order to live in a statist or communal society, which can end up a world where we have many property rights violations, like those born into such communities who are not shown the way. The other is authoritarian propertarianism–self-ownership protected against those who would take it from you; meaning immoral agents barricading the knowledge of your libertarian rights from you.
Consumerism is the principle of Free Market, which states, “free choice of consumer should rule the market, or, the consumer decides the economic structure of the society“. Producers and providers bring their products to the market and make it certain that consumers, the public, may gain enough knowledge about their product so that, if the consumer decides that the particular product is good, they may buy it.
To spread the knowledge of their product, producers advertise and apply proper marketing strategies. The consumer remains free either to accept the product and buy it, or to reject it at certain price.
Now days, producers are delivering good attractive services, better comfortable products and advanced technologies in the market. Some people claim that all this advancement is redundant and nobody needs it.
Reserve Bank of India does not produce wealth, but yes, it does produce currency by printing out notes out of thin air to meet the fiscal deficit requirements. When the RBI print out currency to fulfil the requirements of government, the currency reaches the market and that causes inflation and acute price rise.
The current acute price rise in India (especially in food sector) is evidently the result of the government stimulus it provided on behalf of borrowing from RBI that in turn simply print and dolled out currency in the market to increase the liquidity. Now those “stimulus” for the market is causing problems for the common man. That is, although government borrows money from RBI, which in turn, prints out money at the demand of politicians and government, the actual borrower who suffers the burden of debt is only the common man of India who has to face the yawning mouth of inflation every second day.
Often people suggest that free-education is a moral, well-intentioned noble idea that somehow fails to work. Free education obviously is impractical but the issue of free education is really a noble moral idea? Can education be designated as a fundamental…