Limitations of Government
A dam Smith in his book ‘Wealth of Nations (1776)’ argued that “Government being an elephant can’t fly at all”. He did not argue that government does a poor job in running the economy. He argued that Government, by its very nature, cannot run the economy, not even poorly. This is relevant about what PM Dr. Manmohan singh told in his first formal media interaction since a series of scandals rocked his government late last year. At least three times during his hour long interaction, the PM lamented on “Compromises” which are unavoidable in running a coalition. He also admitted there were many things that didn’t go with his outlook. “The things are not entirely the way I’d like them to be" , Singh said at one point. We now understand why there are some things government by its very essence, cannot do. And even for the thing government can do, conditions must be right. First limitation of the UPA government is that it is not corporate house. Because on his performance PM said that...
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