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Minimum wage macroeconomics

When relative prices do not serve the national good, then there is a case for government intervention, especially when distorted relative prices are a driver of macroeconomic slowdown

Rathin Roy  |  New Delhi 

Rathin Roy

The government has taken several policy initiatives to address the current economic slowdown. These important and necessary measures to ameliorate the slowdown have addressed (1) sentiment, (2) the credit pipeline, (3) policy misinterpretations, and (4) sector specific issues.

However, if, as I have been arguing, the roots of the slowdown lie in deficient structural demand, then other measures are needed. The structural demand problem has its roots in the historic pattern of growth since 1991, which is powered by the goods consumed by the top 150 million, reflected in the fact that ...

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First Published: Fri, November 08 2019. 00:03 IST
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