Modi, Sitharaman, Keynes and Fisher

The new finance minister can look at the sky and wait - or do something completely new to put the wind back into the sails of the economy. The question is what

Towards the end of the second decade of the 20th century, two events occurred, leading to the creation of modern macroeconomics. One was the Communist revolution in Russia in 1917; the other was the end of the Great European War in 1918. The overall consequence of these two events was a huge depletion of European capital by 1920, which till then had financed global economic growth.

All European governments were virtually bankrupt in 1920. America, however, prospered because European capital had found its way to New York. The Americans, however, didn’t know how to deal with so much money. So