Quote: Robert Lucas asks an Important Question about India

Robert Lucas Jr, Nobel laureate pondered India’s lack of economic prosperity and asked, “Is there some action a government of India could take that would lead the Indian economy to grow . . . ? If so, what exactly? If not, what is it about the “nature of India” that makes it so? The consequences for human welfare involved in questions like these are simply staggering: once one starts to think about them, it is hard to think about anything else.”

Source: On the Mechanics of Economic Development. Journal of Monetary Economics. July 1988. Read more at the Library of Economics and Liberty.

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