Really Nominal !
Really Nominal! GangaPrasad Rao For some time now, the schizophrenic me has been debating the implications of nominal laissez-faire and real designs in the economic policy sphere (stoked by ‘Faith in an Unregulated Free Market? Don’t Fall for It’: New York Times). We learn at school the virtues of Schumpeterian innovation within a laissez faire economic paradigm - a paradigm in which entrepreneurs stake their technologies, goods, services and strategies against each other, and let the market-comprised of consumers, intermediate producers and investors- decide the winner. Seemed a very logical, and even a just resolution. Why rein the innovative zeal of entrepreneurs when creativity flows from unbridled competition engendered by the laissez faire under the Nominal paradigm? Remove barriers to entry, lower corporate taxes, permit free flow of capital, and what you have is a nominal utopia that serves the masses and elevates their immediate state of happiness. But has the reality of laiss...