The Long Run is But a Series of Short-Runs (and Elections are Tomorrow!)
The Long Run is But a Series of Short-Runs (and Elections are Tomorrow!) Ganga Prasad Rao http://myprofile.cos.com/gangar The other day, I was pondering about the impact of the policy interventions of the government in cement, iron ore, and milk on my portfolio of stocks. I concluded they were decidedly unnecessary, meant to contain inflation or worse, change the balance of competition in the industry between domestic and international producers. That got me thinking about the incentives facing the ruling party. The ruling political party sets the long-term course of nation and affects the destiny of millions with policies crafted with a decidedly short-term, even self-serving perspective. Elected on forgotten promises, put together as a hodge-podge coalition, cabinets re-shuffled thrice since elections, and 'fighting fire' from one no-confidence vote to another even as they plan their finances and strategy for the 'surprise' election, these parties are ill-suited to gi...