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India: Asia's Next Tiger?

via Analysis
Sunday, February 1, 1998

India, a rare democracy in the third world, is widely perceived to be a political success, despite its economic failures. India's poor choice of economic policies, however, has a political motivation. Getting elected has required targeting tangible spoils to an increasingly well-organized, but fractured, electorate. Political patronage was the stimulus for interventionist economic management, eventually producing massive fiscal deficits. When the danger of defaulting on foreign debt became a reality in 1991, the country's leadership began to reevaluate the flawed economic policies without considering the flawed system of governance that accompanied and sustained the policy matrix. Patronage politics spawned corruption; money, muscle, or influence propelled public services and government, making the system of public administration as incompatible with liberalism as the system of economic regulation. Political and administrative imperatives impelled the country to economic policies that failed. Economic reform will not be complete until the underlying administrative imperatives are transformed by accountable governance.

We're All Fat Cats Now

by Thomas Sowellvia Hoover Digest
Friday, January 30, 1998

You may not have made the Forbes 400, but there's still a good chance the government thinks you're rich. By Hoover fellow Thomas Sowell.


Why Fragile Economies and Floating Currencies Just Don't Mix

by Gary S. Beckervia Hoover Digest
Friday, January 30, 1998

The currency crisis in Thailand showed how irresponsible government policy could thwart an economic boom. Hoover fellow and Nobel Prize winner Gary S. Becker argues that developing nations can avoid such economic shocks by abandoning free-floating exchange rates.

A Novel Suggestion

by Martin Andersonvia Hoover Digest
Friday, January 30, 1998

Sometime early in the next century the federal government is likely to begin taking in more money than it spends, going into surplus for the first time in decades. What to do with the billions of dollars that will begin piling up? Hoover fellow Martin Anderson has a suggestion.

The Rich—and Poor—Are Getting Richer

by David R. Hendersonvia Hoover Digest
Friday, January 30, 1998

The gap between rich and poor is neither as large nor as ominous as many would have us believe. By Hoover fellow David R. Henderson.

What Should Be Done

by William Ratliffvia Hoover Digest
Friday, January 30, 1998

Throughout Latin America, free market reforms are in peril. Hoover fellow William Ratliff explains how reformers can nevertheless prevail--and why they must.

The Rising Cost of Getting Well

by Henry I. Millervia Hoover Digest
Friday, January 30, 1998

Regulation by the Food and Drug Administration is pushing up the price of medicine and delaying the introduction of new drugs. Think the era of big government is over? Look in your medicine cabinet. By Hoover fellow Henry I. Miller, M.D.

Thomas Macurdy

Is Welfare to Work Working?

by Thomas E. MaCurdy, Peter M. Robinsonvia Hoover Digest
Friday, January 30, 1998

Two years after Congress passed welfare reform, are we any nearer to seeing the end of welfare as we knew it? Hoover fellow Thomas MaCurdy recently gave Hoover fellow Peter Robinson an early assessment.

Left But Right

by David R. Hendersonvia Hoover Digest
Friday, January 30, 1998

In 1996 the Nobel Prize in economics went to two men of the political left. Hoover fellow David R. Henderson, a man of the political right, applauded. Why? The winners put economics above their politics, producing one important insight after another-including insights into the importance of flatter taxes.

Illustration by Karen Stolper

The Productivity Revolution

by David R. Hendersonvia Hoover Digest
Friday, January 30, 1998

Computers have made the entire economy vastly more productive--a fact that government accounting happens to have missed. By Hoover fellow David R. Henderson.


Economic Policy Working Group

The Working Group on Economic Policy brings together experts on economic and financial policy to study key developments in the U.S. and global economies, examine their interactions, and develop specific policy proposals.

Milton and Rose Friedman: An Uncommon Couple