Choosing the right development paradigm for India

Do ideas matter in shaping economic policy? Or are intellectual debates between thinkers meant merely for the amusement of participants in Mumbai and Delhi drawing room conversations? As it happens, two of the greatest economic thinkers of the last century—Friedrich von Hayek and John Maynard Keynes—believed profoundly in the power of ideas, and each of them continues to shape the way we frame debates today as we argue for balance between the market and the state in governing our lives.

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