The great Indian sinkhole

In an essay published in January, economist Alex Tabarrok pointed out that nearly two-thirds of the $2.2 trillion US federal budget is spent on what he described as welfare and warfare programmes. Very little money is budgeted to support innovation that is needed to restore economic vitality of that country. India suffers from a variant of this problem. The country needs to invest in new roads, power plants, schools, hospitals, irrigation networks, water supply systems...

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