“Poor must try their best to inherit massive wealth or co-found Flipkart”
Chennai, Aug 9: A new study on the economic development of the nation in the 70 years since its independence has put down the growing problem of (economic) inequality on the “inability of country’s poor to get rich adequately”.
The in-depth study, undertaken by the well known think tank on economics (well known to its 5 members), TTE (Think Tank on Economics), has said: “All things considered, we have to but come to the conclusion that the 350 million people living below the poverty line (BPL) in the country are the cause for the massive inequality in the society”.
Releasing the findings of the study, the TTTE’s president Pathamada Pai added: “if the 350 million people living BPL did the right thing and became if not multi-millionaires, at least reasonable millionaires, we think the alarming chasm between the rich and poor can be bridged”.
“The rich are getting richer. The poor are getting poorer. If the rich own up to their riches, we think it is only reasonable for the poor to own up to their poors. They can’t run away from this under the specious reasoning that there is no word called poors”.
“If you take a weighing scale and put the poor on one side and the rich on another, you will see the poor to make a weighty mass. Quite simply, the number of poor is more. And it is only logical that as the majority, the poor should take the lead here and take the necessary corrective measures”.
The path-breaking study was conducted on the occasion of the nation’s 70th Independence Day and covered 25 major cities over the entirety of 2 hours through a specially created WhatsApp group.
Pathamada Pai, who is also an expert in international affairs, said “if it is any solace for India, globally too, it is the same the phenomenon. The poor are the driving force behind global poverty.”
Pathamada Pai and his team said that it was a fact that inequality has become more pronounced over the last decade or so as more people failed to rig their business accounts or inherit family wealth or co-found Flipkart or become politicos.
Pathamada Pai said the situation is not hopeless as it may seem now. “To solve any problem, we have to to first attend the maths class. No, actually, to solve any problem we have to first identify what the problem is. Here, quite evidently, the problem is the poor”.
“If they understood that they are the problem and did the right thing of becoming rich at the earliest the crisis can be managed”.
Solutions in economics are always simple. The things that are truly complicated is the way the economists sound them, Pathamada Pai said and added “what we have on our hands is what Adam Smith economists and Keynesian theorists typically refer to as a problem”.
The only way out of the mess is for the non-rich of the nation to accept the writing on the wall that there is a growing inequality and they are responsible for it. “This is the hardest part. The easier part is for them to become rich overnight”.
When pointed out that he was repeating what he said two paragraphs ago and in general seemed to be saying the same thing over and over again, Pathamada Pai reminded everyone that he was an economist.
The poor should ponder why the government and politicos in general tend to side with the rich. “It is not fair to say that the governments are against the poor. If the poor become rich, the governments will obviously not go against them. So the onus is on the poor to change themselves”.
“There is no point in crying that Amabnis and Adanis are subverting the system. Despite all criticism, the system is truly agnostic. We mean it is ‘subvertible’ by any one. You need not be an Ambani or Adani. You just need their riches”.
The rich add to the economy, whereas the poor shrink it. “Little surprise, governments world over are at the service of the former”.
Pai’s think tank has undertook many path-breaking studies on economics before too. Last November, it went into the impact of demonetisation on Indian economy and came out with the finding that demonetisation had only little impact on Indian economy because there was only little economy left.
The TTE also studied whether, in the aftermath of GST, the cost of living has come down or shot up. “The inflation, if it taken as a pointer to cost of living, has obviously come down owing to it being — this is a master stroke — printed in smaller points font”.