There is something inhuman about libertarian economics.Today, I was told MGNREGA scheme increased inflation. There could be many drawbacks of MGNREGA scheme. But the way fans of libertarian economics view it, is completely distasteful. However, I'm not sure whether they really understand what libertarian economists like Milton Friedman wanted to convey.
I checked what Milton Friedman had to say on this. In this video (posted below), he mentions minimum pay rise for workers. He, in fact, maintains the minimum pay rise is justified as it is basically driven by inflation and not the cause of it. Now, let's compare those union workers with unorganized labourers who benefit from MGNREGA scheme.
It's obvious that the latter's economic situation is far worse than those of union workers. Let's say the price of commodities have increased in commensurate with their income. In the worst case, their economic condition is as good as it was before. But what about social conditions?
The barbaric landlords can't exploit them by paying very low wages to work in their fields. The barbaric real estate developers can't get the work done by giving only food. The barbaric families can't keep them as slave domestic help.
In India these social conditions matter. I would think MGNREGA is a much needed idea in a poor and feudal society like ours. What we need is efficient implementation. Even with its present 15% efficiency, we are curbing exploitation by that much amount. But the fans of libertarian economics have lost all their humanity and can't see social conditions. Did people like Milton Friedman ever think their fans would be bunch of barbarians?
I checked what Milton Friedman had to say on this. In this video (posted below), he mentions minimum pay rise for workers. He, in fact, maintains the minimum pay rise is justified as it is basically driven by inflation and not the cause of it. Now, let's compare those union workers with unorganized labourers who benefit from MGNREGA scheme.
It's obvious that the latter's economic situation is far worse than those of union workers. Let's say the price of commodities have increased in commensurate with their income. In the worst case, their economic condition is as good as it was before. But what about social conditions?
The barbaric landlords can't exploit them by paying very low wages to work in their fields. The barbaric real estate developers can't get the work done by giving only food. The barbaric families can't keep them as slave domestic help.
In India these social conditions matter. I would think MGNREGA is a much needed idea in a poor and feudal society like ours. What we need is efficient implementation. Even with its present 15% efficiency, we are curbing exploitation by that much amount. But the fans of libertarian economics have lost all their humanity and can't see social conditions. Did people like Milton Friedman ever think their fans would be bunch of barbarians?
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