This is one of the best articles on Rediff for a long time. It is also most essential.
Economic survival should be the first priority of modern civilizations.
Gambling is also an economic activity but it is more for 'entertainment' of the gambler. (His wife and children symbolically always suffer his indiscretions ..... even for the 'winner')
A good economic system should 'by design' remain simple and transparent while simultaneously preserving free economy.
Which may mean even 'banning' of secondary or tertiary activities which can go non linear and result in uncontrolled turbulance.
For stimulating growth innovations must be allowed. But if a Bank starts changing interest rate to cover losses in wrong financial investments it should be legally not permissible.
For example if some body directly invests in stock market and looses money, it is 'direct' and linear happenning.
But if some body borrows money from a neighbour (say a bank) at agreed interest, and neighbour loses some of his own holdings, the unrelated losses can not be passed on to borrower by way of changed terms.
It is needed to progressively simplify each circumstance and remove 'potential' for unhealthy entanglements.
It sure will become insipid life for most economists, it may also not give double digit growth, but it will ensure survival.
It will also give opportunity for growth of most needed thing in modern lives, 'Peace with prosperity' and 'leisure with meaningful ac
