This refers to ‘Economists give up on Friedman’s big idea’ (July 28). Economic theories are based on human behaviour which keeps changing; they need not stand the test of time.

Keynes (who stressed increase in aggregate demand) and Friedman (who said that people’s consumption depends on how much they expect to earn over their lifetime) were absolutely correct and their theories hold good even today. Rational consumers judiciously determine their marginal propensity to consume and marginal propensity to save and try to maintain the same, if not better, standard of living throughout their lives.

Also, they have to meet expenses on conventional necessities such as marriage and death, and this impacts on their savings. In a corrupt economy such as India, it is imperative we write new economic models, as neither Keynes nor Friedman would have thought about black money when they formulated their theories.

S Ramakrishnasayee

Ranipet, Tamil Nadu

Dangerous elevators

In connection with the death of a young man who tried to climb out of an elevator that was stuck due to a power outage, we find that in many buildings the elevators are very old. Some of them are the old-fashioned grill type, in which children can get their heads or hand stuck. Sometimes, the sensors don’t work and people are injured. The authorities must take action to check all elevators for safety.

TS Karthik

Chennai

Mind the language

This refers to the report ‘Modi may get me killed’ (July 28). Expressing the fear of death done by a strong- can be pardoned by expanding the meaning of ‘freedom of expression’. But it is a different story when a responsible CM alleges that the PM may get him killed and try to spread fear down the line.

While several politicians with criminal backgrounds have entered the legislature, no such thing has been attributed to Narendra Modi. It is shocking to see Kejriwal mimicking the language used by ground level political ‘leaders’. Looks like the time is ripe for political parties to come to a consensus on the language used to ‘attack’ opponents.

MG Warrier

Mumbai

Mixed market

This is with reference to your edit, ‘Know your inflation’ (July 28). Although services contribute 55 per cent to GDP it does not mean that every consumer is accessing 55 per cent services. In India the market is fragmented and the less privileged go to the market that suits their pocket. Others go to other markets. Therefore, inflation is not a spot phenomenon; it is spread across various sections. Controlling inflation with monetary policy is damaging because it kills investment. If government is serious about inflation it must see that the last man is benefitted and equally contributes to production.

RK Arya

Faridabad, Haryana

Congress is illogical

Government has taken a major step by clearing changes in the Constitutional Amendment Bill relating to the Goods and Services Tax that will result in a unified tax rate across the country.

Acceding to the demands of States, additional 1 per cent tax from producing Sates has been done away and provision has been made for compensating all States for revenue loss in the first five years after the GST rollout. The Congress should now see reason and drop its illogical demand for specifying the GST rate in the Constitution. GST tax rate may be part of the GST Bill to be legislated separately by the Centre and the States.

MC Joshi

Lucknow

RIP?

This refers to ‘The party is over: Why the Congress is in terminal decline’ by Poornima Joshi (July 28). There is no credible leader, and imposing the wrong leaders at the State level has eroded the grassroots base.

The demography of the population too has changed; they are not moved by the role played by the GOP in the pre-Independence era. It’s time for reconstruction and rejuvenation.

TRN Sharma

Bengaluru

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