Monetary Assets, Savings and Economic Growth

Monetary Assets, Savings and Economic Growth Arun Ghosh Economic policy-makers in India recently have attached disproportionate importance to the promotion and diversification of the financial sector to the neglect of the real economy The stock market scam and the many layers of bank fraud are a reflection of the inevitable when financial transactions start deviating from their real counterpart, when speculation takes over from genuine productive activity THERE have been two developments in the economic sphere in India lately that may leave a deep imprint on the future growth prospects of the country. The first is a somewhat blind faith in the prescription of neo-classical economists that reliance on the 'market