Yesterday’s Indian Express carried a piece by me on the perverse oil subsidy that the government of India provides. I begin that piece with my favorite Douglass North quote: “Economic history is overwhelmingly a story of economies that failed to produce a set of economic rules of the game (with enforcement) that induce sustained economic growth.” I used that quote in the other piece published in Mint today.
The reason I like that quote it because it goes to the very heart of the problem of India’s economic development. Indians as …

The business of business is profit. That’s the whole point in doing business. If a business is following the rules and legally making a profit, it is discharging its social responsibilities. I wrote an opinion piece in today’s Mint arguing that corporations are not responsible for solving social problems.
Here’s the text of the article.