Continuing with the Pretty Good Principles (PGP) idea for India:
Based on the precept “that government is best which governs the least.”
- Government should be involved only in the basic duties of a government such as providing public goods that cannot be efficiently provided by the private sector.
- Removal of government monopolies.
- Independent regulators must be created for all sectors that require regulation – such as public utilities, education, transportation, monetary policy, etc.
- Government should be a referee and not a player in the economic game.
- Focus on increasing income instead of being obsessed with employment.
- Ensure equality of opportunity and not force equality of outcome.
Tomorrow: Individual Rights