Like many free market economists, with whom he had little else in common, Nehru seemed to believe that people will find a way to get their children educated.
Sometimes economists are right, and sometimes economists are wrong.
Perhaps concentrated wealth will inspire a nation of innovative problem-solvers. But if the view of many economists is right - that it sometimes discourages innovation - then we should worry.
Happiness quantification sounds a bit wishy-washy, sure, and through a series of carefully administered surveys across the globe, economists and psychologists have certainly confronted a fair number of sticky issues around how to measure, and even define, happiness.
The America that I think most Americans would want, most economists on the right or left would want, is one in which a smart, ambitious, hardworking person without a huge amount of resources has a pretty good shot, in the end, of beating out a less smart, less ambitious, less hardworking rich person.
Like a bottle of wine or a promising college quarterback turning pro, C.E.O.'s are similar to what economists call experience goods: you commit to a price long before you know if they're worth it.
Unlike physics, economists don't settle things. There seems to be plenty of room for different conclusions that are still accepted in the academy.
I don't think that much change comes from economists. I think it comes more from political realities. Probably the two giants of the 20th century, who actually did shift government policy in the U.S. and around the world, were John Maynard Keynes and Milton Friedman. I don't see anybody in our system who is at that level of influence.
To economists, prices serve as crucial signals to producers and consumers. In a regulated market, the state sets prices high enough for private companies to cover their costs and earn a guaranteed profit for their investors. But in a deregulated market, prices should vary with demand and supply.