Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 73 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]Code Context
trigger_error($message, E_USER_DEPRECATED);
}
$message = 'The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 73 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.' $stackFrame = (int) 1 $trace = [ (int) 0 => [ 'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/ServerRequest.php', 'line' => (int) 2421, 'function' => 'deprecationWarning', 'args' => [ (int) 0 => 'The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead.' ] ], (int) 1 => [ 'file' => '/home/brlfuser/public_html/src/Controller/ArtileDetailController.php', 'line' => (int) 73, 'function' => 'offsetGet', 'class' => 'Cake\Http\ServerRequest', 'object' => object(Cake\Http\ServerRequest) {}, 'type' => '->', 'args' => [ (int) 0 => 'catslug' ] ], (int) 2 => [ 'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Controller/Controller.php', 'line' => (int) 610, 'function' => 'printArticle', 'class' => 'App\Controller\ArtileDetailController', 'object' => object(App\Controller\ArtileDetailController) {}, 'type' => '->', 'args' => [] ], (int) 3 => [ 'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/ActionDispatcher.php', 'line' => (int) 120, 'function' => 'invokeAction', 'class' => 'Cake\Controller\Controller', 'object' => object(App\Controller\ArtileDetailController) {}, 'type' => '->', 'args' => [] ], (int) 4 => [ 'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/ActionDispatcher.php', 'line' => (int) 94, 'function' => '_invoke', 'class' => 'Cake\Http\ActionDispatcher', 'object' => object(Cake\Http\ActionDispatcher) {}, 'type' => '->', 'args' => [ (int) 0 => object(App\Controller\ArtileDetailController) {} ] ], (int) 5 => [ 'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/BaseApplication.php', 'line' => (int) 235, 'function' => 'dispatch', 'class' => 'Cake\Http\ActionDispatcher', 'object' => object(Cake\Http\ActionDispatcher) {}, 'type' => '->', 'args' => [ (int) 0 => object(Cake\Http\ServerRequest) {}, (int) 1 => object(Cake\Http\Response) {} ] ], (int) 6 => [ 'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/Runner.php', 'line' => (int) 65, 'function' => '__invoke', 'class' => 'Cake\Http\BaseApplication', 'object' => object(App\Application) {}, 'type' => '->', 'args' => [ (int) 0 => object(Cake\Http\ServerRequest) {}, (int) 1 => object(Cake\Http\Response) {}, (int) 2 => object(Cake\Http\Runner) {} ] ], (int) 7 => [ 'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Routing/Middleware/RoutingMiddleware.php', 'line' => (int) 162, 'function' => '__invoke', 'class' => 'Cake\Http\Runner', 'object' => object(Cake\Http\Runner) {}, 'type' => '->', 'args' => [ (int) 0 => object(Cake\Http\ServerRequest) {}, (int) 1 => object(Cake\Http\Response) {} ] ], (int) 8 => [ 'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/Runner.php', 'line' => (int) 65, 'function' => '__invoke', 'class' => 'Cake\Routing\Middleware\RoutingMiddleware', 'object' => object(Cake\Routing\Middleware\RoutingMiddleware) {}, 'type' => '->', 'args' => [ (int) 0 => object(Cake\Http\ServerRequest) {}, (int) 1 => object(Cake\Http\Response) {}, (int) 2 => object(Cake\Http\Runner) {} ] ], (int) 9 => [ 'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Routing/Middleware/AssetMiddleware.php', 'line' => (int) 88, 'function' => '__invoke', 'class' => 'Cake\Http\Runner', 'object' => object(Cake\Http\Runner) {}, 'type' => '->', 'args' => [ (int) 0 => object(Cake\Http\ServerRequest) {}, (int) 1 => object(Cake\Http\Response) {} ] ], (int) 10 => [ 'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/Runner.php', 'line' => (int) 65, 'function' => '__invoke', 'class' => 'Cake\Routing\Middleware\AssetMiddleware', 'object' => object(Cake\Routing\Middleware\AssetMiddleware) {}, 'type' => '->', 'args' => [ (int) 0 => object(Cake\Http\ServerRequest) {}, (int) 1 => object(Cake\Http\Response) {}, (int) 2 => object(Cake\Http\Runner) {} ] ], (int) 11 => [ 'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Middleware/ErrorHandlerMiddleware.php', 'line' => (int) 96, 'function' => '__invoke', 'class' => 'Cake\Http\Runner', 'object' => object(Cake\Http\Runner) {}, 'type' => '->', 'args' => [ (int) 0 => object(Cake\Http\ServerRequest) {}, (int) 1 => object(Cake\Http\Response) {} ] ], (int) 12 => [ 'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/Runner.php', 'line' => (int) 65, 'function' => '__invoke', 'class' => 'Cake\Error\Middleware\ErrorHandlerMiddleware', 'object' => object(Cake\Error\Middleware\ErrorHandlerMiddleware) {}, 'type' => '->', 'args' => [ (int) 0 => object(Cake\Http\ServerRequest) {}, (int) 1 => object(Cake\Http\Response) {}, (int) 2 => object(Cake\Http\Runner) {} ] ], (int) 13 => [ 'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/Runner.php', 'line' => (int) 51, 'function' => '__invoke', 'class' => 'Cake\Http\Runner', 'object' => object(Cake\Http\Runner) {}, 'type' => '->', 'args' => [ (int) 0 => object(Cake\Http\ServerRequest) {}, (int) 1 => object(Cake\Http\Response) {} ] ], (int) 14 => [ 'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/Server.php', 'line' => (int) 98, 'function' => 'run', 'class' => 'Cake\Http\Runner', 'object' => object(Cake\Http\Runner) {}, 'type' => '->', 'args' => [ (int) 0 => object(Cake\Http\MiddlewareQueue) {}, (int) 1 => object(Cake\Http\ServerRequest) {}, (int) 2 => object(Cake\Http\Response) {} ] ], (int) 15 => [ 'file' => '/home/brlfuser/public_html/webroot/index.php', 'line' => (int) 39, 'function' => 'run', 'class' => 'Cake\Http\Server', 'object' => object(Cake\Http\Server) {}, 'type' => '->', 'args' => [] ] ] $frame = [ 'file' => '/home/brlfuser/public_html/src/Controller/ArtileDetailController.php', 'line' => (int) 73, 'function' => 'offsetGet', 'class' => 'Cake\Http\ServerRequest', 'object' => object(Cake\Http\ServerRequest) { trustProxy => false [protected] params => [ [maximum depth reached] ] [protected] data => [[maximum depth reached]] [protected] query => [[maximum depth reached]] [protected] cookies => [ [maximum depth reached] ] [protected] _environment => [ [maximum depth reached] ] [protected] url => 'latest-news-updates/why-privatising-public-assets-is-poor-economics-impetus-to-greater-wealth-inequality-prabhat-patnaik/print' [protected] base => '' [protected] webroot => '/' [protected] here => '/latest-news-updates/why-privatising-public-assets-is-poor-economics-impetus-to-greater-wealth-inequality-prabhat-patnaik/print' [protected] trustedProxies => [[maximum depth reached]] [protected] _input => null [protected] _detectors => [ [maximum depth reached] ] [protected] _detectorCache => [ [maximum depth reached] ] [protected] stream => object(Zend\Diactoros\PhpInputStream) {} [protected] uri => object(Zend\Diactoros\Uri) {} [protected] session => object(Cake\Http\Session) {} [protected] attributes => [[maximum depth reached]] [protected] emulatedAttributes => [ [maximum depth reached] ] [protected] uploadedFiles => [[maximum depth reached]] [protected] protocol => null [protected] requestTarget => null [private] deprecatedProperties => [ [maximum depth reached] ] }, 'type' => '->', 'args' => [ (int) 0 => 'catslug' ] ]deprecationWarning - CORE/src/Core/functions.php, line 311 Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421 App\Controller\ArtileDetailController::printArticle() - APP/Controller/ArtileDetailController.php, line 73 Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610 Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120 Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94 Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235 Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65 Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162 Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65 Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 88 Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65 Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96 Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65 Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51 Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98
Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 74 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]Code Context
trigger_error($message, E_USER_DEPRECATED);
}
$message = 'The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 74 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.' $stackFrame = (int) 1 $trace = [ (int) 0 => [ 'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/ServerRequest.php', 'line' => (int) 2421, 'function' => 'deprecationWarning', 'args' => [ (int) 0 => 'The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead.' ] ], (int) 1 => [ 'file' => '/home/brlfuser/public_html/src/Controller/ArtileDetailController.php', 'line' => (int) 74, 'function' => 'offsetGet', 'class' => 'Cake\Http\ServerRequest', 'object' => object(Cake\Http\ServerRequest) {}, 'type' => '->', 'args' => [ (int) 0 => 'artileslug' ] ], (int) 2 => [ 'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Controller/Controller.php', 'line' => (int) 610, 'function' => 'printArticle', 'class' => 'App\Controller\ArtileDetailController', 'object' => object(App\Controller\ArtileDetailController) {}, 'type' => '->', 'args' => [] ], (int) 3 => [ 'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/ActionDispatcher.php', 'line' => (int) 120, 'function' => 'invokeAction', 'class' => 'Cake\Controller\Controller', 'object' => object(App\Controller\ArtileDetailController) {}, 'type' => '->', 'args' => [] ], (int) 4 => [ 'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/ActionDispatcher.php', 'line' => (int) 94, 'function' => '_invoke', 'class' => 'Cake\Http\ActionDispatcher', 'object' => object(Cake\Http\ActionDispatcher) {}, 'type' => '->', 'args' => [ (int) 0 => object(App\Controller\ArtileDetailController) {} ] ], (int) 5 => [ 'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/BaseApplication.php', 'line' => (int) 235, 'function' => 'dispatch', 'class' => 'Cake\Http\ActionDispatcher', 'object' => object(Cake\Http\ActionDispatcher) {}, 'type' => '->', 'args' => [ (int) 0 => object(Cake\Http\ServerRequest) {}, (int) 1 => object(Cake\Http\Response) {} ] ], (int) 6 => [ 'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/Runner.php', 'line' => (int) 65, 'function' => '__invoke', 'class' => 'Cake\Http\BaseApplication', 'object' => object(App\Application) {}, 'type' => '->', 'args' => [ (int) 0 => object(Cake\Http\ServerRequest) {}, (int) 1 => object(Cake\Http\Response) {}, (int) 2 => object(Cake\Http\Runner) {} ] ], (int) 7 => [ 'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Routing/Middleware/RoutingMiddleware.php', 'line' => (int) 162, 'function' => '__invoke', 'class' => 'Cake\Http\Runner', 'object' => object(Cake\Http\Runner) {}, 'type' => '->', 'args' => [ (int) 0 => object(Cake\Http\ServerRequest) {}, (int) 1 => object(Cake\Http\Response) {} ] ], (int) 8 => [ 'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/Runner.php', 'line' => (int) 65, 'function' => '__invoke', 'class' => 'Cake\Routing\Middleware\RoutingMiddleware', 'object' => object(Cake\Routing\Middleware\RoutingMiddleware) {}, 'type' => '->', 'args' => [ (int) 0 => object(Cake\Http\ServerRequest) {}, (int) 1 => object(Cake\Http\Response) {}, (int) 2 => object(Cake\Http\Runner) {} ] ], (int) 9 => [ 'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Routing/Middleware/AssetMiddleware.php', 'line' => (int) 88, 'function' => '__invoke', 'class' => 'Cake\Http\Runner', 'object' => object(Cake\Http\Runner) {}, 'type' => '->', 'args' => [ (int) 0 => object(Cake\Http\ServerRequest) {}, (int) 1 => object(Cake\Http\Response) {} ] ], (int) 10 => [ 'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/Runner.php', 'line' => (int) 65, 'function' => '__invoke', 'class' => 'Cake\Routing\Middleware\AssetMiddleware', 'object' => object(Cake\Routing\Middleware\AssetMiddleware) {}, 'type' => '->', 'args' => [ (int) 0 => object(Cake\Http\ServerRequest) {}, (int) 1 => object(Cake\Http\Response) {}, (int) 2 => object(Cake\Http\Runner) {} ] ], (int) 11 => [ 'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Middleware/ErrorHandlerMiddleware.php', 'line' => (int) 96, 'function' => '__invoke', 'class' => 'Cake\Http\Runner', 'object' => object(Cake\Http\Runner) {}, 'type' => '->', 'args' => [ (int) 0 => object(Cake\Http\ServerRequest) {}, (int) 1 => object(Cake\Http\Response) {} ] ], (int) 12 => [ 'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/Runner.php', 'line' => (int) 65, 'function' => '__invoke', 'class' => 'Cake\Error\Middleware\ErrorHandlerMiddleware', 'object' => object(Cake\Error\Middleware\ErrorHandlerMiddleware) {}, 'type' => '->', 'args' => [ (int) 0 => object(Cake\Http\ServerRequest) {}, (int) 1 => object(Cake\Http\Response) {}, (int) 2 => object(Cake\Http\Runner) {} ] ], (int) 13 => [ 'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/Runner.php', 'line' => (int) 51, 'function' => '__invoke', 'class' => 'Cake\Http\Runner', 'object' => object(Cake\Http\Runner) {}, 'type' => '->', 'args' => [ (int) 0 => object(Cake\Http\ServerRequest) {}, (int) 1 => object(Cake\Http\Response) {} ] ], (int) 14 => [ 'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/Server.php', 'line' => (int) 98, 'function' => 'run', 'class' => 'Cake\Http\Runner', 'object' => object(Cake\Http\Runner) {}, 'type' => '->', 'args' => [ (int) 0 => object(Cake\Http\MiddlewareQueue) {}, (int) 1 => object(Cake\Http\ServerRequest) {}, (int) 2 => object(Cake\Http\Response) {} ] ], (int) 15 => [ 'file' => '/home/brlfuser/public_html/webroot/index.php', 'line' => (int) 39, 'function' => 'run', 'class' => 'Cake\Http\Server', 'object' => object(Cake\Http\Server) {}, 'type' => '->', 'args' => [] ] ] $frame = [ 'file' => '/home/brlfuser/public_html/src/Controller/ArtileDetailController.php', 'line' => (int) 74, 'function' => 'offsetGet', 'class' => 'Cake\Http\ServerRequest', 'object' => object(Cake\Http\ServerRequest) { trustProxy => false [protected] params => [ [maximum depth reached] ] [protected] data => [[maximum depth reached]] [protected] query => [[maximum depth reached]] [protected] cookies => [ [maximum depth reached] ] [protected] _environment => [ [maximum depth reached] ] [protected] url => 'latest-news-updates/why-privatising-public-assets-is-poor-economics-impetus-to-greater-wealth-inequality-prabhat-patnaik/print' [protected] base => '' [protected] webroot => '/' [protected] here => '/latest-news-updates/why-privatising-public-assets-is-poor-economics-impetus-to-greater-wealth-inequality-prabhat-patnaik/print' [protected] trustedProxies => [[maximum depth reached]] [protected] _input => null [protected] _detectors => [ [maximum depth reached] ] [protected] _detectorCache => [ [maximum depth reached] ] [protected] stream => object(Zend\Diactoros\PhpInputStream) {} [protected] uri => object(Zend\Diactoros\Uri) {} [protected] session => object(Cake\Http\Session) {} [protected] attributes => [[maximum depth reached]] [protected] emulatedAttributes => [ [maximum depth reached] ] [protected] uploadedFiles => [[maximum depth reached]] [protected] protocol => null [protected] requestTarget => null [private] deprecatedProperties => [ [maximum depth reached] ] }, 'type' => '->', 'args' => [ (int) 0 => 'artileslug' ] ]deprecationWarning - CORE/src/Core/functions.php, line 311 Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421 App\Controller\ArtileDetailController::printArticle() - APP/Controller/ArtileDetailController.php, line 74 Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610 Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120 Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94 Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235 Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65 Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162 Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65 Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 88 Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65 Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96 Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65 Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51 Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98
Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]Code Contextif (Configure::read('debug')) {
trigger_error($message, E_USER_WARNING);
} else {
$response = object(Cake\Http\Response) { 'status' => (int) 200, 'contentType' => 'text/html', 'headers' => [ 'Content-Type' => [ [maximum depth reached] ] ], 'file' => null, 'fileRange' => [], 'cookies' => object(Cake\Http\Cookie\CookieCollection) {}, 'cacheDirectives' => [], 'body' => '<!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd"> <html xmlns="http://www.w3.org/1999/xhtml"> <head> <link rel="canonical" href="https://im4change.in/<pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr67f1023400746-trace').style.display = (document.getElementById('cakeErr67f1023400746-trace').style.display == 'none' ? '' : 'none');"><b>Notice</b> (8)</a>: Undefined variable: urlPrefix [<b>APP/Template/Layout/printlayout.ctp</b>, line <b>8</b>]<div id="cakeErr67f1023400746-trace" class="cake-stack-trace" style="display: none;"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr67f1023400746-code').style.display = (document.getElementById('cakeErr67f1023400746-code').style.display == 'none' ? '' : 'none')">Code</a> <a href="javascript:void(0);" onclick="document.getElementById('cakeErr67f1023400746-context').style.display = (document.getElementById('cakeErr67f1023400746-context').style.display == 'none' ? '' : 'none')">Context</a><pre id="cakeErr67f1023400746-code" class="cake-code-dump" style="display: none;"><code><span style="color: #000000"><span style="color: #0000BB"></span><span style="color: #007700"><</span><span style="color: #0000BB">head</span><span style="color: #007700">> </span></span></code> <span class="code-highlight"><code><span style="color: #000000"> <link rel="canonical" href="<span style="color: #0000BB"><?php </span><span style="color: #007700">echo </span><span style="color: #0000BB">Configure</span><span style="color: #007700">::</span><span style="color: #0000BB">read</span><span style="color: #007700">(</span><span style="color: #DD0000">'SITE_URL'</span><span style="color: #007700">); </span><span style="color: #0000BB">?><?php </span><span style="color: #007700">echo </span><span style="color: #0000BB">$urlPrefix</span><span style="color: #007700">;</span><span style="color: #0000BB">?><?php </span><span style="color: #007700">echo </span><span style="color: #0000BB">$article_current</span><span style="color: #007700">-></span><span style="color: #0000BB">category</span><span style="color: #007700">-></span><span style="color: #0000BB">slug</span><span style="color: #007700">; </span><span style="color: #0000BB">?></span>/<span style="color: #0000BB"><?php </span><span style="color: #007700">echo </span><span style="color: #0000BB">$article_current</span><span style="color: #007700">-></span><span style="color: #0000BB">seo_url</span><span style="color: #007700">; </span><span style="color: #0000BB">?></span>.html"/> </span></code></span> <code><span style="color: #000000"><span style="color: #0000BB"> </span><span style="color: #007700"><</span><span style="color: #0000BB">meta http</span><span style="color: #007700">-</span><span style="color: #0000BB">equiv</span><span style="color: #007700">=</span><span style="color: #DD0000">"Content-Type" </span><span style="color: #0000BB">content</span><span style="color: #007700">=</span><span style="color: #DD0000">"text/html; charset=utf-8"</span><span style="color: #007700">/> </span></span></code></pre><pre id="cakeErr67f1023400746-context" class="cake-context" style="display: none;">$viewFile = '/home/brlfuser/public_html/src/Template/Layout/printlayout.ctp' $dataForView = [ 'article_current' => object(App\Model\Entity\Article) { 'id' => (int) 58901, 'title' => 'Why privatising public assets is poor economics, impetus to greater wealth inequality -Prabhat Patnaik', 'subheading' => null, 'description' => '<p style="text-align:justify">-The Indian Express</p> <p style="text-align:justify"><em>The only difference between a fiscal deficit and selling public assets lies in the nature of the government paper that is handed to the private sector, but the macroeconomic consequences of a fiscal deficit on the economy are no different from those of selling public assets.</em></p> <p style="text-align:justify">The government has adduced no reasons for the proposed privatisation of several public sector assets other than to generate resources for its spending. Let us see what such a fiscal strategy involves.</p> <p style="text-align:justify">Nobody buys public sector assets by skimping on consumption. Nor does one buy such assets by skimping on investment: Current investment expenditure depends on decisions taken in the past and is more or less pre-determined. It is only investment decisions that are taken today for fructification tomorrow that may be scaled down by such a purchase; and if investment decisions taken today are scaled-down, then it is an authentic case of &ldquo;crowding out&rdquo; and such a strategy should be avoided anyway.</p> <p style="text-align:justify">Selling public sector assets therefore does not &ldquo;release&rdquo; any resources from private use for government spending. The resources the government obtains by spending the sale proceeds of public assets are none other than the resources lying idle in the economy. Output that could have been produced by utilising idle capacity and unemployed labour, but is not produced because of lack of demand, now gets produced as demand gets generated by government spending financed by the sale of public assets. One can visualise the entire process as follows. The government borrows say Rs 100 from banks, uses it for spending, and then sells public assets worth Rs 100 to raise this money and return it to the banks, so that its net indebtedness does not go up.</p> <p style="text-align:justify">Please <a href="https://indianexpress.com/article/opinion/columns/privatisation-public-sector-units-banks-india-fiscal-deficit-economy-nirmala-sitharaman-7243710/">click here</a> to read more.</p> ', 'credit_writer' => 'The Indian Express, 25 March, 2021, https://indianexpress.com/article/opinion/columns/privatisation-public-sector-units-banks-india-fiscal-deficit-economy-nirmala-sitharaman-7243710/', 'article_img' => '', 'article_img_thumb' => '', 'status' => (int) 1, 'show_on_home' => (int) 1, 'lang' => 'EN', 'category_id' => (int) 16, 'tag_keyword' => '', 'seo_url' => 'why-privatising-public-assets-is-poor-economics-impetus-to-greater-wealth-inequality-prabhat-patnaik', 'meta_title' => '', 'meta_keywords' => '', 'meta_description' => '', 'noindex' => (int) 1, 'publish_date' => object(Cake\I18n\FrozenDate) {}, 'most_visit_section_id' => null, 'article_big_img' => null, 'liveid' => null, 'created' => object(Cake\I18n\FrozenTime) {}, 'modified' => object(Cake\I18n\FrozenTime) {}, 'edate' => '', 'tags' => [ [maximum depth reached] ], 'category' => object(App\Model\Entity\Category) {}, '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[hasErrors]' => false, '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'Articles' }, 'articleid' => (int) 58901, 'metaTitle' => 'LATEST NEWS UPDATES | Why privatising public assets is poor economics, impetus to greater wealth inequality -Prabhat Patnaik', 'metaKeywords' => 'Bond,Equity,Fiscal Deficit,Public Sector Assets,Public Sector Banks,Public Sector Units,Wealth Inequality,Wealth Tax,Profit Tax', 'metaDesc' => '-The Indian Express The only difference between a fiscal deficit and selling public assets lies in the nature of the government paper that is handed to the private sector, but the macroeconomic consequences of a fiscal deficit on the economy are...', 'disp' => '<p style="text-align:justify">-The Indian Express</p><p style="text-align:justify"><em>The only difference between a fiscal deficit and selling public assets lies in the nature of the government paper that is handed to the private sector, but the macroeconomic consequences of a fiscal deficit on the economy are no different from those of selling public assets.</em></p><p style="text-align:justify">The government has adduced no reasons for the proposed privatisation of several public sector assets other than to generate resources for its spending. Let us see what such a fiscal strategy involves.</p><p style="text-align:justify">Nobody buys public sector assets by skimping on consumption. Nor does one buy such assets by skimping on investment: Current investment expenditure depends on decisions taken in the past and is more or less pre-determined. It is only investment decisions that are taken today for fructification tomorrow that may be scaled down by such a purchase; and if investment decisions taken today are scaled-down, then it is an authentic case of &ldquo;crowding out&rdquo; and such a strategy should be avoided anyway.</p><p style="text-align:justify">Selling public sector assets therefore does not &ldquo;release&rdquo; any resources from private use for government spending. The resources the government obtains by spending the sale proceeds of public assets are none other than the resources lying idle in the economy. Output that could have been produced by utilising idle capacity and unemployed labour, but is not produced because of lack of demand, now gets produced as demand gets generated by government spending financed by the sale of public assets. One can visualise the entire process as follows. The government borrows say Rs 100 from banks, uses it for spending, and then sells public assets worth Rs 100 to raise this money and return it to the banks, so that its net indebtedness does not go up.</p><p style="text-align:justify">Please <a href="https://indianexpress.com/article/opinion/columns/privatisation-public-sector-units-banks-india-fiscal-deficit-economy-nirmala-sitharaman-7243710/" title="https://indianexpress.com/article/opinion/columns/privatisation-public-sector-units-banks-india-fiscal-deficit-economy-nirmala-sitharaman-7243710/">click here</a> to read more.</p>', 'lang' => 'English', 'SITE_URL' => 'https://im4change.in/', 'site_title' => 'im4change', 'adminprix' => 'admin' ] $article_current = object(App\Model\Entity\Article) { 'id' => (int) 58901, 'title' => 'Why privatising public assets is poor economics, impetus to greater wealth inequality -Prabhat Patnaik', 'subheading' => null, 'description' => '<p style="text-align:justify">-The Indian Express</p> <p style="text-align:justify"><em>The only difference between a fiscal deficit and selling public assets lies in the nature of the government paper that is handed to the private sector, but the macroeconomic consequences of a fiscal deficit on the economy are no different from those of selling public assets.</em></p> <p style="text-align:justify">The government has adduced no reasons for the proposed privatisation of several public sector assets other than to generate resources for its spending. Let us see what such a fiscal strategy involves.</p> <p style="text-align:justify">Nobody buys public sector assets by skimping on consumption. Nor does one buy such assets by skimping on investment: Current investment expenditure depends on decisions taken in the past and is more or less pre-determined. It is only investment decisions that are taken today for fructification tomorrow that may be scaled down by such a purchase; and if investment decisions taken today are scaled-down, then it is an authentic case of &ldquo;crowding out&rdquo; and such a strategy should be avoided anyway.</p> <p style="text-align:justify">Selling public sector assets therefore does not &ldquo;release&rdquo; any resources from private use for government spending. The resources the government obtains by spending the sale proceeds of public assets are none other than the resources lying idle in the economy. Output that could have been produced by utilising idle capacity and unemployed labour, but is not produced because of lack of demand, now gets produced as demand gets generated by government spending financed by the sale of public assets. One can visualise the entire process as follows. The government borrows say Rs 100 from banks, uses it for spending, and then sells public assets worth Rs 100 to raise this money and return it to the banks, so that its net indebtedness does not go up.</p> <p style="text-align:justify">Please <a href="https://indianexpress.com/article/opinion/columns/privatisation-public-sector-units-banks-india-fiscal-deficit-economy-nirmala-sitharaman-7243710/">click here</a> to read more.</p> ', 'credit_writer' => 'The Indian Express, 25 March, 2021, https://indianexpress.com/article/opinion/columns/privatisation-public-sector-units-banks-india-fiscal-deficit-economy-nirmala-sitharaman-7243710/', 'article_img' => '', 'article_img_thumb' => '', 'status' => (int) 1, 'show_on_home' => (int) 1, 'lang' => 'EN', 'category_id' => (int) 16, 'tag_keyword' => '', 'seo_url' => 'why-privatising-public-assets-is-poor-economics-impetus-to-greater-wealth-inequality-prabhat-patnaik', 'meta_title' => '', 'meta_keywords' => '', 'meta_description' => '', 'noindex' => (int) 1, 'publish_date' => object(Cake\I18n\FrozenDate) {}, 'most_visit_section_id' => null, 'article_big_img' => null, 'liveid' => null, 'created' => object(Cake\I18n\FrozenTime) {}, 'modified' => object(Cake\I18n\FrozenTime) {}, 'edate' => '', 'tags' => [ (int) 0 => object(Cake\ORM\Entity) {}, (int) 1 => object(Cake\ORM\Entity) {}, (int) 2 => object(Cake\ORM\Entity) {}, (int) 3 => object(Cake\ORM\Entity) {}, (int) 4 => object(Cake\ORM\Entity) {}, (int) 5 => object(Cake\ORM\Entity) {}, (int) 6 => object(Cake\ORM\Entity) {}, (int) 7 => object(Cake\ORM\Entity) {}, (int) 8 => object(Cake\ORM\Entity) {} ], 'category' => object(App\Model\Entity\Category) {}, '[new]' => false, '[accessible]' => [ '*' => true, 'id' => false ], '[dirty]' => [], '[original]' => [], '[virtual]' => [], '[hasErrors]' => false, '[errors]' => [], '[invalid]' => [], '[repository]' => 'Articles' } $articleid = (int) 58901 $metaTitle = 'LATEST NEWS UPDATES | Why privatising public assets is poor economics, impetus to greater wealth inequality -Prabhat Patnaik' $metaKeywords = 'Bond,Equity,Fiscal Deficit,Public Sector Assets,Public Sector Banks,Public Sector Units,Wealth Inequality,Wealth Tax,Profit Tax' $metaDesc = '-The Indian Express The only difference between a fiscal deficit and selling public assets lies in the nature of the government paper that is handed to the private sector, but the macroeconomic consequences of a fiscal deficit on the economy are...' $disp = '<p style="text-align:justify">-The Indian Express</p><p style="text-align:justify"><em>The only difference between a fiscal deficit and selling public assets lies in the nature of the government paper that is handed to the private sector, but the macroeconomic consequences of a fiscal deficit on the economy are no different from those of selling public assets.</em></p><p style="text-align:justify">The government has adduced no reasons for the proposed privatisation of several public sector assets other than to generate resources for its spending. Let us see what such a fiscal strategy involves.</p><p style="text-align:justify">Nobody buys public sector assets by skimping on consumption. Nor does one buy such assets by skimping on investment: Current investment expenditure depends on decisions taken in the past and is more or less pre-determined. It is only investment decisions that are taken today for fructification tomorrow that may be scaled down by such a purchase; and if investment decisions taken today are scaled-down, then it is an authentic case of &ldquo;crowding out&rdquo; and such a strategy should be avoided anyway.</p><p style="text-align:justify">Selling public sector assets therefore does not &ldquo;release&rdquo; any resources from private use for government spending. The resources the government obtains by spending the sale proceeds of public assets are none other than the resources lying idle in the economy. Output that could have been produced by utilising idle capacity and unemployed labour, but is not produced because of lack of demand, now gets produced as demand gets generated by government spending financed by the sale of public assets. One can visualise the entire process as follows. The government borrows say Rs 100 from banks, uses it for spending, and then sells public assets worth Rs 100 to raise this money and return it to the banks, so that its net indebtedness does not go up.</p><p style="text-align:justify">Please <a href="https://indianexpress.com/article/opinion/columns/privatisation-public-sector-units-banks-india-fiscal-deficit-economy-nirmala-sitharaman-7243710/" title="https://indianexpress.com/article/opinion/columns/privatisation-public-sector-units-banks-india-fiscal-deficit-economy-nirmala-sitharaman-7243710/">click here</a> to read more.</p>' $lang = 'English' $SITE_URL = 'https://im4change.in/' $site_title = 'im4change' $adminprix = 'admin'</pre><pre class="stack-trace">include - APP/Template/Layout/printlayout.ctp, line 8 Cake\View\View::_evaluate() - CORE/src/View/View.php, line 1413 Cake\View\View::_render() - CORE/src/View/View.php, line 1374 Cake\View\View::renderLayout() - CORE/src/View/View.php, line 927 Cake\View\View::render() - CORE/src/View/View.php, line 885 Cake\Controller\Controller::render() - CORE/src/Controller/Controller.php, line 791 Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 126 Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94 Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235 Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65 Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162 Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65 Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 88 Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65 Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96 Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65 Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51</pre></div></pre>latest-news-updates/why-privatising-public-assets-is-poor-economics-impetus-to-greater-wealth-inequality-prabhat-patnaik.html"/> <meta http-equiv="Content-Type" content="text/html; charset=utf-8"/> <link href="https://im4change.in/css/control.css" rel="stylesheet" type="text/css" media="all"/> <title>LATEST NEWS UPDATES | Why privatising public assets is poor economics, impetus to greater wealth inequality -Prabhat Patnaik | Im4change.org</title> <meta name="description" content="-The Indian Express The only difference between a fiscal deficit and selling public assets lies in the nature of the government paper that is handed to the private sector, but the macroeconomic consequences of a fiscal deficit on the economy are..."/> <script src="https://im4change.in/js/jquery-1.10.2.js"></script> <script type="text/javascript" src="https://im4change.in/js/jquery-migrate.min.js"></script> <script language="javascript" type="text/javascript"> $(document).ready(function () { var img = $("img")[0]; // Get my img elem var pic_real_width, pic_real_height; $("<img/>") // Make in memory copy of image to avoid css issues .attr("src", $(img).attr("src")) .load(function () { pic_real_width = this.width; // Note: $(this).width() will not pic_real_height = this.height; // work for in memory images. }); }); </script> <style type="text/css"> @media screen { div.divFooter { display: block; } } @media print { .printbutton { display: none !important; } } </style> </head> <body> <table cellpadding="0" cellspacing="0" border="0" width="98%" align="center"> <tr> <td class="top_bg"> <div class="divFooter"> <img src="https://im4change.in/images/logo1.jpg" height="59" border="0" alt="Resource centre on India's rural distress" style="padding-top:14px;"/> </div> </td> </tr> <tr> <td id="topspace"> </td> </tr> <tr id="topspace"> <td> </td> </tr> <tr> <td height="50" style="border-bottom:1px solid #000; padding-top:10px;" class="printbutton"> <form><input type="button" value=" Print this page " onclick="window.print();return false;"/></form> </td> </tr> <tr> <td width="100%"> <h1 class="news_headlines" style="font-style:normal"> <strong>Why privatising public assets is poor economics, impetus to greater wealth inequality -Prabhat Patnaik</strong></h1> </td> </tr> <tr> <td width="100%" style="font-family:Arial, 'Segoe Script', 'Segoe UI', sans-serif, serif"><font size="3"> <p style="text-align:justify">-The Indian Express</p><p style="text-align:justify"><em>The only difference between a fiscal deficit and selling public assets lies in the nature of the government paper that is handed to the private sector, but the macroeconomic consequences of a fiscal deficit on the economy are no different from those of selling public assets.</em></p><p style="text-align:justify">The government has adduced no reasons for the proposed privatisation of several public sector assets other than to generate resources for its spending. Let us see what such a fiscal strategy involves.</p><p style="text-align:justify">Nobody buys public sector assets by skimping on consumption. Nor does one buy such assets by skimping on investment: Current investment expenditure depends on decisions taken in the past and is more or less pre-determined. It is only investment decisions that are taken today for fructification tomorrow that may be scaled down by such a purchase; and if investment decisions taken today are scaled-down, then it is an authentic case of “crowding out” and such a strategy should be avoided anyway.</p><p style="text-align:justify">Selling public sector assets therefore does not “release” any resources from private use for government spending. The resources the government obtains by spending the sale proceeds of public assets are none other than the resources lying idle in the economy. Output that could have been produced by utilising idle capacity and unemployed labour, but is not produced because of lack of demand, now gets produced as demand gets generated by government spending financed by the sale of public assets. One can visualise the entire process as follows. The government borrows say Rs 100 from banks, uses it for spending, and then sells public assets worth Rs 100 to raise this money and return it to the banks, so that its net indebtedness does not go up.</p><p style="text-align:justify">Please <a href="https://indianexpress.com/article/opinion/columns/privatisation-public-sector-units-banks-india-fiscal-deficit-economy-nirmala-sitharaman-7243710/" title="https://indianexpress.com/article/opinion/columns/privatisation-public-sector-units-banks-india-fiscal-deficit-economy-nirmala-sitharaman-7243710/">click here</a> to read more.</p> </font> </td> </tr> <tr> <td> </td> </tr> <tr> <td height="50" style="border-top:1px solid #000; border-bottom:1px solid #000;padding-top:10px;"> <form><input type="button" value=" Print this page " onclick="window.print();return false;"/></form> </td> </tr> </table></body> </html>' } $maxBufferLength = (int) 8192 $file = '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php' $line = (int) 853 $message = 'Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853'Cake\Http\ResponseEmitter::emit() - CORE/src/Http/ResponseEmitter.php, line 48 Cake\Http\Server::emit() - CORE/src/Http/Server.php, line 141 [main] - ROOT/webroot/index.php, line 39
Warning (2): Cannot modify header information - headers already sent by (output started at /home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php:853) [CORE/src/Http/ResponseEmitter.php, line 148]Code Context$response->getStatusCode(),
($reasonPhrase ? ' ' . $reasonPhrase : '')
));
$response = object(Cake\Http\Response) { 'status' => (int) 200, 'contentType' => 'text/html', 'headers' => [ 'Content-Type' => [ [maximum depth reached] ] ], 'file' => null, 'fileRange' => [], 'cookies' => object(Cake\Http\Cookie\CookieCollection) {}, 'cacheDirectives' => [], 'body' => '<!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd"> <html xmlns="http://www.w3.org/1999/xhtml"> <head> <link rel="canonical" href="https://im4change.in/<pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr67f1023400746-trace').style.display = (document.getElementById('cakeErr67f1023400746-trace').style.display == 'none' ? '' : 'none');"><b>Notice</b> (8)</a>: Undefined variable: urlPrefix [<b>APP/Template/Layout/printlayout.ctp</b>, line <b>8</b>]<div id="cakeErr67f1023400746-trace" class="cake-stack-trace" style="display: none;"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr67f1023400746-code').style.display = (document.getElementById('cakeErr67f1023400746-code').style.display == 'none' ? '' : 'none')">Code</a> <a href="javascript:void(0);" onclick="document.getElementById('cakeErr67f1023400746-context').style.display = (document.getElementById('cakeErr67f1023400746-context').style.display == 'none' ? '' : 'none')">Context</a><pre id="cakeErr67f1023400746-code" class="cake-code-dump" style="display: none;"><code><span style="color: #000000"><span style="color: #0000BB"></span><span style="color: #007700"><</span><span style="color: #0000BB">head</span><span style="color: #007700">> </span></span></code> <span class="code-highlight"><code><span style="color: #000000"> <link rel="canonical" href="<span style="color: #0000BB"><?php </span><span style="color: #007700">echo </span><span style="color: #0000BB">Configure</span><span style="color: #007700">::</span><span style="color: #0000BB">read</span><span style="color: #007700">(</span><span style="color: #DD0000">'SITE_URL'</span><span style="color: #007700">); </span><span style="color: #0000BB">?><?php </span><span style="color: #007700">echo </span><span style="color: #0000BB">$urlPrefix</span><span style="color: #007700">;</span><span style="color: #0000BB">?><?php </span><span style="color: #007700">echo </span><span style="color: #0000BB">$article_current</span><span style="color: #007700">-></span><span style="color: #0000BB">category</span><span style="color: #007700">-></span><span style="color: #0000BB">slug</span><span style="color: #007700">; </span><span style="color: #0000BB">?></span>/<span style="color: #0000BB"><?php </span><span style="color: #007700">echo </span><span style="color: #0000BB">$article_current</span><span style="color: #007700">-></span><span style="color: #0000BB">seo_url</span><span style="color: #007700">; </span><span style="color: #0000BB">?></span>.html"/> </span></code></span> <code><span style="color: #000000"><span style="color: #0000BB"> </span><span style="color: #007700"><</span><span style="color: #0000BB">meta http</span><span style="color: #007700">-</span><span style="color: #0000BB">equiv</span><span style="color: #007700">=</span><span style="color: #DD0000">"Content-Type" </span><span style="color: #0000BB">content</span><span style="color: #007700">=</span><span style="color: #DD0000">"text/html; charset=utf-8"</span><span style="color: #007700">/> </span></span></code></pre><pre id="cakeErr67f1023400746-context" class="cake-context" style="display: none;">$viewFile = '/home/brlfuser/public_html/src/Template/Layout/printlayout.ctp' $dataForView = [ 'article_current' => object(App\Model\Entity\Article) { 'id' => (int) 58901, 'title' => 'Why privatising public assets is poor economics, impetus to greater wealth inequality -Prabhat Patnaik', 'subheading' => null, 'description' => '<p style="text-align:justify">-The Indian Express</p> <p style="text-align:justify"><em>The only difference between a fiscal deficit and selling public assets lies in the nature of the government paper that is handed to the private sector, but the macroeconomic consequences of a fiscal deficit on the economy are no different from those of selling public assets.</em></p> <p style="text-align:justify">The government has adduced no reasons for the proposed privatisation of several public sector assets other than to generate resources for its spending. Let us see what such a fiscal strategy involves.</p> <p style="text-align:justify">Nobody buys public sector assets by skimping on consumption. Nor does one buy such assets by skimping on investment: Current investment expenditure depends on decisions taken in the past and is more or less pre-determined. It is only investment decisions that are taken today for fructification tomorrow that may be scaled down by such a purchase; and if investment decisions taken today are scaled-down, then it is an authentic case of &ldquo;crowding out&rdquo; and such a strategy should be avoided anyway.</p> <p style="text-align:justify">Selling public sector assets therefore does not &ldquo;release&rdquo; any resources from private use for government spending. The resources the government obtains by spending the sale proceeds of public assets are none other than the resources lying idle in the economy. Output that could have been produced by utilising idle capacity and unemployed labour, but is not produced because of lack of demand, now gets produced as demand gets generated by government spending financed by the sale of public assets. One can visualise the entire process as follows. The government borrows say Rs 100 from banks, uses it for spending, and then sells public assets worth Rs 100 to raise this money and return it to the banks, so that its net indebtedness does not go up.</p> <p style="text-align:justify">Please <a href="https://indianexpress.com/article/opinion/columns/privatisation-public-sector-units-banks-india-fiscal-deficit-economy-nirmala-sitharaman-7243710/">click here</a> to read more.</p> ', 'credit_writer' => 'The Indian Express, 25 March, 2021, https://indianexpress.com/article/opinion/columns/privatisation-public-sector-units-banks-india-fiscal-deficit-economy-nirmala-sitharaman-7243710/', 'article_img' => '', 'article_img_thumb' => '', 'status' => (int) 1, 'show_on_home' => (int) 1, 'lang' => 'EN', 'category_id' => (int) 16, 'tag_keyword' => '', 'seo_url' => 'why-privatising-public-assets-is-poor-economics-impetus-to-greater-wealth-inequality-prabhat-patnaik', 'meta_title' => '', 'meta_keywords' => '', 'meta_description' => '', 'noindex' => (int) 1, 'publish_date' => object(Cake\I18n\FrozenDate) {}, 'most_visit_section_id' => null, 'article_big_img' => null, 'liveid' => null, 'created' => object(Cake\I18n\FrozenTime) {}, 'modified' => object(Cake\I18n\FrozenTime) {}, 'edate' => '', 'tags' => [ [maximum depth reached] ], 'category' => object(App\Model\Entity\Category) {}, '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[hasErrors]' => false, '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'Articles' }, 'articleid' => (int) 58901, 'metaTitle' => 'LATEST NEWS UPDATES | Why privatising public assets is poor economics, impetus to greater wealth inequality -Prabhat Patnaik', 'metaKeywords' => 'Bond,Equity,Fiscal Deficit,Public Sector Assets,Public Sector Banks,Public Sector Units,Wealth Inequality,Wealth Tax,Profit Tax', 'metaDesc' => '-The Indian Express The only difference between a fiscal deficit and selling public assets lies in the nature of the government paper that is handed to the private sector, but the macroeconomic consequences of a fiscal deficit on the economy are...', 'disp' => '<p style="text-align:justify">-The Indian Express</p><p style="text-align:justify"><em>The only difference between a fiscal deficit and selling public assets lies in the nature of the government paper that is handed to the private sector, but the macroeconomic consequences of a fiscal deficit on the economy are no different from those of selling public assets.</em></p><p style="text-align:justify">The government has adduced no reasons for the proposed privatisation of several public sector assets other than to generate resources for its spending. Let us see what such a fiscal strategy involves.</p><p style="text-align:justify">Nobody buys public sector assets by skimping on consumption. Nor does one buy such assets by skimping on investment: Current investment expenditure depends on decisions taken in the past and is more or less pre-determined. It is only investment decisions that are taken today for fructification tomorrow that may be scaled down by such a purchase; and if investment decisions taken today are scaled-down, then it is an authentic case of &ldquo;crowding out&rdquo; and such a strategy should be avoided anyway.</p><p style="text-align:justify">Selling public sector assets therefore does not &ldquo;release&rdquo; any resources from private use for government spending. The resources the government obtains by spending the sale proceeds of public assets are none other than the resources lying idle in the economy. Output that could have been produced by utilising idle capacity and unemployed labour, but is not produced because of lack of demand, now gets produced as demand gets generated by government spending financed by the sale of public assets. One can visualise the entire process as follows. The government borrows say Rs 100 from banks, uses it for spending, and then sells public assets worth Rs 100 to raise this money and return it to the banks, so that its net indebtedness does not go up.</p><p style="text-align:justify">Please <a href="https://indianexpress.com/article/opinion/columns/privatisation-public-sector-units-banks-india-fiscal-deficit-economy-nirmala-sitharaman-7243710/" title="https://indianexpress.com/article/opinion/columns/privatisation-public-sector-units-banks-india-fiscal-deficit-economy-nirmala-sitharaman-7243710/">click here</a> to read more.</p>', 'lang' => 'English', 'SITE_URL' => 'https://im4change.in/', 'site_title' => 'im4change', 'adminprix' => 'admin' ] $article_current = object(App\Model\Entity\Article) { 'id' => (int) 58901, 'title' => 'Why privatising public assets is poor economics, impetus to greater wealth inequality -Prabhat Patnaik', 'subheading' => null, 'description' => '<p style="text-align:justify">-The Indian Express</p> <p style="text-align:justify"><em>The only difference between a fiscal deficit and selling public assets lies in the nature of the government paper that is handed to the private sector, but the macroeconomic consequences of a fiscal deficit on the economy are no different from those of selling public assets.</em></p> <p style="text-align:justify">The government has adduced no reasons for the proposed privatisation of several public sector assets other than to generate resources for its spending. Let us see what such a fiscal strategy involves.</p> <p style="text-align:justify">Nobody buys public sector assets by skimping on consumption. Nor does one buy such assets by skimping on investment: Current investment expenditure depends on decisions taken in the past and is more or less pre-determined. It is only investment decisions that are taken today for fructification tomorrow that may be scaled down by such a purchase; and if investment decisions taken today are scaled-down, then it is an authentic case of &ldquo;crowding out&rdquo; and such a strategy should be avoided anyway.</p> <p style="text-align:justify">Selling public sector assets therefore does not &ldquo;release&rdquo; any resources from private use for government spending. The resources the government obtains by spending the sale proceeds of public assets are none other than the resources lying idle in the economy. Output that could have been produced by utilising idle capacity and unemployed labour, but is not produced because of lack of demand, now gets produced as demand gets generated by government spending financed by the sale of public assets. One can visualise the entire process as follows. The government borrows say Rs 100 from banks, uses it for spending, and then sells public assets worth Rs 100 to raise this money and return it to the banks, so that its net indebtedness does not go up.</p> <p style="text-align:justify">Please <a href="https://indianexpress.com/article/opinion/columns/privatisation-public-sector-units-banks-india-fiscal-deficit-economy-nirmala-sitharaman-7243710/">click here</a> to read more.</p> ', 'credit_writer' => 'The Indian Express, 25 March, 2021, https://indianexpress.com/article/opinion/columns/privatisation-public-sector-units-banks-india-fiscal-deficit-economy-nirmala-sitharaman-7243710/', 'article_img' => '', 'article_img_thumb' => '', 'status' => (int) 1, 'show_on_home' => (int) 1, 'lang' => 'EN', 'category_id' => (int) 16, 'tag_keyword' => '', 'seo_url' => 'why-privatising-public-assets-is-poor-economics-impetus-to-greater-wealth-inequality-prabhat-patnaik', 'meta_title' => '', 'meta_keywords' => '', 'meta_description' => '', 'noindex' => (int) 1, 'publish_date' => object(Cake\I18n\FrozenDate) {}, 'most_visit_section_id' => null, 'article_big_img' => null, 'liveid' => null, 'created' => object(Cake\I18n\FrozenTime) {}, 'modified' => object(Cake\I18n\FrozenTime) {}, 'edate' => '', 'tags' => [ (int) 0 => object(Cake\ORM\Entity) {}, (int) 1 => object(Cake\ORM\Entity) {}, (int) 2 => object(Cake\ORM\Entity) {}, (int) 3 => object(Cake\ORM\Entity) {}, (int) 4 => object(Cake\ORM\Entity) {}, (int) 5 => object(Cake\ORM\Entity) {}, (int) 6 => object(Cake\ORM\Entity) {}, (int) 7 => object(Cake\ORM\Entity) {}, (int) 8 => object(Cake\ORM\Entity) {} ], 'category' => object(App\Model\Entity\Category) {}, '[new]' => false, '[accessible]' => [ '*' => true, 'id' => false ], '[dirty]' => [], '[original]' => [], '[virtual]' => [], '[hasErrors]' => false, '[errors]' => [], '[invalid]' => [], '[repository]' => 'Articles' } $articleid = (int) 58901 $metaTitle = 'LATEST NEWS UPDATES | Why privatising public assets is poor economics, impetus to greater wealth inequality -Prabhat Patnaik' $metaKeywords = 'Bond,Equity,Fiscal Deficit,Public Sector Assets,Public Sector Banks,Public Sector Units,Wealth Inequality,Wealth Tax,Profit Tax' $metaDesc = '-The Indian Express The only difference between a fiscal deficit and selling public assets lies in the nature of the government paper that is handed to the private sector, but the macroeconomic consequences of a fiscal deficit on the economy are...' $disp = '<p style="text-align:justify">-The Indian Express</p><p style="text-align:justify"><em>The only difference between a fiscal deficit and selling public assets lies in the nature of the government paper that is handed to the private sector, but the macroeconomic consequences of a fiscal deficit on the economy are no different from those of selling public assets.</em></p><p style="text-align:justify">The government has adduced no reasons for the proposed privatisation of several public sector assets other than to generate resources for its spending. Let us see what such a fiscal strategy involves.</p><p style="text-align:justify">Nobody buys public sector assets by skimping on consumption. Nor does one buy such assets by skimping on investment: Current investment expenditure depends on decisions taken in the past and is more or less pre-determined. It is only investment decisions that are taken today for fructification tomorrow that may be scaled down by such a purchase; and if investment decisions taken today are scaled-down, then it is an authentic case of &ldquo;crowding out&rdquo; and such a strategy should be avoided anyway.</p><p style="text-align:justify">Selling public sector assets therefore does not &ldquo;release&rdquo; any resources from private use for government spending. The resources the government obtains by spending the sale proceeds of public assets are none other than the resources lying idle in the economy. Output that could have been produced by utilising idle capacity and unemployed labour, but is not produced because of lack of demand, now gets produced as demand gets generated by government spending financed by the sale of public assets. One can visualise the entire process as follows. The government borrows say Rs 100 from banks, uses it for spending, and then sells public assets worth Rs 100 to raise this money and return it to the banks, so that its net indebtedness does not go up.</p><p style="text-align:justify">Please <a href="https://indianexpress.com/article/opinion/columns/privatisation-public-sector-units-banks-india-fiscal-deficit-economy-nirmala-sitharaman-7243710/" title="https://indianexpress.com/article/opinion/columns/privatisation-public-sector-units-banks-india-fiscal-deficit-economy-nirmala-sitharaman-7243710/">click here</a> to read more.</p>' $lang = 'English' $SITE_URL = 'https://im4change.in/' $site_title = 'im4change' $adminprix = 'admin'</pre><pre class="stack-trace">include - APP/Template/Layout/printlayout.ctp, line 8 Cake\View\View::_evaluate() - CORE/src/View/View.php, line 1413 Cake\View\View::_render() - CORE/src/View/View.php, line 1374 Cake\View\View::renderLayout() - CORE/src/View/View.php, line 927 Cake\View\View::render() - CORE/src/View/View.php, line 885 Cake\Controller\Controller::render() - CORE/src/Controller/Controller.php, line 791 Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 126 Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94 Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235 Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65 Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162 Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65 Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 88 Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65 Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96 Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65 Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51</pre></div></pre>latest-news-updates/why-privatising-public-assets-is-poor-economics-impetus-to-greater-wealth-inequality-prabhat-patnaik.html"/> <meta http-equiv="Content-Type" content="text/html; charset=utf-8"/> <link href="https://im4change.in/css/control.css" rel="stylesheet" type="text/css" media="all"/> <title>LATEST NEWS UPDATES | Why privatising public assets is poor economics, impetus to greater wealth inequality -Prabhat Patnaik | Im4change.org</title> <meta name="description" content="-The Indian Express The only difference between a fiscal deficit and selling public assets lies in the nature of the government paper that is handed to the private sector, but the macroeconomic consequences of a fiscal deficit on the economy are..."/> <script src="https://im4change.in/js/jquery-1.10.2.js"></script> <script type="text/javascript" src="https://im4change.in/js/jquery-migrate.min.js"></script> <script language="javascript" type="text/javascript"> $(document).ready(function () { var img = $("img")[0]; // Get my img elem var pic_real_width, pic_real_height; $("<img/>") // Make in memory copy of image to avoid css issues .attr("src", $(img).attr("src")) .load(function () { pic_real_width = this.width; // Note: $(this).width() will not pic_real_height = this.height; // work for in memory images. }); }); </script> <style type="text/css"> @media screen { div.divFooter { display: block; } } @media print { .printbutton { display: none !important; } } </style> </head> <body> <table cellpadding="0" cellspacing="0" border="0" width="98%" align="center"> <tr> <td class="top_bg"> <div class="divFooter"> <img src="https://im4change.in/images/logo1.jpg" height="59" border="0" alt="Resource centre on India's rural distress" style="padding-top:14px;"/> </div> </td> </tr> <tr> <td id="topspace"> </td> </tr> <tr id="topspace"> <td> </td> </tr> <tr> <td height="50" style="border-bottom:1px solid #000; padding-top:10px;" class="printbutton"> <form><input type="button" value=" Print this page " onclick="window.print();return false;"/></form> </td> </tr> <tr> <td width="100%"> <h1 class="news_headlines" style="font-style:normal"> <strong>Why privatising public assets is poor economics, impetus to greater wealth inequality -Prabhat Patnaik</strong></h1> </td> </tr> <tr> <td width="100%" style="font-family:Arial, 'Segoe Script', 'Segoe UI', sans-serif, serif"><font size="3"> <p style="text-align:justify">-The Indian Express</p><p style="text-align:justify"><em>The only difference between a fiscal deficit and selling public assets lies in the nature of the government paper that is handed to the private sector, but the macroeconomic consequences of a fiscal deficit on the economy are no different from those of selling public assets.</em></p><p style="text-align:justify">The government has adduced no reasons for the proposed privatisation of several public sector assets other than to generate resources for its spending. Let us see what such a fiscal strategy involves.</p><p style="text-align:justify">Nobody buys public sector assets by skimping on consumption. Nor does one buy such assets by skimping on investment: Current investment expenditure depends on decisions taken in the past and is more or less pre-determined. It is only investment decisions that are taken today for fructification tomorrow that may be scaled down by such a purchase; and if investment decisions taken today are scaled-down, then it is an authentic case of “crowding out” and such a strategy should be avoided anyway.</p><p style="text-align:justify">Selling public sector assets therefore does not “release” any resources from private use for government spending. The resources the government obtains by spending the sale proceeds of public assets are none other than the resources lying idle in the economy. Output that could have been produced by utilising idle capacity and unemployed labour, but is not produced because of lack of demand, now gets produced as demand gets generated by government spending financed by the sale of public assets. One can visualise the entire process as follows. The government borrows say Rs 100 from banks, uses it for spending, and then sells public assets worth Rs 100 to raise this money and return it to the banks, so that its net indebtedness does not go up.</p><p style="text-align:justify">Please <a href="https://indianexpress.com/article/opinion/columns/privatisation-public-sector-units-banks-india-fiscal-deficit-economy-nirmala-sitharaman-7243710/" title="https://indianexpress.com/article/opinion/columns/privatisation-public-sector-units-banks-india-fiscal-deficit-economy-nirmala-sitharaman-7243710/">click here</a> to read more.</p> </font> </td> </tr> <tr> <td> </td> </tr> <tr> <td height="50" style="border-top:1px solid #000; border-bottom:1px solid #000;padding-top:10px;"> <form><input type="button" value=" Print this page " onclick="window.print();return false;"/></form> </td> </tr> </table></body> </html>' } $reasonPhrase = 'OK'header - [internal], line ?? Cake\Http\ResponseEmitter::emitStatusLine() - CORE/src/Http/ResponseEmitter.php, line 148 Cake\Http\ResponseEmitter::emit() - CORE/src/Http/ResponseEmitter.php, line 54 Cake\Http\Server::emit() - CORE/src/Http/Server.php, line 141 [main] - ROOT/webroot/index.php, line 39
Warning (2): Cannot modify header information - headers already sent by (output started at /home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php:853) [CORE/src/Http/ResponseEmitter.php, line 181]Notice (8): Undefined variable: urlPrefix [APP/Template/Layout/printlayout.ctp, line 8]Code Context$value
), $first);
$first = false;
$response = object(Cake\Http\Response) { 'status' => (int) 200, 'contentType' => 'text/html', 'headers' => [ 'Content-Type' => [ [maximum depth reached] ] ], 'file' => null, 'fileRange' => [], 'cookies' => object(Cake\Http\Cookie\CookieCollection) {}, 'cacheDirectives' => [], 'body' => '<!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd"> <html xmlns="http://www.w3.org/1999/xhtml"> <head> <link rel="canonical" href="https://im4change.in/<pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr67f1023400746-trace').style.display = (document.getElementById('cakeErr67f1023400746-trace').style.display == 'none' ? '' : 'none');"><b>Notice</b> (8)</a>: Undefined variable: urlPrefix [<b>APP/Template/Layout/printlayout.ctp</b>, line <b>8</b>]<div id="cakeErr67f1023400746-trace" class="cake-stack-trace" style="display: none;"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr67f1023400746-code').style.display = (document.getElementById('cakeErr67f1023400746-code').style.display == 'none' ? '' : 'none')">Code</a> <a href="javascript:void(0);" onclick="document.getElementById('cakeErr67f1023400746-context').style.display = (document.getElementById('cakeErr67f1023400746-context').style.display == 'none' ? '' : 'none')">Context</a><pre id="cakeErr67f1023400746-code" class="cake-code-dump" style="display: none;"><code><span style="color: #000000"><span style="color: #0000BB"></span><span style="color: #007700"><</span><span style="color: #0000BB">head</span><span style="color: #007700">> </span></span></code> <span class="code-highlight"><code><span style="color: #000000"> <link rel="canonical" href="<span style="color: #0000BB"><?php </span><span style="color: #007700">echo </span><span style="color: #0000BB">Configure</span><span style="color: #007700">::</span><span style="color: #0000BB">read</span><span style="color: #007700">(</span><span style="color: #DD0000">'SITE_URL'</span><span style="color: #007700">); </span><span style="color: #0000BB">?><?php </span><span style="color: #007700">echo </span><span style="color: #0000BB">$urlPrefix</span><span style="color: #007700">;</span><span style="color: #0000BB">?><?php </span><span style="color: #007700">echo </span><span style="color: #0000BB">$article_current</span><span style="color: #007700">-></span><span style="color: #0000BB">category</span><span style="color: #007700">-></span><span style="color: #0000BB">slug</span><span style="color: #007700">; </span><span style="color: #0000BB">?></span>/<span style="color: #0000BB"><?php </span><span style="color: #007700">echo </span><span style="color: #0000BB">$article_current</span><span style="color: #007700">-></span><span style="color: #0000BB">seo_url</span><span style="color: #007700">; </span><span style="color: #0000BB">?></span>.html"/> </span></code></span> <code><span style="color: #000000"><span style="color: #0000BB"> </span><span style="color: #007700"><</span><span style="color: #0000BB">meta http</span><span style="color: #007700">-</span><span style="color: #0000BB">equiv</span><span style="color: #007700">=</span><span style="color: #DD0000">"Content-Type" </span><span style="color: #0000BB">content</span><span style="color: #007700">=</span><span style="color: #DD0000">"text/html; charset=utf-8"</span><span style="color: #007700">/> </span></span></code></pre><pre id="cakeErr67f1023400746-context" class="cake-context" style="display: none;">$viewFile = '/home/brlfuser/public_html/src/Template/Layout/printlayout.ctp' $dataForView = [ 'article_current' => object(App\Model\Entity\Article) { 'id' => (int) 58901, 'title' => 'Why privatising public assets is poor economics, impetus to greater wealth inequality -Prabhat Patnaik', 'subheading' => null, 'description' => '<p style="text-align:justify">-The Indian Express</p> <p style="text-align:justify"><em>The only difference between a fiscal deficit and selling public assets lies in the nature of the government paper that is handed to the private sector, but the macroeconomic consequences of a fiscal deficit on the economy are no different from those of selling public assets.</em></p> <p style="text-align:justify">The government has adduced no reasons for the proposed privatisation of several public sector assets other than to generate resources for its spending. Let us see what such a fiscal strategy involves.</p> <p style="text-align:justify">Nobody buys public sector assets by skimping on consumption. Nor does one buy such assets by skimping on investment: Current investment expenditure depends on decisions taken in the past and is more or less pre-determined. It is only investment decisions that are taken today for fructification tomorrow that may be scaled down by such a purchase; and if investment decisions taken today are scaled-down, then it is an authentic case of &ldquo;crowding out&rdquo; and such a strategy should be avoided anyway.</p> <p style="text-align:justify">Selling public sector assets therefore does not &ldquo;release&rdquo; any resources from private use for government spending. The resources the government obtains by spending the sale proceeds of public assets are none other than the resources lying idle in the economy. Output that could have been produced by utilising idle capacity and unemployed labour, but is not produced because of lack of demand, now gets produced as demand gets generated by government spending financed by the sale of public assets. One can visualise the entire process as follows. The government borrows say Rs 100 from banks, uses it for spending, and then sells public assets worth Rs 100 to raise this money and return it to the banks, so that its net indebtedness does not go up.</p> <p style="text-align:justify">Please <a href="https://indianexpress.com/article/opinion/columns/privatisation-public-sector-units-banks-india-fiscal-deficit-economy-nirmala-sitharaman-7243710/">click here</a> to read more.</p> ', 'credit_writer' => 'The Indian Express, 25 March, 2021, https://indianexpress.com/article/opinion/columns/privatisation-public-sector-units-banks-india-fiscal-deficit-economy-nirmala-sitharaman-7243710/', 'article_img' => '', 'article_img_thumb' => '', 'status' => (int) 1, 'show_on_home' => (int) 1, 'lang' => 'EN', 'category_id' => (int) 16, 'tag_keyword' => '', 'seo_url' => 'why-privatising-public-assets-is-poor-economics-impetus-to-greater-wealth-inequality-prabhat-patnaik', 'meta_title' => '', 'meta_keywords' => '', 'meta_description' => '', 'noindex' => (int) 1, 'publish_date' => object(Cake\I18n\FrozenDate) {}, 'most_visit_section_id' => null, 'article_big_img' => null, 'liveid' => null, 'created' => object(Cake\I18n\FrozenTime) {}, 'modified' => object(Cake\I18n\FrozenTime) {}, 'edate' => '', 'tags' => [ [maximum depth reached] ], 'category' => object(App\Model\Entity\Category) {}, '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[hasErrors]' => false, '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'Articles' }, 'articleid' => (int) 58901, 'metaTitle' => 'LATEST NEWS UPDATES | Why privatising public assets is poor economics, impetus to greater wealth inequality -Prabhat Patnaik', 'metaKeywords' => 'Bond,Equity,Fiscal Deficit,Public Sector Assets,Public Sector Banks,Public Sector Units,Wealth Inequality,Wealth Tax,Profit Tax', 'metaDesc' => '-The Indian Express The only difference between a fiscal deficit and selling public assets lies in the nature of the government paper that is handed to the private sector, but the macroeconomic consequences of a fiscal deficit on the economy are...', 'disp' => '<p style="text-align:justify">-The Indian Express</p><p style="text-align:justify"><em>The only difference between a fiscal deficit and selling public assets lies in the nature of the government paper that is handed to the private sector, but the macroeconomic consequences of a fiscal deficit on the economy are no different from those of selling public assets.</em></p><p style="text-align:justify">The government has adduced no reasons for the proposed privatisation of several public sector assets other than to generate resources for its spending. Let us see what such a fiscal strategy involves.</p><p style="text-align:justify">Nobody buys public sector assets by skimping on consumption. Nor does one buy such assets by skimping on investment: Current investment expenditure depends on decisions taken in the past and is more or less pre-determined. It is only investment decisions that are taken today for fructification tomorrow that may be scaled down by such a purchase; and if investment decisions taken today are scaled-down, then it is an authentic case of &ldquo;crowding out&rdquo; and such a strategy should be avoided anyway.</p><p style="text-align:justify">Selling public sector assets therefore does not &ldquo;release&rdquo; any resources from private use for government spending. The resources the government obtains by spending the sale proceeds of public assets are none other than the resources lying idle in the economy. Output that could have been produced by utilising idle capacity and unemployed labour, but is not produced because of lack of demand, now gets produced as demand gets generated by government spending financed by the sale of public assets. One can visualise the entire process as follows. The government borrows say Rs 100 from banks, uses it for spending, and then sells public assets worth Rs 100 to raise this money and return it to the banks, so that its net indebtedness does not go up.</p><p style="text-align:justify">Please <a href="https://indianexpress.com/article/opinion/columns/privatisation-public-sector-units-banks-india-fiscal-deficit-economy-nirmala-sitharaman-7243710/" title="https://indianexpress.com/article/opinion/columns/privatisation-public-sector-units-banks-india-fiscal-deficit-economy-nirmala-sitharaman-7243710/">click here</a> to read more.</p>', 'lang' => 'English', 'SITE_URL' => 'https://im4change.in/', 'site_title' => 'im4change', 'adminprix' => 'admin' ] $article_current = object(App\Model\Entity\Article) { 'id' => (int) 58901, 'title' => 'Why privatising public assets is poor economics, impetus to greater wealth inequality -Prabhat Patnaik', 'subheading' => null, 'description' => '<p style="text-align:justify">-The Indian Express</p> <p style="text-align:justify"><em>The only difference between a fiscal deficit and selling public assets lies in the nature of the government paper that is handed to the private sector, but the macroeconomic consequences of a fiscal deficit on the economy are no different from those of selling public assets.</em></p> <p style="text-align:justify">The government has adduced no reasons for the proposed privatisation of several public sector assets other than to generate resources for its spending. Let us see what such a fiscal strategy involves.</p> <p style="text-align:justify">Nobody buys public sector assets by skimping on consumption. Nor does one buy such assets by skimping on investment: Current investment expenditure depends on decisions taken in the past and is more or less pre-determined. It is only investment decisions that are taken today for fructification tomorrow that may be scaled down by such a purchase; and if investment decisions taken today are scaled-down, then it is an authentic case of &ldquo;crowding out&rdquo; and such a strategy should be avoided anyway.</p> <p style="text-align:justify">Selling public sector assets therefore does not &ldquo;release&rdquo; any resources from private use for government spending. The resources the government obtains by spending the sale proceeds of public assets are none other than the resources lying idle in the economy. Output that could have been produced by utilising idle capacity and unemployed labour, but is not produced because of lack of demand, now gets produced as demand gets generated by government spending financed by the sale of public assets. One can visualise the entire process as follows. The government borrows say Rs 100 from banks, uses it for spending, and then sells public assets worth Rs 100 to raise this money and return it to the banks, so that its net indebtedness does not go up.</p> <p style="text-align:justify">Please <a href="https://indianexpress.com/article/opinion/columns/privatisation-public-sector-units-banks-india-fiscal-deficit-economy-nirmala-sitharaman-7243710/">click here</a> to read more.</p> ', 'credit_writer' => 'The Indian Express, 25 March, 2021, https://indianexpress.com/article/opinion/columns/privatisation-public-sector-units-banks-india-fiscal-deficit-economy-nirmala-sitharaman-7243710/', 'article_img' => '', 'article_img_thumb' => '', 'status' => (int) 1, 'show_on_home' => (int) 1, 'lang' => 'EN', 'category_id' => (int) 16, 'tag_keyword' => '', 'seo_url' => 'why-privatising-public-assets-is-poor-economics-impetus-to-greater-wealth-inequality-prabhat-patnaik', 'meta_title' => '', 'meta_keywords' => '', 'meta_description' => '', 'noindex' => (int) 1, 'publish_date' => object(Cake\I18n\FrozenDate) {}, 'most_visit_section_id' => null, 'article_big_img' => null, 'liveid' => null, 'created' => object(Cake\I18n\FrozenTime) {}, 'modified' => object(Cake\I18n\FrozenTime) {}, 'edate' => '', 'tags' => [ (int) 0 => object(Cake\ORM\Entity) {}, (int) 1 => object(Cake\ORM\Entity) {}, (int) 2 => object(Cake\ORM\Entity) {}, (int) 3 => object(Cake\ORM\Entity) {}, (int) 4 => object(Cake\ORM\Entity) {}, (int) 5 => object(Cake\ORM\Entity) {}, (int) 6 => object(Cake\ORM\Entity) {}, (int) 7 => object(Cake\ORM\Entity) {}, (int) 8 => object(Cake\ORM\Entity) {} ], 'category' => object(App\Model\Entity\Category) {}, '[new]' => false, '[accessible]' => [ '*' => true, 'id' => false ], '[dirty]' => [], '[original]' => [], '[virtual]' => [], '[hasErrors]' => false, '[errors]' => [], '[invalid]' => [], '[repository]' => 'Articles' } $articleid = (int) 58901 $metaTitle = 'LATEST NEWS UPDATES | Why privatising public assets is poor economics, impetus to greater wealth inequality -Prabhat Patnaik' $metaKeywords = 'Bond,Equity,Fiscal Deficit,Public Sector Assets,Public Sector Banks,Public Sector Units,Wealth Inequality,Wealth Tax,Profit Tax' $metaDesc = '-The Indian Express The only difference between a fiscal deficit and selling public assets lies in the nature of the government paper that is handed to the private sector, but the macroeconomic consequences of a fiscal deficit on the economy are...' $disp = '<p style="text-align:justify">-The Indian Express</p><p style="text-align:justify"><em>The only difference between a fiscal deficit and selling public assets lies in the nature of the government paper that is handed to the private sector, but the macroeconomic consequences of a fiscal deficit on the economy are no different from those of selling public assets.</em></p><p style="text-align:justify">The government has adduced no reasons for the proposed privatisation of several public sector assets other than to generate resources for its spending. Let us see what such a fiscal strategy involves.</p><p style="text-align:justify">Nobody buys public sector assets by skimping on consumption. Nor does one buy such assets by skimping on investment: Current investment expenditure depends on decisions taken in the past and is more or less pre-determined. It is only investment decisions that are taken today for fructification tomorrow that may be scaled down by such a purchase; and if investment decisions taken today are scaled-down, then it is an authentic case of &ldquo;crowding out&rdquo; and such a strategy should be avoided anyway.</p><p style="text-align:justify">Selling public sector assets therefore does not &ldquo;release&rdquo; any resources from private use for government spending. The resources the government obtains by spending the sale proceeds of public assets are none other than the resources lying idle in the economy. Output that could have been produced by utilising idle capacity and unemployed labour, but is not produced because of lack of demand, now gets produced as demand gets generated by government spending financed by the sale of public assets. One can visualise the entire process as follows. The government borrows say Rs 100 from banks, uses it for spending, and then sells public assets worth Rs 100 to raise this money and return it to the banks, so that its net indebtedness does not go up.</p><p style="text-align:justify">Please <a href="https://indianexpress.com/article/opinion/columns/privatisation-public-sector-units-banks-india-fiscal-deficit-economy-nirmala-sitharaman-7243710/" title="https://indianexpress.com/article/opinion/columns/privatisation-public-sector-units-banks-india-fiscal-deficit-economy-nirmala-sitharaman-7243710/">click here</a> to read more.</p>' $lang = 'English' $SITE_URL = 'https://im4change.in/' $site_title = 'im4change' $adminprix = 'admin'</pre><pre class="stack-trace">include - APP/Template/Layout/printlayout.ctp, line 8 Cake\View\View::_evaluate() - CORE/src/View/View.php, line 1413 Cake\View\View::_render() - CORE/src/View/View.php, line 1374 Cake\View\View::renderLayout() - CORE/src/View/View.php, line 927 Cake\View\View::render() - CORE/src/View/View.php, line 885 Cake\Controller\Controller::render() - CORE/src/Controller/Controller.php, line 791 Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 126 Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94 Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235 Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65 Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162 Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65 Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 88 Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65 Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96 Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65 Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51</pre></div></pre>latest-news-updates/why-privatising-public-assets-is-poor-economics-impetus-to-greater-wealth-inequality-prabhat-patnaik.html"/> <meta http-equiv="Content-Type" content="text/html; charset=utf-8"/> <link href="https://im4change.in/css/control.css" rel="stylesheet" type="text/css" media="all"/> <title>LATEST NEWS UPDATES | Why privatising public assets is poor economics, impetus to greater wealth inequality -Prabhat Patnaik | Im4change.org</title> <meta name="description" content="-The Indian Express The only difference between a fiscal deficit and selling public assets lies in the nature of the government paper that is handed to the private sector, but the macroeconomic consequences of a fiscal deficit on the economy are..."/> <script src="https://im4change.in/js/jquery-1.10.2.js"></script> <script type="text/javascript" src="https://im4change.in/js/jquery-migrate.min.js"></script> <script language="javascript" type="text/javascript"> $(document).ready(function () { var img = $("img")[0]; // Get my img elem var pic_real_width, pic_real_height; $("<img/>") // Make in memory copy of image to avoid css issues .attr("src", $(img).attr("src")) .load(function () { pic_real_width = this.width; // Note: $(this).width() will not pic_real_height = this.height; // work for in memory images. }); }); </script> <style type="text/css"> @media screen { div.divFooter { display: block; } } @media print { .printbutton { display: none !important; } } </style> </head> <body> <table cellpadding="0" cellspacing="0" border="0" width="98%" align="center"> <tr> <td class="top_bg"> <div class="divFooter"> <img src="https://im4change.in/images/logo1.jpg" height="59" border="0" alt="Resource centre on India's rural distress" style="padding-top:14px;"/> </div> </td> </tr> <tr> <td id="topspace"> </td> </tr> <tr id="topspace"> <td> </td> </tr> <tr> <td height="50" style="border-bottom:1px solid #000; padding-top:10px;" class="printbutton"> <form><input type="button" value=" Print this page " onclick="window.print();return false;"/></form> </td> </tr> <tr> <td width="100%"> <h1 class="news_headlines" style="font-style:normal"> <strong>Why privatising public assets is poor economics, impetus to greater wealth inequality -Prabhat Patnaik</strong></h1> </td> </tr> <tr> <td width="100%" style="font-family:Arial, 'Segoe Script', 'Segoe UI', sans-serif, serif"><font size="3"> <p style="text-align:justify">-The Indian Express</p><p style="text-align:justify"><em>The only difference between a fiscal deficit and selling public assets lies in the nature of the government paper that is handed to the private sector, but the macroeconomic consequences of a fiscal deficit on the economy are no different from those of selling public assets.</em></p><p style="text-align:justify">The government has adduced no reasons for the proposed privatisation of several public sector assets other than to generate resources for its spending. Let us see what such a fiscal strategy involves.</p><p style="text-align:justify">Nobody buys public sector assets by skimping on consumption. Nor does one buy such assets by skimping on investment: Current investment expenditure depends on decisions taken in the past and is more or less pre-determined. It is only investment decisions that are taken today for fructification tomorrow that may be scaled down by such a purchase; and if investment decisions taken today are scaled-down, then it is an authentic case of “crowding out” and such a strategy should be avoided anyway.</p><p style="text-align:justify">Selling public sector assets therefore does not “release” any resources from private use for government spending. The resources the government obtains by spending the sale proceeds of public assets are none other than the resources lying idle in the economy. Output that could have been produced by utilising idle capacity and unemployed labour, but is not produced because of lack of demand, now gets produced as demand gets generated by government spending financed by the sale of public assets. One can visualise the entire process as follows. The government borrows say Rs 100 from banks, uses it for spending, and then sells public assets worth Rs 100 to raise this money and return it to the banks, so that its net indebtedness does not go up.</p><p style="text-align:justify">Please <a href="https://indianexpress.com/article/opinion/columns/privatisation-public-sector-units-banks-india-fiscal-deficit-economy-nirmala-sitharaman-7243710/" title="https://indianexpress.com/article/opinion/columns/privatisation-public-sector-units-banks-india-fiscal-deficit-economy-nirmala-sitharaman-7243710/">click here</a> to read more.</p> </font> </td> </tr> <tr> <td> </td> </tr> <tr> <td height="50" style="border-top:1px solid #000; border-bottom:1px solid #000;padding-top:10px;"> <form><input type="button" value=" Print this page " onclick="window.print();return false;"/></form> </td> </tr> </table></body> </html>' } $cookies = [] $values = [ (int) 0 => 'text/html; charset=UTF-8' ] $name = 'Content-Type' $first = true $value = 'text/html; charset=UTF-8'header - [internal], line ?? Cake\Http\ResponseEmitter::emitHeaders() - CORE/src/Http/ResponseEmitter.php, line 181 Cake\Http\ResponseEmitter::emit() - CORE/src/Http/ResponseEmitter.php, line 55 Cake\Http\Server::emit() - CORE/src/Http/Server.php, line 141 [main] - ROOT/webroot/index.php, line 39
<head>
<link rel="canonical" href="<?php echo Configure::read('SITE_URL'); ?><?php echo $urlPrefix;?><?php echo $article_current->category->slug; ?>/<?php echo $article_current->seo_url; ?>.html"/>
<meta http-equiv="Content-Type" content="text/html; charset=utf-8"/>
$viewFile = '/home/brlfuser/public_html/src/Template/Layout/printlayout.ctp' $dataForView = [ 'article_current' => object(App\Model\Entity\Article) { 'id' => (int) 58901, 'title' => 'Why privatising public assets is poor economics, impetus to greater wealth inequality -Prabhat Patnaik', 'subheading' => null, 'description' => '<p style="text-align:justify">-The Indian Express</p> <p style="text-align:justify"><em>The only difference between a fiscal deficit and selling public assets lies in the nature of the government paper that is handed to the private sector, but the macroeconomic consequences of a fiscal deficit on the economy are no different from those of selling public assets.</em></p> <p style="text-align:justify">The government has adduced no reasons for the proposed privatisation of several public sector assets other than to generate resources for its spending. Let us see what such a fiscal strategy involves.</p> <p style="text-align:justify">Nobody buys public sector assets by skimping on consumption. Nor does one buy such assets by skimping on investment: Current investment expenditure depends on decisions taken in the past and is more or less pre-determined. It is only investment decisions that are taken today for fructification tomorrow that may be scaled down by such a purchase; and if investment decisions taken today are scaled-down, then it is an authentic case of “crowding out” and such a strategy should be avoided anyway.</p> <p style="text-align:justify">Selling public sector assets therefore does not “release” any resources from private use for government spending. The resources the government obtains by spending the sale proceeds of public assets are none other than the resources lying idle in the economy. Output that could have been produced by utilising idle capacity and unemployed labour, but is not produced because of lack of demand, now gets produced as demand gets generated by government spending financed by the sale of public assets. One can visualise the entire process as follows. The government borrows say Rs 100 from banks, uses it for spending, and then sells public assets worth Rs 100 to raise this money and return it to the banks, so that its net indebtedness does not go up.</p> <p style="text-align:justify">Please <a href="https://indianexpress.com/article/opinion/columns/privatisation-public-sector-units-banks-india-fiscal-deficit-economy-nirmala-sitharaman-7243710/">click here</a> to read more.</p> ', 'credit_writer' => 'The Indian Express, 25 March, 2021, https://indianexpress.com/article/opinion/columns/privatisation-public-sector-units-banks-india-fiscal-deficit-economy-nirmala-sitharaman-7243710/', 'article_img' => '', 'article_img_thumb' => '', 'status' => (int) 1, 'show_on_home' => (int) 1, 'lang' => 'EN', 'category_id' => (int) 16, 'tag_keyword' => '', 'seo_url' => 'why-privatising-public-assets-is-poor-economics-impetus-to-greater-wealth-inequality-prabhat-patnaik', 'meta_title' => '', 'meta_keywords' => '', 'meta_description' => '', 'noindex' => (int) 1, 'publish_date' => object(Cake\I18n\FrozenDate) {}, 'most_visit_section_id' => null, 'article_big_img' => null, 'liveid' => null, 'created' => object(Cake\I18n\FrozenTime) {}, 'modified' => object(Cake\I18n\FrozenTime) {}, 'edate' => '', 'tags' => [ [maximum depth reached] ], 'category' => object(App\Model\Entity\Category) {}, '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[hasErrors]' => false, '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'Articles' }, 'articleid' => (int) 58901, 'metaTitle' => 'LATEST NEWS UPDATES | Why privatising public assets is poor economics, impetus to greater wealth inequality -Prabhat Patnaik', 'metaKeywords' => 'Bond,Equity,Fiscal Deficit,Public Sector Assets,Public Sector Banks,Public Sector Units,Wealth Inequality,Wealth Tax,Profit Tax', 'metaDesc' => '-The Indian Express The only difference between a fiscal deficit and selling public assets lies in the nature of the government paper that is handed to the private sector, but the macroeconomic consequences of a fiscal deficit on the economy are...', 'disp' => '<p style="text-align:justify">-The Indian Express</p><p style="text-align:justify"><em>The only difference between a fiscal deficit and selling public assets lies in the nature of the government paper that is handed to the private sector, but the macroeconomic consequences of a fiscal deficit on the economy are no different from those of selling public assets.</em></p><p style="text-align:justify">The government has adduced no reasons for the proposed privatisation of several public sector assets other than to generate resources for its spending. Let us see what such a fiscal strategy involves.</p><p style="text-align:justify">Nobody buys public sector assets by skimping on consumption. Nor does one buy such assets by skimping on investment: Current investment expenditure depends on decisions taken in the past and is more or less pre-determined. It is only investment decisions that are taken today for fructification tomorrow that may be scaled down by such a purchase; and if investment decisions taken today are scaled-down, then it is an authentic case of “crowding out” and such a strategy should be avoided anyway.</p><p style="text-align:justify">Selling public sector assets therefore does not “release” any resources from private use for government spending. The resources the government obtains by spending the sale proceeds of public assets are none other than the resources lying idle in the economy. Output that could have been produced by utilising idle capacity and unemployed labour, but is not produced because of lack of demand, now gets produced as demand gets generated by government spending financed by the sale of public assets. One can visualise the entire process as follows. The government borrows say Rs 100 from banks, uses it for spending, and then sells public assets worth Rs 100 to raise this money and return it to the banks, so that its net indebtedness does not go up.</p><p style="text-align:justify">Please <a href="https://indianexpress.com/article/opinion/columns/privatisation-public-sector-units-banks-india-fiscal-deficit-economy-nirmala-sitharaman-7243710/" title="https://indianexpress.com/article/opinion/columns/privatisation-public-sector-units-banks-india-fiscal-deficit-economy-nirmala-sitharaman-7243710/">click here</a> to read more.</p>', 'lang' => 'English', 'SITE_URL' => 'https://im4change.in/', 'site_title' => 'im4change', 'adminprix' => 'admin' ] $article_current = object(App\Model\Entity\Article) { 'id' => (int) 58901, 'title' => 'Why privatising public assets is poor economics, impetus to greater wealth inequality -Prabhat Patnaik', 'subheading' => null, 'description' => '<p style="text-align:justify">-The Indian Express</p> <p style="text-align:justify"><em>The only difference between a fiscal deficit and selling public assets lies in the nature of the government paper that is handed to the private sector, but the macroeconomic consequences of a fiscal deficit on the economy are no different from those of selling public assets.</em></p> <p style="text-align:justify">The government has adduced no reasons for the proposed privatisation of several public sector assets other than to generate resources for its spending. Let us see what such a fiscal strategy involves.</p> <p style="text-align:justify">Nobody buys public sector assets by skimping on consumption. Nor does one buy such assets by skimping on investment: Current investment expenditure depends on decisions taken in the past and is more or less pre-determined. It is only investment decisions that are taken today for fructification tomorrow that may be scaled down by such a purchase; and if investment decisions taken today are scaled-down, then it is an authentic case of “crowding out” and such a strategy should be avoided anyway.</p> <p style="text-align:justify">Selling public sector assets therefore does not “release” any resources from private use for government spending. The resources the government obtains by spending the sale proceeds of public assets are none other than the resources lying idle in the economy. Output that could have been produced by utilising idle capacity and unemployed labour, but is not produced because of lack of demand, now gets produced as demand gets generated by government spending financed by the sale of public assets. One can visualise the entire process as follows. The government borrows say Rs 100 from banks, uses it for spending, and then sells public assets worth Rs 100 to raise this money and return it to the banks, so that its net indebtedness does not go up.</p> <p style="text-align:justify">Please <a href="https://indianexpress.com/article/opinion/columns/privatisation-public-sector-units-banks-india-fiscal-deficit-economy-nirmala-sitharaman-7243710/">click here</a> to read more.</p> ', 'credit_writer' => 'The Indian Express, 25 March, 2021, https://indianexpress.com/article/opinion/columns/privatisation-public-sector-units-banks-india-fiscal-deficit-economy-nirmala-sitharaman-7243710/', 'article_img' => '', 'article_img_thumb' => '', 'status' => (int) 1, 'show_on_home' => (int) 1, 'lang' => 'EN', 'category_id' => (int) 16, 'tag_keyword' => '', 'seo_url' => 'why-privatising-public-assets-is-poor-economics-impetus-to-greater-wealth-inequality-prabhat-patnaik', 'meta_title' => '', 'meta_keywords' => '', 'meta_description' => '', 'noindex' => (int) 1, 'publish_date' => object(Cake\I18n\FrozenDate) {}, 'most_visit_section_id' => null, 'article_big_img' => null, 'liveid' => null, 'created' => object(Cake\I18n\FrozenTime) {}, 'modified' => object(Cake\I18n\FrozenTime) {}, 'edate' => '', 'tags' => [ (int) 0 => object(Cake\ORM\Entity) {}, (int) 1 => object(Cake\ORM\Entity) {}, (int) 2 => object(Cake\ORM\Entity) {}, (int) 3 => object(Cake\ORM\Entity) {}, (int) 4 => object(Cake\ORM\Entity) {}, (int) 5 => object(Cake\ORM\Entity) {}, (int) 6 => object(Cake\ORM\Entity) {}, (int) 7 => object(Cake\ORM\Entity) {}, (int) 8 => object(Cake\ORM\Entity) {} ], 'category' => object(App\Model\Entity\Category) {}, '[new]' => false, '[accessible]' => [ '*' => true, 'id' => false ], '[dirty]' => [], '[original]' => [], '[virtual]' => [], '[hasErrors]' => false, '[errors]' => [], '[invalid]' => [], '[repository]' => 'Articles' } $articleid = (int) 58901 $metaTitle = 'LATEST NEWS UPDATES | Why privatising public assets is poor economics, impetus to greater wealth inequality -Prabhat Patnaik' $metaKeywords = 'Bond,Equity,Fiscal Deficit,Public Sector Assets,Public Sector Banks,Public Sector Units,Wealth Inequality,Wealth Tax,Profit Tax' $metaDesc = '-The Indian Express The only difference between a fiscal deficit and selling public assets lies in the nature of the government paper that is handed to the private sector, but the macroeconomic consequences of a fiscal deficit on the economy are...' $disp = '<p style="text-align:justify">-The Indian Express</p><p style="text-align:justify"><em>The only difference between a fiscal deficit and selling public assets lies in the nature of the government paper that is handed to the private sector, but the macroeconomic consequences of a fiscal deficit on the economy are no different from those of selling public assets.</em></p><p style="text-align:justify">The government has adduced no reasons for the proposed privatisation of several public sector assets other than to generate resources for its spending. Let us see what such a fiscal strategy involves.</p><p style="text-align:justify">Nobody buys public sector assets by skimping on consumption. Nor does one buy such assets by skimping on investment: Current investment expenditure depends on decisions taken in the past and is more or less pre-determined. It is only investment decisions that are taken today for fructification tomorrow that may be scaled down by such a purchase; and if investment decisions taken today are scaled-down, then it is an authentic case of “crowding out” and such a strategy should be avoided anyway.</p><p style="text-align:justify">Selling public sector assets therefore does not “release” any resources from private use for government spending. The resources the government obtains by spending the sale proceeds of public assets are none other than the resources lying idle in the economy. Output that could have been produced by utilising idle capacity and unemployed labour, but is not produced because of lack of demand, now gets produced as demand gets generated by government spending financed by the sale of public assets. One can visualise the entire process as follows. The government borrows say Rs 100 from banks, uses it for spending, and then sells public assets worth Rs 100 to raise this money and return it to the banks, so that its net indebtedness does not go up.</p><p style="text-align:justify">Please <a href="https://indianexpress.com/article/opinion/columns/privatisation-public-sector-units-banks-india-fiscal-deficit-economy-nirmala-sitharaman-7243710/" title="https://indianexpress.com/article/opinion/columns/privatisation-public-sector-units-banks-india-fiscal-deficit-economy-nirmala-sitharaman-7243710/">click here</a> to read more.</p>' $lang = 'English' $SITE_URL = 'https://im4change.in/' $site_title = 'im4change' $adminprix = 'admin'
include - APP/Template/Layout/printlayout.ctp, line 8 Cake\View\View::_evaluate() - CORE/src/View/View.php, line 1413 Cake\View\View::_render() - CORE/src/View/View.php, line 1374 Cake\View\View::renderLayout() - CORE/src/View/View.php, line 927 Cake\View\View::render() - CORE/src/View/View.php, line 885 Cake\Controller\Controller::render() - CORE/src/Controller/Controller.php, line 791 Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 126 Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94 Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235 Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65 Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162 Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65 Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 88 Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65 Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96 Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65 Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
![]() |
Why privatising public assets is poor economics, impetus to greater wealth inequality -Prabhat Patnaik |
-The Indian Express The only difference between a fiscal deficit and selling public assets lies in the nature of the government paper that is handed to the private sector, but the macroeconomic consequences of a fiscal deficit on the economy are no different from those of selling public assets. The government has adduced no reasons for the proposed privatisation of several public sector assets other than to generate resources for its spending. Let us see what such a fiscal strategy involves. Nobody buys public sector assets by skimping on consumption. Nor does one buy such assets by skimping on investment: Current investment expenditure depends on decisions taken in the past and is more or less pre-determined. It is only investment decisions that are taken today for fructification tomorrow that may be scaled down by such a purchase; and if investment decisions taken today are scaled-down, then it is an authentic case of “crowding out” and such a strategy should be avoided anyway. Selling public sector assets therefore does not “release” any resources from private use for government spending. The resources the government obtains by spending the sale proceeds of public assets are none other than the resources lying idle in the economy. Output that could have been produced by utilising idle capacity and unemployed labour, but is not produced because of lack of demand, now gets produced as demand gets generated by government spending financed by the sale of public assets. One can visualise the entire process as follows. The government borrows say Rs 100 from banks, uses it for spending, and then sells public assets worth Rs 100 to raise this money and return it to the banks, so that its net indebtedness does not go up. Please click here to read more. |