Recently I had the pleasure of hearing a lecture by a very young and upcoming economist M R Venkatesh who also writes in different prestigious economic journals and websites. His lecture was on the prevailing economic crisis and its basic cause and prevention. If I strip the economical, financial and political jargon out of the speech his core reason for the crisis was the Reckless Spending my Americans and their habit of overspending and over consumption. He attributed these habits to a catastrophically broken family system in which about 80 per cent of children live with a step-father or step-mother.
He later also acknowledged that the Indian economy owing to its strong family system saves about 30 per cent of its GDP and this is attributed to the savings by the