On the "huge price of Street Politics"

India's only living Nobel Laureate, in a letter published in The Telegraph expresses his concern about his home state.

...for West Bengal as a whole, it would be a huge economic setback, if the Tatas do move out. Its impact would not be confined only to the economic loss from the withdrawal of investments of the Tatas and the ancillary producers, but also from the general sense across India that the politics of West Bengal makes it nearly impossible to base any new economic move in the state, and that the single-minded politics of the street can drive out any new enterprise.

That politics might change over time once the terrible consequences of industrial and economic stagnation are more widely appreciated and understood. But for the moment the political attraction of street activism seems dominant, supplemented intellectually by the old physiocratic illusion of prosperity grounded only on agriculture. The latter piece of romantic thought cannot but fade over time with the influence of realism (no country has ever achieved much prosperity on the basis of agriculture alone). But at this moment realism looks like a distant dream.

If nothing else, this might come in handy in the coming decades when we try to explain to our well-wishers how West Bengal managed to snatch precious poverty from the jaws of impending prosperity.