By Wang X.-H., Wen Zh.-X.

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Perhaps it looks to a cloudless sky, hoping for rain. Perhaps not. Either way, it carries 5000 years of history in its eyes. Or in its resigned expression, or something. The truth is that the millions of Indian farmers are—and this should really not have to be said—all as different from each other as are you and I. And even to the extent that they do the same thing, they labour under vastly different circumstances and with vastly different desires from place to place. There are too many types of Indian farmers to count, not one, and they have as many different interests and demands; and most of them are contradictory.

Except it’s difficult to see where they are going to get so many all at once. The scars left by decades of systemic indifference aren’t easily concealed. People take time to train. But surely bridges and roads are easier to build overnight than skilled regulators? Well, yes, they are. But so very many of them are needed that the sums quickly reach astronomical levels. Around 2012, the government found a number both astronomical, and nice and round. Before 2017, it announced, India would need $1 trillion to put into infrastructure.

Across the Hindi-speaking belt to the north, the biggest problem for manufacturers isn’t power supply, or bribery: it’s how to get the stuff they’ve made to the customer who’s expecting it. On one occasion, at a conference for exporters in Gurgaon, a man stood up from the floor to say his government had turned him into a liar. The rest of us assumed he was talking about taxes, or regulations, or something of that sort. But no. ‘I have to lie to my clients in Europe,’ he said. ‘Always I have to lie.

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A Capital Asset Pricing Model Under Stable Paretian Distributions in a Pure Exchange Economy by Wang X.-H., Wen Zh.-X.

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