Economics is a fascinating subject. The so called dismal science has over the years come up with several models and theories that explain “the economy”. At the base of this magnificent edifice, however, lie some shaky assumptions.

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India recently re-affirmed it’s stance on climate change when external affairs minister S M Krishna addressed a round table at the climate change summit organized by the UN. The minister said that India’s carbon emissions will never exceed that of the developed countries in per-capita terms. He also slammed the west for leading “unsustainable lifestyles” that caused the problem.

In simple terms, India’s stance is “climate change? Ain’t my problem!”.

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