NEW DELHI, July 10 -- I traveled over the weekend to speak about the Indian economy in a pedagogy workshop on macroeconomics at Azim Premji University in what is euphemistically called Bengaluru. Even in the decade-long period when I formally studied economics, macroeconomic theory was not really my thing. But I do remember some of the ideas from my courses. One of them is the Life-Cycle Hypothesis, developed by Franco Modigliani and Richard Brumberg. It suggests that people tend to rationally plan their consumption and savings, aiming to smoothen it out over their lifetimes rather than tying it strictly to their current income. You borrow when you are young and earn little, save when you are at the peak of your career and use the savings...