"Prime Minister Manmohan Singh's appeal to the industry to resist paying exorbitant salaries to its senior executives to reduce conspicuous consumption is impracticable. As one responsible for initiating the economic reforms and implementing them for a large part of over a decade-and-a half - propagating the trickle down theory and the market-as-penacia for all economic ills - who is Dr. Singh trying to convince? Did he not ignore the advice that the reforms he and his coterieinitiated would give rise to glaring inequalitis? " What is trickle down theory in the above paragraph?
'Trickle down' is the idea that if people are the top-end of the economy are doing well, money will move down through the economy to the poorer people.