New Delhi, Aug. 30 -- Every Independence Day, Indian prime ministers have paid homage to the nation's freedom fighters from the ramparts of the Red Fort. This year, Prime Minister Narendra Modi called on the nation to honour wealth creators. Wealthy people, who were alarmed by the finance minister's recent statements and Modi's actions (demonetization was designed to hurt the rich, he had said), were reassured that he seemed to have shed his socialist ideas. The logic for lauding the wealthy is that the country needs them to create more wealth before it is redistributed. The assumption is: The only way to grow the economy is to first grow the top and then make wealth flow to the bottom. An alternative would be to induce more growth at the b...