ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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A K Dasgupta on Gandhi and the Economics of Austerity

A K Dasgupta spent his lifetime teaching and researching on the classical, marginalist and Keynesian theories of value and distribution associated with the writings of Smith, Ricardo, Marx, Marshall and Keynes. In the last part of his life he was much attracted to the writings of M K Gandhi as well as the notion of austerity contained in the writings of David Ricardo and John Stuart Mill. The questions Gandhi had raised still continue to be astonishingly relevant. This article briefly explores this literature.

William Baumol (1922–2017)

William Baumol made seminal contributions in many areas of economics, in understanding externalities, the economics of performing arts, entrepreneurship, and the notion of fairness, to name a few. He identified the “cost disease” of rising relative costs of services such as education, healthcare, and opera singing, where the human component is the key to the delivery of the service. Baumol had a profound understanding of the history of economic thought that sought to explain the real world.

EPW: A Unique Journal

The Economic & Political Weekly has been able to successfully raise, elaborate and theorise on those aspects of economic and social reality that one finds around oneself. And it has been successful to a remarkable degree. Of course, one also comes across some academic economists who regard themselves as purists, and when it comes to EPW, have an attitude of disdain for the kind of writing it employs. This should be regarded as par for the course.

Revisiting India's Growth and Development

I G Patel's lifelong concern was to think about framing and implementing policies to lift India from the morass of low per capita income and low levels of social indicators to that of a country which was economically strong and one which would be able to hold its own in the comity of nations. This called for growth at a rapid pace, but, as he always emphasised, in a manner which would necessarily pay adequate attention to the welfare of the poorest sections. It was this which was his abiding concern.

Keynes Reconsidered

Keynesian Reflections: Effective Demand, Money, Finance and Policies in the Crisis edited by Toshiaki Hirai, Maria Cristina Marcuzzo and Perry Mehrling, New Delhi, Oxford University Press, 2013; pp xxiv + 317, Rs 850.

A Refreshingly New Perspective

Economics: A Primer for India by G Omkarnath (Hyderabad: Orient Blackswan), 2012; pp xix +271, Rs 325.

From Biography to Political Economy

India: A Portrait by Patrick French (New Delhi: Penguin Books), 2011; pp xii+436, Rs 699.

Indian Economy in 2011: Dualism in Policy Formulation

Our policymakers face a dilemma: should we have adequate food and nutrition for all or should we have world-class airport terminals? In an ideal world, one could possibly have them both. But if there are limited resources and there is a question of setting priorities, then surely it should be possible to hold the view that the former should get precedence. Well-trained neoclassical economists can often employ much abstract modelling to prove the opposite.

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