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

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The Theorist's Tools

Essays for Anjan Mukherji, Dimensions of Economic Theory and Policy edited by Krishnendu Ghosh Dastidar, Hiranya Mukhopadhyay and Uday Bhanu Sinha (New Delhi: Oxford University Press), 2011; pp 370, Rs 895.

End of Share Market Boom Likely Fail-Out

Amal Sanyal The stock market boom, based as it was on little more than expectation of continuous capital appreciation, was bound to be short-lived, but both the disillusionment of the small investors and the scope for redeployment of the big operators' resources have important implications for the economy.

Savings, Risk Capital and Public Borrowing

Savings, Risk Capital and Public Borrowing Amal Sanyal FROM the promise that we have a large volume of savings currently, two conclusions seem to be derived in policy-making circles rather wishfully. One is that a substantial amount of additional resource can be raised through public borrowing with only marginal increase in the yield rate of government papers, and the second is that the flow of risk capital directly from households to corporations can be significantly increased by only properly reorganising the functioning of the stock market. If true, both of these will ease the government's financial problem, the first directly with larger public borrowing and the second indirectly by reducing the pressure on public financial institutions to provide risk capital. Some recent experiences in the capital market can throw some light on these two suppositions.

Stock Market and Financial Institutions

Stock Market and Financial Institutions Amal Sanyal THE growth in the size of the stock market over the last few years and the variegated postures taken by the public sector financial institutions towards the market raises issues of some political interest.

Borrowing from the Rich

Borrowing from the Rich Amal Sanyal RECENTLY the Union government is seeking to reduce its borrowing from the RBI, as a matter of policy, not by increasing direct taxes, nor by reducing its wasteful consumption or the items of budgetary transfer to the rich, but by directly borrowing from the public. Borrowing from the public is of course an inoffensive expression to mean borrowing from the rich. Since the largest items in the recent Union budgets are transfers to the rich and the payment of salary and perks to the bureaucracy and the government servants in the higher brackets of income, this policy in plain words can be described as borrowing from the rich in order to maintain the consumption of the rich. From the point of view of common- sense the policy certainly looks a trifle curious in that it seeks to pay the rich a stream of interest receipts for the expenses incurred on maintaining mostly their own living standard. The following is an attempt to examine the various implications of this course somewhat more closely.

A Disequilibrium Model of the Long-Run

February 16, 1985 nomic base typically continued to be agricultural activities. Under these circumstances, they may be inclined towards productive, accumulation even at the cost of gradual erosion of their forced commercial and moneylending activities. Under different historical circumstances, as in parts of the eastern zone, where a trading, moneylending class gradually develop rentiers' interest in land, their economic business largely continues to be 'forced commerce' " (p 138).

Liquidity, Prices and Growth-A Note

Liquidity, Prices and Growth A Note Prabhat Patnaik Amal Sanyal This note tries to outline briefly a theoretical framework for analysing the interaction between the monetary and the real sectors of an economy like ours. This framework differs both from the Keynesian and the monetarist ones.

Keynesian Unemployment by Accident

Keynesian Unemployment by Accident Amal Sanyal THE present review of Malinvaud's book "The Theory of Unemployment Reconsidered"1 is somewhat belated, given the pace of research in this area of economic theory. However, research into the microfoundations of aggregative theory has acquired enormous importance in our time, both because of the alleged success of Keynesian policies for around three decades, and its failure more recently. This provides an excuse for the present discussion.

Marx s Theory of Money

Marx's Theory of Money Amal Sanyal WRITTEN in the style of a monograph this small volume looks, as is clear from its title, at Marx's theory of money. In the first part, the author discusses the way in which the question of money has been posed in volume I of "Capital"

The Inflationary Process Some Theoretical Comments

The Inflationary Process: Some Theoretical Comments Prabbat Patnaik S K Rao Amal Sanyal It has been argued that the recent inflation in India cannot be explained only in terms of high levels of government spending in the face of inadequate levels of agricultural (especially foodgrains) production; that, in addition, prices have been pushed up owing to speculative stock-holding engendered by the upward revisions of the minimum support or procurement prices for foodgrains. Accelerating inflation has therefore gone hand in hand with addition to the level of stocks held for speculative reasons.

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