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

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Pierangelo Garegnani: A Tribute

Advances in neoclassical economics are often marked by fashions, new techniques masquerading as theory, and encroachments on other disciplines. In the event, a critical internal appraisal has eluded neoclassical theory. Neither economic crises of the real world nor complaints from sister disciplines seem to make much of a difference. Against this backdrop, Italian economist Pierangelo Garegnani's steadfast commitment to the scrutiny of fundamentals of economic theory is cause for celebration.

A Natural Leader

 A Natural Leader G Omkarnath Few economists of his generation, perhaps equally distinguished and no less committed to a new India, could still lay claim to the distinctive position of leadership that K N Raj occupied. His lifetime engagement with the Indian economy spanned, uniquely, all departments: teaching, research, policymaking and institution-building. More remarkably, he brought his leadership to bear on everything he touched. Leadership meant spotting and nurturing talent cutting across generations and social, regional and gender identities. It meant a bold assertion and self-abnegation at the same time. And it meant team play placing all his

Industrial Sickness: Trends and Patterns

This paper attempts to trace the trends and pattern in industrial sickness during the pre- and post-reform periods, especially in the large and medium sector. The study shows that while the first period (the 1980s) was dominated by an ailing small-scale sector, the post-reform period (the 1990s) was one of sickness in the large and medium sector. The onset of recession in 1997 had an apparent immediate effect on non-SSI sickness, but its effects on the small sector were visible only after a two-year lag, indicating perhaps the greater resilience of SSIs.

Explaining Gold Imports: A Comment

Explaining Gold Imports: A Comment G Omkarnath VAIDYANATHAN (EPW, February 20-26) estimates a sophisticated demand function for gold in India. Since domestic output of the metal is negligible, leaving consumption identical with imports, the demand function takes the form of an import function. Among other things, the exercise is informed by the policy imperative that gold imports suddenly present as an item second only to oil in the import bill. The model as specified is based on the premise that demand for gold arises primarily as investor demand. In other words, the preponderant source of demand is those households which look upon and use gold as a financial asset and hedging instrument. Other motives, such as jewellery, are recongnised but do not figure in the core of analysis. The purpose of this note is to show that the results of estimation, properly interpreted, subvert the model and its basic premise.
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