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

K Vela VelupillaiSubscribe to K Vela Velupillai

Reflections on B P Adarkar's 'Years of High Theory' (1934-1941)

B P Adarkar's fundamental interwar contributions to the foundations of monetary theory and the theory of monetary policy, largely from the perspective of the evolution of Keynes's thoughts and insights into a monetary theory of production, are studied here sympathetically. A case is made that the issues at the frontiers of monetary macroeconomics--particularly, the nihilistic stance on monetary policy--can be criticised for illogical and empirically meaningless propositions, reflecting Adarkar's acute analysis during what this paper calls his "Years of High Theory" (1934-1941). Some conclusions are suggested on a revival of a Monetary Macroeconomic alternative to the varieties of orthodoxies now prevalent, based on Wicksell, Keynes--and Sraffa.

Universal Man: John Maynard Keynes

Universal Man: The Seven Lives of John Maynard Keynes by Richard Davenport-Hines, New York: Basic Books, 2015.

Richard Goodwin

From the mid-1950s to the mid-1960s, the well-known economist Richard Goodwin worked on India and began a lifelong association with the country. A description and discussion.

It Is Not Too Late

There is a case for awarding the Nobel Memorial Prize in Economic Sciences to Hirofumi Uzawa, Takashi Negishi and Herbert Scarf for their pioneering contributions towards making it formally possible to underpin the purest of pure economic theory in a rigorous, yet applicable sense.

Humane Economist

V Pandit’s warm tribute to the life and academic times of Lawrence Klein (EPW, 1 February 2014) is a wholly justified celebration of a distinguished economist’s lifelong contribution and dedication to concerned policy analysis, based on solid theory but underpinned by humane concerns. I would like...

Remembering Krishna Bharadwaj

On this, the 20th anniversary of the untimely death of Krishna Bharadwaj, this article tries to reconsider some theoretical aspects of her fundamental contributions to capital theory by showing how applicably relevant they are in modern contexts. Krishna Bharadwaj had an admirable mastery of Sraffi an methodology and remained loyal to that tradition in a most enlightened manner. Her theoretical contributions to Sraffi an scholarship enhanced and enlarged the frontiers of applicable capital theory. One particular application of two Bharadwaj Theorems is also considered in this article.

Bourbaki's Destructive Influence on the Mathematisation of Economics

The first appearance of a reference to a Bourbaki mathematical result was the spoof by D D Kosambi, published in the first volume of the "Bulletin of the Academy of Sciences of the United Provinces of Agra and Oudh", 80 years ago, although it was not the first reference to Bourbaki in a mathematical context. In mathematical economics there seems to be an increasing identification of Debreu's mathematisation of economics with Bourbakism, although the post-second world war mathematics of general equilibrium theory can be shown to be consistent also with the contributions of the Polish School of Mathematics in the interwar period. In this paper an attempt is made to summarise the story of the emergence of Bourbakism, originating in India, and its recent demise as well as how it played a destructive role in mathematising economics in one, uncompromisingly non-constructive, mode.

In Praise of Fostering Anarchy in Research and Teaching

In this paper I attempt to make a case for anarchy in research against the current practice of picking winners in universities at advanced levels of education and research. By considering a paradigmatic example of freedom in speculative intellectual activities leading to unintended consequences of enormous benefit to mankind, I try to substantiate a case for this. The example I consider is the way issues in the foundations of mathematics paved the way for what came to be known as the it revolution. It is a counter-factual narrative and may - hopefully, will - provide an antidote to the current orthodoxy's regimented non-vision of "picking winners", ex ante, without any historical substantiation.
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