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Markets, Power and Social Norms

Markets, Power and Social Norms Kaushik Basu The fundamental theorem of welfare economics, which states that, given some conditions, individual selfishness can lead to social optimally, is one of the most misused theorems in economics. Many policies are justified by citing this theorem, or rather folklore versions of it. Several technical reasons as to why the price mechanism may fail to function efficiently are well known.

India s Fiscal Policy Lobbies and Acquiescence

Kaushik Basu The Union Budget, 1985-86, has taken some positive steps for increasing industrial efficiency and growth. It has, however, an extremely high inflationary potential. It is also likely to worsen income distribution. This has been widely hailed as a 'bold' Budget, presumably because it gives large concessions. But that is precisely what this Budget is not because it does not require any boldness to give concessions to the rich and powerful. Where the Budget saves is in its allocation for rural employment programmes and other Plan items. This paper analyses the implications of these new fiscal policies.

Inflation and Evasion

Kaushik Basu The Union Budget 1984-85 has been acclaimed as one giving a variety of concessions. It is argued that some of these 'concessions' may not be concessions at all when viewed in the light of our double-digit inflation. Moreover, it is likely that this budget will fuel inflation, thereby removing in the long-run what minimal concessions the fixed-income classes may be receiving in the immediate future.

Measuring Economic Welfare

Measuring Economic Welfare Kaushik Basu understood by taking an example. The reader could try comparing A and B, the named goods structure of which arc shown below:

On Why We Do Not Try to Walk off without Paying after a Tax-Ride

high (burden on any country, taking into account its reserves. The bank idea is certainly worth pursuing but it is important that non- oil developing countries should have the courage to go it alone even if the oil exporting countries are, to start with, reluctant to participate. They are bound to join in good time.

The Budget A Critique of Its Rationale

Kaushik Basu The four main objectives of the Budget have been outlined by the Finance Minister as (a) raising production without fuelling inflation, (b) promoting exports and limiting imports, (c) curbing conspicuous consumption, and (d) encouraging savings.

Greying of Milton Friedman

Greying of Milton Friedman Kaushik Basu Free to Choose by Milton Friedman and Rose Friedman; Penguin, Harmondsworth. 1980. MlLTON FRIEDMAN's recent book, Tree to Choose", based on a much publicised BBC television series conducted by him in 1980, is a sequel to his earlier book ' Capitalism and Freedom" (also written jointly with his wife, Rose Gone are the well-honed analyses of his excellent microeconomics book 'Trice theory" and of a variety of essays on consumption, demand and uncertainty (the omission of 'methodology' is intentional). In this book there is only one unabashed and; to present capitalism and laissez at their seductive best.

Share, Size and Subsistence-Revisiting Some Old Controversies of Tenancy

The last fifteen years or so have seen a resumption of the debate over share-tenancy. An attempt is made in this paper to construct a theoretically vigorous model of tenancy based on assumptions which are realistic to India.

Food for Work-Some Economic and Political Consequences

From all accounts and studies, the Food For Work Programme (FFW) in India has been a moderate success. There is, however, nothing very original in our FFW. Similar schemes have been discussed by economists since long. Moreover, FFWs have been implemented in many less developed countries all over the world, and in many of them for a period longer than in India.

Food for Work Programmes Beyond Roads that Get Washed Away

that Get Washed Away Kaushik Basu The Food for Work Programme (FWP) in India provided 2,864 lakh mandays of jobs in 1978-79. This is equivalent to providing a year's employment to almost one million people.

Financing Economy-Wide Wage Subsidies

 Financing Economy-Wide Wage Subsidies A Response to Kesselman Kaushik Basu JONATHAN R KESSELMAN provides an extremely valuable survey of fiscal policies for employment generation ("Formulating Fiscal Policies to Expand Employment in Indian Industry", EPW December 1, 1979), This note is a response to his paper in general and his section V in particular, where he discusses at length the problems of financing wage subsidies in dual economy models of the Harris-Todaro (HT) type. The note argues that some of the conclusions reached by Kesselman in this section are. untenable; and it also reports on some of the recent researches in this area.

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