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

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On Interest, Investment and Economic Growth

In “The Interest Rate Affair,” Sugata Marjit (EPW, 4 April 2015) points out the deficiency of one particular mainstream macro­economic viewpoint. Marjit’s counterpoint, which we are in broad agreement with, is that a lower rate of interest does “not spur investments” because “[t]he rate of...

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.
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