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Lazy Doctrine

Lazy Doctrine Phiroze B Medhora Economic Liberalisation, Industrial Structure and Growth in India edited by Ashok Guha; Oxford University Press, Delhi, 1990; pp 246, Rs 180.

Planning After the Approach Paper

Planning: After the Approach Paper Phiroze B Medhora Now that it has, in its Approach Paper, clearly defined the social values which are to guide planning in the next five years, the Planning Commission has to provide a professional focus to the concrete issues and tasks of development.

For Every Crisis

For Every Crisis Phiroze B Medhora The Crisis in Keynesian Economics by John Hicks; Oxford University Press, Delhi; pp 85; Rs 12. THE three lectures were given some time in the middle of 1873. Their relevancy to current economic problems, as also the relevance of Keynes' "General Theory" to these problems, can hardly be doubted. Hicks argues that if the world did not face a crisis after the Second World War of the kind it had faced after the First World War, and if there was reasonable full employment and growth during the fifties and sixties, it was partly due to the application of Keynes' ideas and concepts in the post-Second-War situation. In the first lecture on saving, investment and the multiplier, Hicks refers to two major factors which affect the multiplier: first, the existence of stocks, and second, in an open economy, the existence of foreign exchange reserves. By a neat analysis. Hicks shows that the two are in effect interchangeable, and influence the value of the multiplier, lie deals mainly with the role of price expectations and their impact on stock-holding, bringing in the concepts of fixprice and fiexprice which determine the response of the market to a change in demand.

An Indian Tragedy

An Indian Tragedy Phiroze B Medhora The Bokaro Steel Plant:: A Study of Soviet Economicby Padma Desai; North Holland Publishing Co, 1972; pp Assistance xvii+108.

Approach to the Fifth Plan-Issues and Pseudo-Issues

Issues and Pseudo-Issues Phiroze B Medhora For the first time since the Mahalanobis plan-frame, the formulation of the Fifth Plan has been preceded by a great debate on the objectives and rationale of planning.

Need We Stand Economic Theory on Its Head

Need We Stand Economic Theory on Its Head ? Phiroze B Medhora IN his article entitled "Let Us Stand Economic Theory on Its Head" (Insight, January 1972), Mahbub ul Haq has called for rethinking on the accepted theory of economic development. According to him, the accepted theory stands for maximising the rate of growth (of income or production) leaving the benefits of growth to percolate through to all classes of the population. Mahbub ul Haq argues that such a system creates its own vested interests which prevent the percolation of the benefits to all classes of the population. He also argues that given the specificity of factors, factors devoted to the production of (or transformed into) high- income consumption goods, cannot be used to produce mass-consumption goods and do not lead to the economic welfare of the poorer classes.

Misplaced Accent on External Balance

Phiroze B Medhora The analysis of the inefficiencies of the Indian economic system by Jagdish Bhagwati and Padma Desai is focused almost exclusively on the international trade account, when in fact the causes of India's difficulties have to be sought elsewhere.

Poverty in India-A Comment

A Comment Phiroze B Medhora THE study by V M Dandekar and Nilakantha Rath ("Poverty in India" January 2 and 9, 1971) provides a systematic analysis of the profile of poverty in India in the second decade of planning and trends in it under planning. It raises some issues of detail and methodology as also a broad issue m growth economics, which I would like to deal with here.

Economic Forecasting in India

Phiroze B Medhora The planning system has created widespread interest in annual economic forecasting which has now become something of a pastime among economists and research organisations.

The Cloistered Nun

The Cloistered Nun Phiroze B Medhora History of the Reserve Bank of India (1935-51), prepared by S L N Simha; Resell Bank of India, Bombay, 1970; pp xxix + 878; Rs 50.

Economic Development Revisited-The SID Conference

December 6, 1969 ment to dabble in economic policy formulation when the Planning Commission is not mobilised for this task. If outside expertise is to be associated, let the Planning Commission stir itself to arrange it! If there is a drag in the Planning Commission, change its composition, its method of work, but let it not be unemployed like so much other material in the country.

Bible on Project Appraisal

Bible on Project Appraisal Phiroze B Medhora Economic Development Projects and their Appraisal

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