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

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Macroeconomics in The Economy

The Economy is a worthwhile initiative that seeks to teach students about the economy, as opposed to teaching economics. The macroeconomic aspects of the textbook are critically scrutinised to understand what is being taught, and how different the treatment is from extant approaches.

Markets, Growth and Social Opportunity

Since 1991, there has been an acceleration of economic growth accompanied by a widening of the range of consumer goods produced, together with improvement in the quality of services available. Furthermore, the economy has passed through the longest period since 1947 without facing balance-of-payments stress. However, not all sectors of the economy have shown the same dynamism, with the performance of agriculture actually becoming a cause for concern. The unequal distribution of social opportunity has meant that this shortcoming has left a significant section of the population in a low-income trap. What underlies this outcome is examined and what is needed to correct the imbalance is proposed.

Budget without Heft

Budget 2016-17 correctly recognises that the economy is facing a demand slowdown but fails to back this up with necessary expenditure to boost aggregate demand. Guided by its programme of fiscal consolidation, the government has almost frozen public investment in order to achieve the targeted deficit for 2016-17. While its proclamation to improve ordinary lives is welcome, a rearrangement of deep-rooted structures of public expenditure in India is required to achieve this.

'The Great Reversal'

With reference to my article “The Great Reversal: A Macro Story” (EPW, 24 May 2014), Rangeet Ghosh of the Office of the Chief Economic Adviser, Ministry of Finance, has pointed out that in the most recent version of the source cited by me for Table 4, the figures for public and private capital...

Kerala and the Rest of India

Kerala has shown that it is possible to improve the quality of life of a people even at low levels of per capita income through efficient provisioning of public services in health and education. At the national level there has been a dramatic alteration of production possibilities achieved by intelligent public policy intervention supported by determined resource mobilisation. We now see that what is needed across India's states is a greater synergy between these two approaches.

The Great Reversal

Adverse supply shocks in agriculture have contributed to the slowdown of the Indian economy and the inflation surge. A decline in public capital formation has also played a part in the slowdown. However, the contribution of the widening fiscal deficit is less clear-cut. A revival of growth calls for an easing of the constraints in the farm sector and larger public investment outlays, accompanied by higher public savings.

Goods and Power in the Progress of Nations

An Uncertain Glory: India and Its Contradictions by Jean Dreze and Amartya Sen (England and New York: Allen Lane, Penguin Group), 2013; pp xiii + 433 , £20.

A House for the Social Sciences

For the first time since the creation of the Indian Council of Social Science Research in the 1970s, the Government of India set up, in 2010, a committee to review the functioning of the council. The four articles in this special section, three of them by directors of ICSSR institutes, discuss different aspects of the report of the committee. The first article commends the quality of analysis and the recommendation to correct the current niggardly government financing of the ICSSR but asks why there has been no discussion of the quality of research and accountability in the social science institutes.

Imagining an Economy of Plenty in Kerala

Land reforms in Kerala, far from being a remarkable success, have been a major failure. They were meant to redistribute land and not to improve productivity. It is time the state government considered ordering that redistributed land should be returned if the beneficiaries do not cultivate it and also reversing the existing anti-tenancy law. Kerala's food security demands that the state think afresh about its policies for land and production.

Social Science Research in India: Concerns and Proposals

The ICSSR is not responsible for the torpidity of social science research in India. Viewed from a perspective on research in economics, this article identifies two concerns (the inability to speak truth to power and the lack of autonomy) and makes three proposals (on apprenticeship, rank and leadership of institutions).

Economic Growth

Mudunuri Bharathi (‘Lack of Linkages’, December 8, 2007) is wrong to infer from our study that “…the sectors in the Indian economy with a sublime lack of interdependence may be performing as three unrelated engines.” Actually, our time-series econometric estimates bear out a recursive structure,...

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