ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846
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Economic Growth and Employment

The fact that an economy, even when it experiences a higher growth rate in the capitalist segment, is saddled with an increasing unemployment rate, goes against the grain of conventional growth theory as indeed of the basic presumption underlying policymaking. In India, for instance, faced with growing misery in the midst of accelerating growth, the standard response has been that such "exclusion" will disappear if the growth rate can be further accelerated. The proposition that an acceleration of the growth rate in the capitalist segment will be accompanied by an increase in unemployment in the economy as a whole, which is the basic element underlying poverty (as Marx had recognised), cuts at the foundation of all such claims.

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