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Economics beyond the Economists
If inclusive growth and development are to be economically and politically sustainable, they cannot rely only upon ex post transfer measures. This is the fundamental error in conception that growth is to be followed by "redistribution". Inclusivity must be anchored in a productive process characterised by the wide distribution of productive capabilities and thereby of the fruits of growth. An exploration of the "growth vs distribution" debate.
I would like to acknowledge the encouragement and kind comments of Tanweer Akram, Jayati Ghosh, Anjali Mody, Akbar Noman, Rathin Roy, S Subramanian and Vela Velupillai.
Recently, Jagdish Bhagwati and his collaborator Arvind Panagariya have accused Amartya Sen of showing insufficient regard for the importance of economic growth. Quite apart from the questions of individual intellectual responsibility that are involved, there are issues of public interest raised by the resulting debate.
Growth vs Redistribution
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