Prabhat Patnaik Jammu and Kashmir was the first state in the country to introduce land reforms. There were two components of J&K’s land reforms. First, the system of absentee landlordism,that had prevailed during the Maharaja’s time was completely done away with. The land of the absentee...
Prabhat Patnaik The hallmark of a systemic, as distinct from a cyclical or sporadic, crisis of capitalism is that every effort to resolve the crisis within the broad confines of the system, defined in terms of its prevailing class configuration, only worsens the crisis. It is in this...
C. P. Chandrasekhar and Jayati Ghosh August 27, 2019 Two years after its implementation, the extent to which the Goods and Services Tax (GST) regime is an improvement upon the earlier system of multiple excise and sales taxes remains unclear. As of now, there are several worrying...
Tejvan Pettinger What do we mean by balanced economic growth? Also, is it important for an economy to promote a balanced approach to growth? A balanced economy suggests that economic growth is sustainable in the long-term, and the economy is also growing across different sectors – and...
The balanced growth theory can be explained with the views of: (a) Rosenstein Rodan and (b) Ragnar Nurkse and (c) Lewis (A) Views of Rosenstein Rodan: In 1943 article, Rosenstein Rodan propounded this theory but without using the term balanced growth. He stated that the Social Marginal Product (SMP) of...
C. P. Chandrasekhar On 31 July, the United States Federal Reserve System (US Fed) announced its decision to cut its benchmark short-term interest rate by one quarter of a percentage point to a target range between 2% and 2.25%. It also announced that it would put...
C.P. Chandrasekhar The Indian government’s effort to resolve by force its banking crisis with the help of the Insolvency and Bankruptcy Code (IBC) has hit yet another roadblock. Even when major secured creditors agree to a resolution plan, because they have to take a smaller haircut...
"Cultural phenomenon" redirects here. For other cultural phenomena, see culture. A literal "bandwagon", from which the metaphor is derived. The bandwagon effect is a phenomenon whereby the rate of uptake of beliefs, ideas, fads and trends increases the more that they have already been adopted by others. In other words, the bandwagon...
Anis Chowdhury and Jomo Kwame Sundaram According to their own internal evaluations, both the World Bank (WB) and the International Monetary Fund (IMF) have huge credibility deficits due to the policy conditionalities and advice they have dispensed to developing countries in recent decades. Washington Consensus Taking advantage of...
Basic situation: Two identical countries (A and B) have different initial factor endowments. Autarky equilibrium ( ): no trade, individual production equals consumption. Trade equilibrium: both countries consume the same ( ), especially beyond their own Production–possibility frontier; production and consumption points are divergent. The Heckscher–Ohlin model (H–O model) is a general equilibrium mathematical model of international...