C. P. Chandrasekhar and Jayati Ghosh World trade is in deceleration mode. After having recovered smartly from 2.3 and 1.6 per cent in 2015 and 2016 to 4.6 per cent in 2017, the growth in the volume of world merchandise trade slowed to 3.0 per cent...
Jomo Kwame Sundaram and Michael Lim Mah Hui The emergence and growth of financialization from the 1980s has been driven by several factors operating at various levels – national and international, ideological and political, and of course, technological. The 1971 collapse of the Bretton Woods (BW)...
Jomo Kwame Sundaram At the risk of reiterating what should be obvious, the question of private or public ownership is distinct from the issue of competition or market forces. Despite the misleading claim that privatization promotes competition, it is competition policy, not privatization, that promotes competition. Privatization...
Tejvan Pettinger What does it mean to talk of labour market slack? And how is it measured? Essentially labour market slack is the shortfall between the volume of work desired by workers and the actual volume of work available. Labour market slack also determines the difficulty or ease...
Tejvan Pettinger Dynamic pricing is a method firms use to constantly adjust the price of goods/services depending on demand. For example, if there is a surge in demand, firms respond to the market data by increasing price. New technology has increased the scope for more variable...
Tejvan Pettinger A look at the extent to which policymakers face a trade-off between unemployment and inflation. The Phillips curve suggests there is a trade-off between inflation and unemployment, at least in the short term. Other economists argue the trade-off between inflation and unemployment is weak. Why...
Prabhat Patnaik I propose to go back in this piece to the Indian Air Force’s strikes against the terrorist camps at Balakot in Pakistan some weeks ago. My concern here is not with the event itself but with an intellectual position that was advanced at the...
C. P. Chandrasekhar and Jayait Ghosh As if all the bad news from the domestic economy were not enough, foreign trade data suggest worrisome trends on the external front as well. The latest report of monthly trade data from the Ministry of Commerce and Industry indicates...
Prabhat Patnaik May 27, 2019 The Index of Industrial Production has for the first time since June 2013 contracted in absolute terms by 0.1 percent in March 2019 compared to a year ago. This comes on top of a mere 0.07 percent increase in February, a 1.7...
Prabhat Patnaik May 31, 2019 Mainstream bourgeois economics which is what occupies a hegemonic position in the academic world today is often criticized for being “unreal”, for proceeding on the basis of assumptions that obviously do not correspond to reality. This criticism however, though valid, does not...