What if those who argue for economic reforms are corrupt? Author: vsanthakumar I do consider myself as a practicing economist, and in that position, I see the usefulness of pro-market reforms in enhancing the efficiency of the supply of a number of goods and services, in certain contexts....
Arun Kumar The Union Budget 2019-20 is a full Budget in spite of the title of Interim Budget. The convention is that it should have been a Vote on Account to carry on the business of government for a few months till the full Budget is...
We, Indians, should accept the fact that ours is not a great economy or society's Author: vsanthakumar1 Indian sub-continent might have supported one of the great human civilizations in the past. However the majority of people who were part of such civilizations led a precarious life. The greatness...
Sunanda Sen The recent interim budget clearly reflects concerns that a majority of India’s people, especially in the agricultural and informal sector, have experienced hardship despite the on-going and relatively high growth in the economy. Palliatives designed to lessen these hardships include an annual grant of...
Introduction To Maximum Welfare Principle ↓ Richard Musgrave designates Dalton's Principle of 'Maximum Social Advantage' as the 'Maximum Welfare Principle of Budget Determination'. According to Musgrave, Dalton has proposed two principles of budget policy. The first is that resources should be distributed among different directions in such a way as to...
An emissions tax The purpose of this page is to describe an emissions tax (e.g., carbon tax) using the most basic of all environmental economic models. Consider a polluting firm that faces an increasing marginal abatement cost curve (click on the thumbnail for a larger picture). Left...
Prabhat Patnaik The Narendra Modi government has now carried its penchant for undermining institutions to the national budget itself. Not only has it treated what should have been an interim budget, as its tenure lasts barely two months into the new financial year, as a full-fledged...
Jomo Kwame Sundaram and Rosli Omar Owing to our varied circumstances and experiences, there are contradictory tendencies to either exaggerate or underestimate the power and importance of artificial intelligence (AI) in contemporary society. Nor should we uncritically legitimize everything AI can be used for, even if...
Freedom Is Future-Facing Free-market advocates must not be beguiled that technological change and disruption mean the end of capitalism. Conservatives and classical liberals face a challenge today similar to that faced by William F. Buckley Jr. at the founding of National Review as he stood athwart history yelling, “Stop!”...