Learning from the Crisis
The article ‘Wall Street: Hoist With Its Own Petard’ (September 27) by D N Ghosh argues that it is lack of regulation that mainly led to the crisis. I do agree with his analysis; however, I also...
View ArticlePierangelo Garegnani: A Tribute
Advances in neoclassical economics are often marked by fashions, new techniques masquerading as theory, and encroachments on other disciplines. In the event, a critical internal appraisal has eluded...
View ArticleCantillon's Political Economy
The 18th century Irish economist, Richard Cantillon, made lasting contributions to economics, in particular, to classical economics. This note elucidates his conception of the economy as three...
View ArticleUsing an Aggregate Production Function
Pranjul Bhandari's use of the Cobb-Douglas production function in "Decoding the Growth Target" (EPW, 16 March 2013) suffers from two sets of interrelated methodological problems. The first one is at...
View ArticleOn Interest, Investment and Economic Growth
In “The Interest Rate Affair,” Sugata Marjit (EPW, 4 April 2015) points out the deficiency of one particular mainstream macroeconomic viewpoint. Marjit’s counterpoint, which we are in broad agreement...
View ArticleEconomic Survey 2014-15
The Economic Survey is an important economic document published every year by the Ministry of Finance. This article undertakes a critical assessment of the vision of economic growth embedded in the...
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