This book presents a comprehensive overview of three key areas: heterodox macroeconomics, development economics and classical political economy. It offers an alternative macroeconomic framework to analyse policies with an emphasis on issues of equity and justice.
With contributions by leading economists from across the world, it examines the growth and distribution of income; trade and finance in developing countries; classical political economy and Marxist theory; dualism in the US economy; economic crisis; and agrarian economy in poor countries. It explores themes such as the effect of an exogenous shock to wage share; Harrodian instability and Steindlian solutions; economics and politics of social democracy; the role of power in the macroeconomy; economic development through the promotion of domestic value chains; and reflections on primitive accumulation. Going beyond the neo-classical tradition, the volume opens up a new vista of economics by discussing unexplored questions. It provides a refreshing treatment of time-tested ideas as well as discussions of recent developments and current research.
A major intervention in heterodox macroeconomics and a tribute to macroeconomist Amit Bhaduri, this book will be useful to scholars and researchers of economics, political economy, development studies, sociology, political science, public administration, economic theory, economic history, economic geography and critical studies, as well as professionals, economists and policymakers.
Table of Contents
Foreword by Duncan Foley
Deepankar Basu and Debarshi Das
Part I. Post-Keynesian Macroeconomics: Growth and Distribution
2. Power, Income Inequality and Economic Growth
Amitava Krishna Dutt
3. Harrodian Instability in Kaleckian Models and Steindlian Solutions: An Elementary Discussion
4. Conflict as Closure: A Kaleckian Model of Growth and Distribution Under Financialization
Srinivas Raghavendra and Petri T. Piiroinen
5. Aggregate Demand Policy in Mature and Dual Economies
6. Competition, Technical Change and Demand-Led Growth
7. The Economics and Politics of Social Democracy: An Update
8. What is the Impact of an Exogenous Shock to the Wage Share: VAR Results for the US Economy, 1973-2018
Deepankar Basu and Leila Gautham
Part II. Classical Political Economy: Conflict and Exploitation
9. ‘Superhuman Efforts’ and the Theory of Value and Distribution: Sraffa on Pareto
Heinz D. Kurz
10. Rosa Luxemburg, Mikhail Tugan-Baranovsky and the Current State of Economic Crisis
Tracy Mott and P. Sai-wing Ho
11. Some Reflections on 'Primitive Accumulation'
12. A Model of the Marxist Rent Theory
Part III. Duality and Underdevelopment
13. Rural Poor or Peasant-Proletarians: Agrarian Change and Labour Markets in Eastern United Provinces in the Colonial Period
14. Rising Inequality and Dualism in the US Economy: Evidence and Potential Explanations
Ivan Mendieta-Muñoz, Codrina Rada and Rudi von Arnim
15. India’s Growth Story: A Model of ‘Riskless Capitalism’?
Rohit Azad and Prasenjit Bose
16. Supporting Domestic Development Through Coordinating the Promotion of Domestic Value Chains
P. Sai-wing Ho
Deepankar Basu is Associate Professor in the Department of Economics at the University of Massachusetts Amherst, USA.
Debarshi Das is Associate Professor in the Department of Humanities and Social Sciences at the Indian Institute of Technology Guwahati, India.
Conflict, Demand and Economic Development: Essays in Honour of Amit Bhaduri demonstrates, without question, that rigorous, important and profoundly insightful economic research is alive and well outside of the narrow, and often misleading confines of ‘mainstream’ economics. The essays published here by outstanding economists working in the traditions of Marx, Keynes, Kalecki, Robinson, and Prebisch address central economic and political issues of our day, including structural unemployment, worsening inequality within and between countries, technological change, and rural economic development. These essays are of great interest and are a fitting tribute to Amit Bhaduri, who made seminal contributions to help keep alive these dynamic and crucial research traditions.
Gerald Epstein, Professor of Economics and Co-Director, Political Economy Research Institute (PERI), University of Massachusetts Amherst, USA
Professor Amit Bhaduri has been one of the truly outstanding economists of our time, whose commitment to changing the world, has led to his refusal to be pigeonholed into any narrow specialization. He has made seminal contributions in areas as diverse as macroeconomics, capital theory, economic history and semi-feudal agriculture. The essays in this volume reflecting the diversity of his own interests are a fitting tribute to his renaissance personality.
Prabhat Patnaik, Professor Emeritus, Center for Economic Studies and Planning, Jawaharlal Nehru University, Delhi, India