This book rethinks economic theory and calls for a creative and pragmatic approach to policymaking. It examines what development and sustenance of economic progress mean, and how these may be facilitated. The relevance of this issue has received fresh impetus from the significant changes in the degree and pattern of international economic relations that are unfolding across the world, posing both opportunities and challenges. While globalisation of goods and financial markets may have delivered high growth for some nations, the distribution of the benefits has often been highly unequal, with gains to owners of capital and skills being disproportionately higher compared to that of labour, especially the unskilled.
Widening and persistent inequalities have been at the heart of rising polarisation and spread of conflicts that threaten the social fabric. This work emphasises the relevance of a broad policy framework based on building individual capabilities and in line with a human-centric perspective. At the same time, it points out the crucial need to create policy space for macroeconomic stability and to accommodate heterodox influences, especially when conventional wisdom proves inadequate, as starkly demonstrated inter alia during the recent global financial crisis.
This festschrift, dedicated to Deepak Nayyar, presents chapters on diverse themes that address the persisting global problems of poverty, inequality and sustaining development. The book will be of great interest to scholars and researchers of economics, development studies, public policy and governance, and also to policymakers, government officials and those in media.
List of Figures. List of Tables. Contributors. Preface I. Introduction 1. Deepak Nayyar: A Diverse Oeuvre 2. Development Complexities: Looking Afresh II. Evolving Dimensions of Globalization 3. Capitalism, Consciousness and Development 4. The Rise and Fall(?) of the ABP (Anything But Policy) Discourse in Development Economics 5. Inequality and Conflict: Global Drivers and Interventions 6. Economic Policy and Human Rights: Is Globalisation a Meeting Ground? III. Economic Theory and Public Policy 7. The Theory of Credit and Macroeconomic Stability 8. Money and Market Failures: A Theoretical Perspective 9. Persuasion and Coercion: A Transaction Costs Perspective on Income Distribution 10. Dual Economy Models with Fixed Terms-of-Trade 11. Comprehending the ‘In-formal’: Formal-Informal Conundrum in Labour under Capitalism 12. Multiple Efficient Rules and Inefficient Outcomes 13. Auctions with an Inferior Outside Option IV. Lessons from Development Experiences: Emerging Economies 14. Beyond Catch Up: Some Speculations about the Next Twenty-Five Emerging Economies 15. Latin America’s Development Record and Challenges in Historical Perspective 16. The Global Financial Crisis and Policy Challenges in EMEs 17. Land Deals in Africa: Host Country Effects in the Presence of Skill Formation Indian Economy 18. Major Policy Debates in the Indian Economy: Some Reflections 19. Reversing Pre-mature Deindustrialization for Job Creation: Lessons for ‘Make-in-India’ from Industrialized and East Asian Countries 20. Globalisation and the Slowdown of the Indian Economy: A Demand-Side View 21. Is Land a Bottleneck for Economic Development in India?. Index
‘Deepak Nayyar is the model of a clear-headed, systematic, non-obscurantist thinker in development economics. This collection of essays in Deepak Nayyar’s honour, by distinguished economists from around the world, is true to his admirable approach to understanding social change.’
Will Milberg, Dean and Professor of Economics, The New School for Social Research, USA
‘This impressive volume of essays by many eminent economists builds on Deepak Nayyar’s work, illustrating that work’s range and depth, while itself making a significant contribution to the arguments of which Nayyar is such a formidable exponent.’
Sir Julian Le Grand, Professor, Marshall Institute, London School of Economics, UK
‘This very important book, written in honour of one of India’s most distinguished economists, is a must-read and thought provoking critique of current economic theory and policy, which also proposes valuable alternative thinking. It will be of great interest both to heterodox economists, as well as mainstream ones.’
Stephany Griffith-Jones, Professor and Financial Markets Director, Initiative for Policy Dialogue, Columbia University, USA
‘This volume is a fitting tribute to Deepak Nayyar, unquestionably one of India’s leading economists. The essays are all of the highest quality, covering a breathtakingly wide sweep of issues and the contributors themselves are a stellar lot. The volume should be of great value to researchers, university students, and the concerned citizen alike.’
Pulin B. Nayak, Professor and formerly Director of the Delhi School of Economics, India
‘The essays in this volume engage in-depth with theoretical constructs and empirical questions for the formation of economic policies with the right social concerns. The volume will undoubtedly become one of the valuable sources of inspiration for the next generation of economists who