Economy Plunging Headlong into Recession
Aug 16th 2017, Prabhat Patnaik
The few days old Volume II of the Economic Survey by Ministry of Finance shows a GVA growth rate much less than that of the previous year, and that too artificially boosted by seasonal variations in non-core sectors. This deceleration is most likely to continue, with growing NPAs and plunging exports, and interest rate cuts will not help in a demand-constrained economy unless the government starts thinking beyond “fiscal rectitude”.
Financing Education
Aug 8th 2017, Prabhat Patnaik
The central governments' Draft National Education Policy promotes privatization of education to meet its target, which is not only logically absurd but also legitimizes inequality. Solutions like student loans are impractical with educated unemployment, and fee subsidies turn counterproductive. The one efficient way is to extract the private funds through progressive direct tax, but that seems impossible in this neo-liberal era.
Twenty Years after the Asian Financial Crisis
Aug 7th 2017, Prabhat Patnaik
It was the free flow of foreign capital through "financial liberalization" that led to the East Asian Crisis of 1997, from which the "tiger economies" have not yet recovered fully. Even now, the augmented foreign reserves of these third world countries remain woefully inadequate to finance debt to foreigners, as the hegemony of international finance capital builds over their own assets.
What is Really Happening in Indian Manufacturing?
Aug 16th 2017, C.P. Chandrasekhar and Jayati Ghosh
Data on organised manufacturing production do not really capture the impact of demonetisation and its effects on demand, but looking at some sub-sectors of consumer non-durable goods provides more insight.
'Riskless Capitalism' in India: Bank credit and economic activity
Aug 7th 2017, Rohit Azad, Prasenjit Bose and Zico Dasgupta
The Indian growth story of the 2000s' cannot be over-simplistically explained as a result of "market-oriented" reforms. Public sector bank credit-financed investments, particularly in the infrastructure sector, played a significant role in sustaining growth, most crucially after the global economic crisis. Such a growth trajectory, however, proved to be unsustainable with the expansionary phase coming to an end in 2011–12 and bad loans piling up in the banking system.
 
The Question of Farm-Loan Waiver
Jun 23rd 2017, Prabhat Patnaik
The primary reason why loan-waiver is being demanded at present is not an output fall owing to any natural calamity. It is the price-fall on account of the bumper harvest that underlies this demand. It is the breaking down of an appropriate institutional mechanism that is responsible for the peasants’ distress and periodic demands for loan-waivers.
 
Call for Papers for Summer School – 2018
Jun 12th 2017
Budget 2017-18: The macroeconomic perspective
Mar 3rd 2017, C.P. Chandrasekhar
One reason why the government chose fiscal consolidation instead of an expansionary budget in the wake of demonetisation is its erroneous belief that demonetisation in itself would deliver fiscal benefits.
Budget 2017-18: Blinded by neoliberalism
Feb 27th 2017, C.P. Chandrasekhar
All that this government has is its unfounded belief that mere reform in the form of the demonetisation, digitalisation and the GST would deliver growth rather than recession.


Demonetisation Decoded: A critique of India’s currency experiment
Apr 12, 2017, Jayati Ghosh, C.P. Chandrasekhar and Prabhat Patnaik

The book "Demonetisation Decoded", is an important book that provides a quick and concise explanation of the goals, implications, initial effects and the political economy of the major demonetisation move of the Indian government.
 


The XXV Krishna Bharadwaj Memorial Lecture
Mar 15, 2017

The XXV Krishna Bharadwaj Memorial Lecture, delivered by Prof. Heinz D. Kurz of Department of Economics, the Graz Schumpeter Centre, University of Graz, Austria on March 3, 2017 at the Convention Centre, JNU, New Delhi, on the topic "Power - The Bête Noire in much of Economics"
 
Buckling under Pressure
Jan 18th 2017, Jayati Ghosh
There has been a depressing erosion in the credibility of the major institutions that in different ways are vital for the functioning of our democracy as they are bent to the will of the ruling dispensation.
The Demonetization Fiasco
Jan 16th 2017, Prabhat Patnaik
Demonetization has been a fiasco in achieving its stated objective, apart from being a disaster for the people.
 
National IPR Policy and Innovation
Jul 18th 2016, Reji K. Joseph
This article seeks to analyse critically the relationship between innovation and IPRs with a view to understand the implications of the IPR Policy for India.
 

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