A Model of Growth of the Contemporary Indian Economy

Apr 10th 2007, Prabhat Patnaik.
This paper provides a simple model of the current pattern of India’s economic growth process, to reckon with the fact that even an accelerating growth rate may leave the unemployment problem completely unresolved, or even accentuated, as labour productivity rises at a faster rate than investment. An obvious conclusion that emerges is that the widely-held perception that higher and higher growth rates would eventually eradicate unemployment in the country, is untenable.

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