By V.N. Balasubramanyam
This e-book on India's monetary guidelines and function relies on conversations with India's respected economists. It covers a few arguable matters in relation to agriculture, industrialization, schooling, and fiscal guidelines. all the economists speak with candor approximately earlier coverage error and the longer term customers for the economic system.
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Additional resources for Conversations With Indian Economists
R. Brahmananda 27 It was this work which in¯uenced your later work on the wage-goods model. Yes, it did. The work of classical economists, especially that of Ricardo seemed to have considerable relevance to conditions in developing countries such as India. The concept of the stationary state fascinated me. I thought it could be used for sequential analysis, that is, you could have several types of bottlenecks or scarcities, any one of which could lead to a stationary state. You may break out of one of these only to land in another stationary state.
The Russian planners had economic and political advantages in promoting the Soviet model. I am told that Mahalanobis later on did not show enthusiasm for the model. This comes through, according to me, in Ashok Rudra's biography of Mahalanobis. I believe the Russians, the Gos planners, used him. You should also note that at that time, most of the British intellectuals were also left-leaning, including Bertrand Russell, and in Cambridge probably Kahn, Reddaway, Joan Robinson and Dobb were sympathetic to the Soviet Union.
The statisticians moulded the model. Yes, Mahalanobis had a style of putting it all across. Many economists of repute fuelled this ambition of ours to industrialise fast. G. Patel 47 objective a person as Arthur Lewis, when he visited us in 1955 or so, said that India had a comparative advantage in producing steel and we should aim at producing 10 million tons of steel, not 3 million tons. So, at that time, overoptimism was a part of the fabric of our national vision or patriotic vision, and it was fuelled by the humiliation we all felt for being left so far behind by colonial rule.