The lockdown associated with Covid-19 has crippled the economy of Maharashtra. This is having ver... more The lockdown associated with Covid-19 has crippled the economy of Maharashtra. This is having very adverse consequences on the livelihoods of the poor and the marginalised section of the economy, but are not confined to these sections. It is important to resume normal economic activity as soon as possible. At the same time, policy makers have to keep the risks of Covid-19 infections in mind. This note argues, on the basis of recent research, that it may be possible to resume normal economic activity in select municipal corporations in the state if wearing masks is made mandatory and the policy is enforced strictly.
This study investigates the stability issues of real money balances considering financial develop... more This study investigates the stability issues of real money balances considering financial development. We estimate real narrow (M1) and broad (M3) money demand in India during the post-financial reform, from 1996:Q2 to 2016:Q3. To check the short- and long-run relationships, this study uses the autoregressive distributed lag model of cointegration and other various time series techniques. After incorporating financial development into money demand, we determined short- and long-run relationships and a well-defined open-economy stable money demand specification (M1 and M3) in India. Having established money demand function, the policymaker and central bankers can use monetary aggregates as an indicator or information variable to predict output gaps and inflationary expectations under the inflation-targeting framework.
The paper analyses the inter-district inequality of per capita incomes in Maharashtra for the per... more The paper analyses the inter-district inequality of per capita incomes in Maharashtra for the period 2001-2009 and finds that inter-district inequality rose for the period 2001-05 and subsequently declined. Though it has been rising, it is at a lower level than that observed for 2001-05. This has been accompanied by shifts in the relative ranking of different districts across the income distribution. Data does not point to the convergence of per capita incomes across districts. The historical composition of incomes, in particular the share of the tertiary sector in GDP, is an important predictor of divergence in district per capita incomes.
the strategies tor making the personal laws more women friendly. The book under review is a good... more the strategies tor making the personal laws more women friendly. The book under review is a good study and indeed gives good value for the price.
This paper measures the incidence of malnourishment among under-five children in slums in Mumbai ... more This paper measures the incidence of malnourishment among under-five children in slums in Mumbai and compares it to the incidence in Jawhar tehsil of Thane district known for high levels of malnourishment. Severe malnourishment is found to be higher in Mumbai than in Jawhar. A connection is postulated between characteristics of urban informal labour markets, specially for women's labour, and the high observed incidence of malnutrition among children. The paper discusses policy mixes for minimising the incidence of malnutrition in this population. A policy that combines income improvement with greater public health facilities and legislation is most likely to succeed in Mumbai. The existing policy of 'slum re-development', if not combined with these other policies, will only induce cosmetic changes and solve the 'problem' of slums only from the point of view of the non-slum population.
The 19th century remains an enigma in Indian economic history. Contrary to the popular imaginatio... more The 19th century remains an enigma in Indian economic history. Contrary to the popular imagination, the latter part of the 19th century was perhaps the first time that the Indian economy experienced sustained, fairly widespread growth of a modem nature. The pre-colonial ...
How significant was the shift in the economic growth performance that occurred in the 1950s, rela... more How significant was the shift in the economic growth performance that occurred in the 1950s, relative to the shift that is supposed to have occurred in the 1980s? If one were to identify the single most significant break date in India’s growth performance, does it turn out to be 1951-52 or 1980-81 or some such year in the post-1980s?The hypothesis in this paper is that the single most important trend break in GDP growth is to be found not in the 1980s, as the existing literature claims, but in the early 1950s. This is not because the performance of the post-1950s period was exceptional in any way, but because the performance before the 1950s was exceptionally poor. Nehruvian socialism looks dismal if seen only in the context of opportunities that were missed. If seen in the context of the actual economic performance preceding the years 1950-1980, the achievements do not seem so bleak.
QUEENSHIP, NUNNERIES AND ROYAL WIDOWHOOD IN CARO-LINGIAN EUROPE: by Simon MacLean .................. more QUEENSHIP, NUNNERIES AND ROYAL WIDOWHOOD IN CARO-LINGIAN EUROPE: by Simon MacLean ........................ ... FORGERY AND MIRACLES IN THE REIGN OF HENRY VIII: by Peter Marshall...................................................... 39 ... THE PEACE IN THE FEUD IN SIXTEENTH- ...
After the British conquest of the Deccan, the new government was faced with the task of working o... more After the British conquest of the Deccan, the new government was faced with the task of working out a viable land revenue system. Robert Keith Pringle who was a student of Malthus, tried to apply the Ricardian theory of rent to several villages in the collectorate of Poona. The ...
Over the past few decades, experimental methods have given economists access to new sources of da... more Over the past few decades, experimental methods have given economists access to new sources of data and enlarged the set of economic propositions that can be validated. This field has grown exponentially in the past few decades, but is still relatively new to the average Indian ...
The causation between output and prices has been intensively investigated in the Indian context. ... more The causation between output and prices has been intensively investigated in the Indian context. Decomposing the money-output causality by frequency is likely to be highly revealing about the underlying macroeconomic processes. In this paper, we examine this issue ...
The lockdown associated with Covid-19 has crippled the economy of Maharashtra. This is having ver... more The lockdown associated with Covid-19 has crippled the economy of Maharashtra. This is having very adverse consequences on the livelihoods of the poor and the marginalised section of the economy, but are not confined to these sections. It is important to resume normal economic activity as soon as possible. At the same time, policy makers have to keep the risks of Covid-19 infections in mind. This note argues, on the basis of recent research, that it may be possible to resume normal economic activity in select municipal corporations in the state if wearing masks is made mandatory and the policy is enforced strictly.
This study investigates the stability issues of real money balances considering financial develop... more This study investigates the stability issues of real money balances considering financial development. We estimate real narrow (M1) and broad (M3) money demand in India during the post-financial reform, from 1996:Q2 to 2016:Q3. To check the short- and long-run relationships, this study uses the autoregressive distributed lag model of cointegration and other various time series techniques. After incorporating financial development into money demand, we determined short- and long-run relationships and a well-defined open-economy stable money demand specification (M1 and M3) in India. Having established money demand function, the policymaker and central bankers can use monetary aggregates as an indicator or information variable to predict output gaps and inflationary expectations under the inflation-targeting framework.
The paper analyses the inter-district inequality of per capita incomes in Maharashtra for the per... more The paper analyses the inter-district inequality of per capita incomes in Maharashtra for the period 2001-2009 and finds that inter-district inequality rose for the period 2001-05 and subsequently declined. Though it has been rising, it is at a lower level than that observed for 2001-05. This has been accompanied by shifts in the relative ranking of different districts across the income distribution. Data does not point to the convergence of per capita incomes across districts. The historical composition of incomes, in particular the share of the tertiary sector in GDP, is an important predictor of divergence in district per capita incomes.
the strategies tor making the personal laws more women friendly. The book under review is a good... more the strategies tor making the personal laws more women friendly. The book under review is a good study and indeed gives good value for the price.
This paper measures the incidence of malnourishment among under-five children in slums in Mumbai ... more This paper measures the incidence of malnourishment among under-five children in slums in Mumbai and compares it to the incidence in Jawhar tehsil of Thane district known for high levels of malnourishment. Severe malnourishment is found to be higher in Mumbai than in Jawhar. A connection is postulated between characteristics of urban informal labour markets, specially for women's labour, and the high observed incidence of malnutrition among children. The paper discusses policy mixes for minimising the incidence of malnutrition in this population. A policy that combines income improvement with greater public health facilities and legislation is most likely to succeed in Mumbai. The existing policy of 'slum re-development', if not combined with these other policies, will only induce cosmetic changes and solve the 'problem' of slums only from the point of view of the non-slum population.
The 19th century remains an enigma in Indian economic history. Contrary to the popular imaginatio... more The 19th century remains an enigma in Indian economic history. Contrary to the popular imagination, the latter part of the 19th century was perhaps the first time that the Indian economy experienced sustained, fairly widespread growth of a modem nature. The pre-colonial ...
How significant was the shift in the economic growth performance that occurred in the 1950s, rela... more How significant was the shift in the economic growth performance that occurred in the 1950s, relative to the shift that is supposed to have occurred in the 1980s? If one were to identify the single most significant break date in India’s growth performance, does it turn out to be 1951-52 or 1980-81 or some such year in the post-1980s?The hypothesis in this paper is that the single most important trend break in GDP growth is to be found not in the 1980s, as the existing literature claims, but in the early 1950s. This is not because the performance of the post-1950s period was exceptional in any way, but because the performance before the 1950s was exceptionally poor. Nehruvian socialism looks dismal if seen only in the context of opportunities that were missed. If seen in the context of the actual economic performance preceding the years 1950-1980, the achievements do not seem so bleak.
QUEENSHIP, NUNNERIES AND ROYAL WIDOWHOOD IN CARO-LINGIAN EUROPE: by Simon MacLean .................. more QUEENSHIP, NUNNERIES AND ROYAL WIDOWHOOD IN CARO-LINGIAN EUROPE: by Simon MacLean ........................ ... FORGERY AND MIRACLES IN THE REIGN OF HENRY VIII: by Peter Marshall...................................................... 39 ... THE PEACE IN THE FEUD IN SIXTEENTH- ...
After the British conquest of the Deccan, the new government was faced with the task of working o... more After the British conquest of the Deccan, the new government was faced with the task of working out a viable land revenue system. Robert Keith Pringle who was a student of Malthus, tried to apply the Ricardian theory of rent to several villages in the collectorate of Poona. The ...
Over the past few decades, experimental methods have given economists access to new sources of da... more Over the past few decades, experimental methods have given economists access to new sources of data and enlarged the set of economic propositions that can be validated. This field has grown exponentially in the past few decades, but is still relatively new to the average Indian ...
The causation between output and prices has been intensively investigated in the Indian context. ... more The causation between output and prices has been intensively investigated in the Indian context. Decomposing the money-output causality by frequency is likely to be highly revealing about the underlying macroeconomic processes. In this paper, we examine this issue ...
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