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Keynes or New-Keynesian: Why Not Teach Both?
27 June, 2018, Rohit
There is a need for plurality in macroeconomic education now than ever before for vibrant policymaking and open minded academic engagements. The difference between Keynes and New-Keynesian is not only in their policy prescription but their understanding of capitalism is completely at odds with each other.
George Soros on The Current Conjuncture
25 June, 2018, Prabhat Patnaik
Factors like the U.S. sucking out finance capital from the rest of the world; the appreciating dollar; the looming crisis for the third world; the refugee problem for Europe are together pushing world capitalism into a serious crisis as put by George Soros. A Marshall plan may save the system but the basic foundations of capitalism are against this proposal.
Trump Versus the Rest
18 June, 2018, Prabhat Patnaik
Donald Trump’s protectionist stance at the G-7 summit is an example of how disunited capitalist countries are on a possible solution to the capitalist crisis. Because of the position of the US economy, Trump can afford to hold on to his protectionist policies while enlarging the fiscal deficit. What is wrong about this strategy is the possibility of long term repercussions, not just for America but for the capitalist world as a whole.
Plurality in Teaching Macroeconomics
18 April, 2018, Rohit
For vibrant policymaking, an open-minded academic engagement between contrasting viewpoints is needed in macroeconomic education. However, there does not even exist a textbook that contrasts these contesting ideas in a tractable manner. This pedagogical paper is an attempt to plug that gap by presenting a comparative study across different traditions in macroeconomics in a unified framework, which can be developed into a semester-long intermediate-level course.
The Prospect of Food Shortage
09 April, 2018, Prabhat Patnaik
Contrary to the fears of orthodox economics, persistent and even growing hunger in the world today arises not due to “excessive population” but due to the social arrangement; not because there is too little output relative to population but because there is too little demand relative to output.
Commoditization and the Public Sphere
02 April, 2018, Prabhat Patnaik
The distinction between the sphere of market and the sphere of public discourse remains central to liberalism. But under capitalism, the public sphere becomes untenable due its “spontaneous” destruction by the markets’ immanent tendency towards commoditization, as we are witnessing everywhere today. In such a world, a fight towards democracy is itself a means of advancing the struggle for socialism.
The Tripura Election Verdict
07 March, 2018, Prabhat Patnaik
The Tripura reverse brings out the fact that it is exceedingly difficult for an opposition party, that has an incumbent government in any state to withstand the onslaught of the BJP, and in between states the one anti-BJP opposition force is different and scattered. For the Left it means a fight for survival.
Problems with Neoclassical Economics
05 September, 2017, Amiya Kumar Bagchi
While there are a few examples of successive use of mathematics in forming empirically tested mainstream theorems, excessive misuse of this tool in neoclassical economics leave little coherence between its rational being and realism. In fact, many examples prove that it fails to observe the tenets of its own canon, and people are compelled to consume beyond their need and capacity, even in the face of mounting unemployment.
World Capitalist Crisis getting Accentuated
22 May, 2017, Prabhat Patnaik
After a brief illusion of recovery in the U.S., the world economic crisis is getting accentuated. Trump administration would rather increase its fiscal deficit, if at all it does, through tax cuts than state expenditure under the hegemony of finance capital. This might further suppress consumption expenditure, already constricted by falling global wages. Such policies, paired with hostile protectionism, would make correcting over-production and hence overcoming world crisis, almost impossible.
Money and the Social Contract in India
13 December, 2016, Jayati Ghosh
We are now in relatively uncharted economic territory in India. But this also means that we may be entering an entirely new phase of our social contract as well.
New Macroeconomic Consensus Rules Budget 2014-15
04 August, 2014, Rohit
The author critiques the macroeconomic framework that underlies the fiscal consolidation approach of the Union Budget for 2014-15.
The Elusive Recovery
21 November, 2013, Prabhat Patnaik
While monetary policies have failed to resolve the current global crisis, resistance to fiscal intervention from finance capital prevents any meaningful solution for recovery.
The Dangers of Fiscal Austerity
04 March, 2013, Jayati Ghosh
Despite fiscal austerity measures proving to be counterproductive in dealing with economic contractions worldwide, the Indian government is poised to implement similar policies.
Capital and Public Expenditure
24 August, 2012, Prabhat Patnaik
The author explores the paradox of why capitalists are opposed to public expenditures even in economies with high unemployment and unutilised capacity despite the fact that such investments would boost aggregate demand. The answer lies in preserving the capitalists control over the level of output and employment and thereby maintaining their hegemony over society.
The Return to Orthodoxy
20 March, 2012, Prabhat Patnaik
The 2012-13 budget represents a return with a vengeance to neo-liberal orthodoxy and a snuffing out of the Left-inspired (UPA-I) and the Keynesian moments. India will have to bear the impact of the global crisis in an exacerbated manner because of its own drive to austerity that is being undertaken at the expense of the people.
What World Leaders Need to Do Urgently (but are not)
04 October, 2011, Jayati Ghosh
Global leaders' efforts to control the prevailing anarchy and enable recovery in their economies end up having the opposite effect, because the direction of their macroeconomic policies is all wrong and mobile finance capital is still largely unregulated. Here are five basic steps that world leaders need to take.
The Paradox of Capitalism
04 February, 2011, Prabhat Patnaik
The fact that the bulk of the world's population continues to struggle for subsistence is because of the incubus of an exploitative social order; but this is often obscured by analyses that continue to cling to the illusion that the logic of compound interest will overcome the ''economic problem of mankind''.
Dr. K.N. Raj
09 August, 2010, Prabhat Patnaik
For students of my generation, Dr. K.N. Raj, who passed away recently, was a truly iconic figure. The earlier generation of economists, V.K.R.V. Rao, Bhabatosh Datta and A.K. Dasgupta were temporally distant from us; his illustrious Bengali contemporaries were spatially distant from us. Dr. Raj was centre stage, brilliant and inspiring. His precise speech, his robust socialism, his thoughtful writings and his absolute command over empirical data left us spell-bound.
Socialism and Welfarism
27 August, 2009, Prabhat Patnaik
Unlike welfarism, Socialism consists not just in building a humane society. It is of course that; but it is also something more. Its concern is with human freedom, with the change in the role of the people from being objects of history to being its subjects. Even though conceptually distinct, there is a dialectical connection between the two, that of contributing to the process of sharpening of class struggle - the vital reason of bourgeoisies opposition to Welfare State. In todays context in India, the stiffening of the will to resist among the people, which Welfare State measures can bring about, has to be made practically effective through the intervention of the Left.
How to Spend the Money
06 March, 2009, Jayati Ghosh
One of the significant impact of the financial crisis on the world of ideas is that it has brought to the forefront the recognition of the role of the government expenditure in mitigating recessions, as was advocated by Keynes and Kalecki. This article makes a theoretical case for undertaking Keynesian measures to cope with the recession.

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