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Crop Insurance: Another dressed up scheme
02 August, 2018, C.P. Chandrasekhar
Pradhan Mantri Fasal Bima Yojana (PMFBY) launched in 2016 which is supplemented with Restructured Weather Based Crop Insurance Scheme (RWBCIS), have failed to deliver what it had promised. The number of farmers insured under this scheme has fallen and the claims paid to farmers has fallen from 98% to 61%. The scheme seems to be benefitting the insurance companies as there has been rise in gross premiums paid to these companies by government.
Capitalism's Discourse on "Development"
30 July, 2018, Prabhat Patnaik
Capitalism cannot overcome unemployment and poverty in the third world countries because of its inherent tendency to generate greater technological progress, which increases labor productivity and thereby slows down the employment generation process. Because of growing labor reserves, real wages remain at subsistence level, but since labor productivity would be growing, the share of surplus would be increasing. Therefore capitalism produces growth at one pole and aggravates poverty at another.
Empty Promises
18 July, 2018, C.P. Chandrasekhar
Together with measures like loan write-offs offered by some BJP States and an ostensibly much-improved crop insurance scheme (PMFBY), this hike in MSPs is seen to have confirmed the pro-farmer tilt of the Narendra Modi government. The timing of the Modi government’s MSP hike for kharif crops leads to the question of whether it is backed by the financial allocations needed to deliver on them.
Has There Been an MSP Hike for Kharif Crops?
16 July, 2018, Prabhat Patnaik
The government’s MSP hike is just a cynical ploy, there has been no hike in real terms for major crops compared to the base year and the government not cognizing C2 in its MSP fixing while taking (A2+FL) is fundamentally erroneous and has no rationale as it leaves out the poorest landless farmers.
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.
Agricultural Tenancy in Contemporary India
09 May, 2018, Vaishali Bansal, Yoshifumi Usami and Vikas Rawal
The following report on “Agricultural Tenancy in Contemporary India” involved a detailed assessment of the 48th (1991-92), 59th (2002-03) and 70th (2012-13) rounds of the NSSO Surveys of Land and Livestock Holdings (NSSOSLLH) and includes detailed household-by-household corrections to remove a number of inconsistencies in the data. The main findings of the analysis point to significant marginalisation of landless poor households.
Trump's Trade War
24 April, 2018, C.P. Chandrasekhar
The trade sanctions on China and other protectionist measures announced by the Trump administration will not only not serve the cause of the U.S.’ trade deficit but could also spark off a trade war, resulting in an overall shrinkage of world trade.
The Real Confusion over MSP
04 April, 2018, C.P. Chandrasekhar
The government ought to have specified its definition of cost of crop production in the Budget to prevent any confusion in the minds of people on minimum support prices.
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.
Trump's Protectionism
26 March, 2018, Prabhat Patnaik
Trumps' announcement of tariff hike tantamount to a beggar-thy-neighbor policy that would inevitably attract retaliation. But these current protectionist measures on capital-in-production do not in any way restrict capital-as-finance. They are just desperate and counter-productive attempts at coping with a crisis, which is itself an outcome of the process of globalization of finance.
Technological Change and Impoverishment
19 March, 2018, Prabhat Patnaik
Socio-economic effects of technological change depend upon the property relations within the system they occur. While in socialism higher labour productivity can improve the conditions of workers, in capitalism, the same has lead to growing relative labour reserves, and hence impoverishment.
Bubbles, Stocks and Crashes
21 February, 2018, Prabhat Patnaik
What the current U.S. experience shows is not only the role of bubbles in sustaining the level of activity under a neo-liberal regime, and hence the fact that the lives of millions depend upon the whims of a bunch of speculators, but also the completely evanescent and short-lived character of the booms in this period.
The Aging of a Growth Engine
14 February, 2018, C.P. Chandrasekhar & Jayati Ghosh
With the dollar value of exports declining, India’s software sector faces a historical crisis which may worsen, given the protectionist trends in the US and other uncertainties.
Budget 2018: The Finance Ministry's Grey Shades of 'Pink'
02 February, 2018, Jayati Ghosh
Even the vaguely “pink” effort in the Economic Survey is whitewashed in the finance minister’s Budget speech that is heavily based on stereotypical gender roles for women, and even that completely disappears when we get to the actual budget allocations.
A Note on Estimating Income Inequality across countries using PPP Exchange Rates
01 February, 2018, Jayati Ghosh
The use of exchange rates based on Purchasing Power Parities to compare income across countries and over time has become standard practise. But there are reasons to believe this could lead to excessively inflated incomes for poor countries and in some cases also inflate the extent of real changes over time. Estimates of gross domestic product growth in Chinese and Indian economies in recent years provide examples of this.
Rising Incomes, Falling Wages
31 January, 2018, Jayati Ghosh
Changing the unequal economic tendencies brought out in the World Inequality Report 2018 requires changing the politics—not just making governments more accountable to the people, but making people realise that they are being fooled.
The Dramatic Rise in Wealth Inequality
25 January, 2018, Prabhat Patnaik
Notwithstanding the statistical difficulties associated with the estimates of wealth distribution, there is no gainsaying the fact that something extremely serious for our democracy and freedom is occurring through the extraordinary rise in wealth inequality, as a result of the pursuit of unrestrained neo-liberal economic policies by the present government.
The Politics of being a Dalit Woman
22 January, 2018, Jayati Ghosh
To deal with the political and economic marginalisation of Dalit women, it is necessary to recognise the significant differences among them not only according to socio-economic context, degree of education and occupation but also by subcaste.
The Problem with the Indian Left
27 December, 2017, Prabhat Patnaik
The current problem with the Indian Left, and in this term I include all sections of the Left, from the so-called "parliamentary Left" to the so-called "revolutionary Left", is in my view, its lack of appreciation of the dialectics between "reform" and "revolution".
Moody's Upgrade
20 November, 2017, Prabhat Patnaik
The slight upgrade of India’s credit worthiness by Moody, that equates finance with nation, is being celebrated by the media as a mark of Modi’s success, but the criteria it has used to judge are in actuality open assaults by the government on the working population. To transcend such neo-liberal capitalism, the wrongness of this criteria must be understood first.

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