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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.
The Government is lying to you about the Reasons behind High Cost of Diesel & Petrol
20 June, 2018, Rohit
With the comical cuts in oil prices in India, an international comparison with neighbouring countries shows that the petrol and diesel prices in India are the highest in the region. While a rise in crude oil prices is borne by the consumers, the benefit of a fall doesn't follow the same route. A break up of oil prices and taxation throws light at the picture.
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.
'Riskless Capitalism' in India: Bank credit and economic activity
07 August, 2017, Rohit Azad, Prasenjit Bose & Zico Dasgupta
The Indian growth story of the 2000s’ cannot be over-simplistically explained as a result of “market-oriented” reforms. Public sector bank credit-financed investments, particularly in the infrastructure sector, played a significant role in sustaining growth, most crucially after the global economic crisis. Such a growth trajectory, however, proved to be unsustainable with the expansionary phase coming to an end in 2011–12 and bad loans piling up in the banking system.
Is It India's Subprime?
14 February, 2017, Rohit
By presenting a comprehensive picture of the current corporate debt crisis in India, the author cautions that the situation is very similar to the one that led to the US subprime crisis.
Against the Assault on Thought: A lesson for the Left
28 April, 2016, Rohit
When the state cannot hide behind a façade of national performance, the government looks for an alternative category of us versus them which is used to divide the people and rule.
Prof. Bhagwati has Got It Wrong
12 January, 2015, Rohit
Jagadish Bhagwati's recent pitch for make-in-India is flawed as it ignores domestic demand and other pitfalls of an export-oriented growth strategy.
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.
Rajan's Target: Inflation or the poor?
18 March, 2014, Rohit
The RBI Governor’s call for inflation targets to be set by the parliament is not a demand for providing relief to the poor, but a gesture to assure global finance capital.
Is the Party Over?
03 October, 2013, Rohit
The article analyses the reasons behind the poor performance of the Indian economy in the recent past and suggests measures for way out of the current crisis.

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