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Leapfrogging into Services
26 April, 2018, C.P. Chandrasekhar
The argument that services reflect a new dynamism in India and the IMF’s prescription that the sector can be a driver of growth and development are far-fetched.
How Unequal are World Incomes?
27 March, 2018, C.P. Chandrasekhar & Jayati Ghosh
Global inequality has reduced as income growth shifts from the Northern countries to emerging markets like the BRICS. But this shift is quite limited and has not benefited the bulk of people in the developing world.
National income in India: What’s really growing?
28 February, 2018, C.P. Chandrasekhar & Jayati Ghosh
Recent income growth in India has been dominated by sectors that do not reflect real physical output increases – such as finance, insurance and real estate and public administration and defence.
The Growing Income Inequality
05 October, 2017, Prabhat Patnaik
The conclusion drawn by Piketty and Chancel in their recent paper shows a greater income inequality in India than it has ever been in the past century. But what stands out is that the trend perfectly synchronizes with transition to neo-liberalism, a stage of capitalism wherein international finance has gained hegemony, and no longer remains a policy choice.
The Illusion of an Economic Spring
17 May, 2017, C.P. Chandrasekhar
While policy makers, analysts and observers paint a picture of an ongoing global economic recovery, the numbers seem to drag the optimists down.
The Widening Gap between Rich and Poor
23 January, 2017, Jayati Ghosh
Evidently the problem of inequality has intensified over the last decade or so, and this is largely because of worsening income and asset distribution in the era of globalisation.
Another Looming Food Crisis
25 July, 2012, C.P. Chandrasekhar & Jayati Ghosh
The possibility of another global food crisis facing the world brings with it questions about what exactly is causing these crazy fluctuations in global food prices. Arguably, it is not changes in ‘real’ conditions that are behind these price fluctuations. Rather, it is the role played by rumour, and therefore by the media in altering expectations that can explain, to a large extent, the recent spike in food prices.
Consumption Inequality in India
26 June, 2012, C.P. Chandrasekhar & Jayati Ghosh
An analysis of the mean per capita monthly consumption expenditure data from the NSSO large surveys gives evidence of stagnation of consumption of the lower proportions of the population and significant increases in inequality across deciles, especially in the most recent period.
Factor Shares in the Indian Economy
17 April, 2012, C.P. Chandrasekhar & Jayati Ghosh
The functional distribution of national income is relatively ignored by researchers interested in income distribution in India. An analysis of CSO’s data on factor shares in the past three decades shows that the the period of most rapid acceleration of growth was also the period of the sharpest fall in the share of the unorganised sector in GDP. Although this change is to be welcomed, the concern is that it has been accompanied by no increase of the organised sector’s share in total employment.
Capitalism and Hunger
20 January, 2012, C.P. Chandrasekhar
After close to 65 years of independent national development, the level of child malnutrition in India remains unacceptably high. The capitalist growth of the worst variety fostered by neoliberalism and the consequent refusal of the government to directly address the problem explains the cause for this “national shame”.
Employment Generation as an Economic Strategy for Uncertain Times
14 November, 2011, Jayati Ghosh
This is the acceptance speech made by the author at the award function of the ILO Decent Work Research Prize, 2010. Discussing the growing pressures in the current global scenario, she argues for a shift in macroeconomic strategy towards domestic wage- and employment-led growth as a means to sustainable growth, as well as an end in itself.
Sending the Money Home
15 September, 2009, C.P. Chandrasekhar
Remittances have been and remain a major source of strength for the Indian economy, especially for its balance of payments. Given the accumulated stock of migrants abroad, this is unlikely to change very soon, even if some are forced to return due to the effects of the crisis on employment contracts.
Securing Food for the People
05 August, 2009, Jayati Ghosh
Food security is currently one of the most important policy areas which call for a wide range of government interventions. The government’s approach to the problem should be multi-pronged and has to extend beyond a legal promise. A food security law would be meaningful only when it guarantees universal access and meets every citizen’s nutritional requirements.
A Long View of Global GDP Growth
26 July, 2008, Jayati Ghosh
It is sometime useful to situate recent income growth in the longer term context, if only to remind ourselves of the structural processes involved. A close examination of long term patterns in relative positions show that the recent optimism about developing countries emerging as dominant players may be misplaced.
Recent Growth in West Bengal
12 May, 2008, C.P. Chandrasekhar & Jayati Ghosh
For the greater part of the past three decades, West Bengal has been among the middle ranking states of India, both in terms of per capita income and human development indicators. This has been despite the special feature of the state, that it has been ruled continuously by a Left Front government that has provided political stability and also, particularly in the first two decades, a clear orientation towards improving the conditions of workers and peasants.
Recent Employment Trends in India and China:An Unfortunate Convergence?
05 April, 2007, C.P. Chandrasekhar & Jayati Ghosh
This paper argues that both China and India, despite the similarity of the current international hype about their future economic prospects and also despite their obvious differences, face rather similar economic problems at present with respect to the labour market. In both countries, the strategy of development is delivering relatively high growth without commensurate increases in employment, especially in the organised sector; and the bulk of new employment is in lower productivity activities under uncertain and often oppressive conditions. It is argued that this paradox may be a common result of the similar strategy of economic expansion currently being followed in both countries.
Approaching the Eleventh Plan
11 July, 2006, C.P. Chandrasekhar & Jayati Ghosh
The most remarkable thing about the Planning Commission's Approach to the Eleventh Plan is that there appears to be no planning in it. Planning in the economic sense requires, at the minimum, a constrained maximisation exercise - that is, a clear definition of the social goals, which are then sought to be attained as far as possible subject to the prevailing resource, economic, social and technological constraints.
The Employment-Poverty Link in Bangladesh
06 December, 2005, Jayati Ghosh
For nearly three decades now, the economy of Bangladesh has been growing at slightly more than 4 per cent, and per capita income growth even accelerated in the 1990s compared to the previous decades. In the 1980s, per capita GDP had grown slowly at the rate of about 1.6 per cent per annum.
Pleasure and Pain in Pakistan
19 April, 2004, Jayati Ghosh
The current economic recovery in Pakistan, which comes after the dismal decade of the 1990s, is based on increased foreign exchange inflows into the economy associated with the particular strategic choices made by the Musharraf regime. Domestically, the impetus to growth and employment generation still remain limited.
IMF's New Defence
20 April, 2003, C.P. Chandrasekhar
If the financial media are to be believed, the International Monetary Fund (IMF) is rethinking its views on liberalisation of financial markets in developing countries. For more than two decades now the IMF has been the world's leading and most successful advocate of liberalisation of financial markets in both developed and developing countries.

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