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Whither Indian Economy?
24 September, 2018, Sunanda Sen
While there are ongoing discussions on rupee depreciation amidst an atmosphere of apprehension about the economy and polity of the country, official sources have continued to deny any possible threat to the economy. The defensive position advanced from the official quarters do not, however, stand scrutiny if one recognises the fact that none of those indicators of a robust economy will be sustainable in the face of slippages running through the economy.
Begging and Criminality
13 August, 2018, Prabhat Patnaik
The recent decriminalization of begging in New Delhi by the Delhi High Court invites a comparative look at the prevalence of begging in India today and at seventeenth century England post the “Enclosure Movement”. The reactions towards the destitute today do not come from a place of assisting this part of the population but from an attempt to clean up our cities.
The State of the Economy
23 July, 2018, Prabhat Patnaik
The Indian Economy is facing remarkable combination of stagnation, inflation and a burgeoning trade deficit which has been erroneously attributed to the rise in oil prices alone.
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.
The Invisible Class
20 June, 2018, Prabhat Patnaik
The peasantry has been dubbed as the ‘invisible class ‘for the simple reason that it has been outrightly ignored. A basic comparison of the per capita GDP of this invisible class across two years using the Economic Survey 2017-18 gives veracity to these claims.
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.
Shadow cast by the rupee
07 June, 2018, C.P. Chandrasekhar
The rupee has sharply depreciated in the recent weeks giving reason for concern. The external events of rise in oil prices and rate of interest in advanced economies has led to a surge in the current account deficit and capital outflows respectively. The success of 'the liberalization reforms' lies in the huge capital inflows and thus, has enhanced the periodic bouts of the rupee, hinting to symptoms of a bubble economy.
The Modi Government's "Achievement"
03 June, 2018, Prabhat Patnaik
Concluding the four years of Modi government is an unparalleled process of social and political retrogression in the country. A look at the declining per capita real income in agriculture and privatization of education and other essential services points at an expedition of neo-liberal tendencies during the Modi regime.
The Gathering Storm Clouds
28 May, 2018, Praveen Jha & Amit Chakraborty
The Indian Economy has all along been critically dependent upon the inflow of speculative finance to sustain its balance of payment. It now faces threatening prospects of a spiral as international crude oil prices and U.S. interest rates, that kept its import bill restricted, are on the rise.
The return of the oil threat
11 May, 2018, C.P. Chandrasekhar
As oil-producing countries, especially Saudi Arabia and Russia, stick to their reduced outputs and as Trump threatens to isolate Iran with sanctions once again, the spectre of high oil prices and the accompanying inflation seem very real.
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.
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.
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.
A Year of Wilful Economic Disaster
08 January, 2018, Prabhat Patnaik
The uniqueness of 2017 lies in the fact that never before has the country seen a government-caused economic crisis as serious as was witnessed in this year.
The Indian economy in 2017
02 January, 2018, Jayati Ghosh
This was the year that the economy tanked. Not necessarily in terms of official growth figures: according to the CSO, GDP growth decelerated, but not by that much....
Making Merry on Bitcoin
22 December, 2017, C.P. Chandrasekhar
Bitcoin has left the world of finance gasping. Though the total market value of all of that cryptocurrency in circulation is only a fraction of the value of the world's financial assets, the rapid rise in the value of the currency has made it the most wanted of those assets.
Engineering a new crisis to resolve an old one
16 November, 2017, C.P. Chandrasekhar
Central banks are deciding to scale back their policy of “quantitative easing” in the form of liquidity infusion through asset purchases, but they are unwilling to commit to a quick unwinding of balance sheets fearing market reaction to a radical change in the easy money environment.
The Crisis in Agriculture
24 October, 2017, C.P. Chandrasekhar & Jayati Ghosh
The dilution of government intervention in the form of minimum support prices, procurement and public distribution is undermining the medium-term viability of agricultural production in India.
A Bull in a China Shop
26 September, 2017, Prabhat Patnaik
The BJP government, through demonetization and GST, coupled with the world economic situation, it is causing a rare co-occurrence of three phenomena: a stagnation of the countrys’ economy, a revival of inflation, and a yawning current account deficit on the balance of payments. As the era of cheap money in the U.S. and elsewhere come to an end, Indian assets might pass into foreign hands.

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