This updated edition develops the themes contained in the first edition, taking into account the changes that have occurred in the global economy since the turn of the millennium.
‘Jha is the right scholar and economist to take readers through the development of the Indian economy. Readers will be in good hands.’ —Edmund Phelps, Columbia University, USA, and winner of the 2006 Nobel Prize in Economics ‘This is perhaps the best and most scholarly contribution to understanding the Indian Economy and Society. Its rich historical perspective and a profound understanding of how India has evolved into a major economic power set standards of scholarship and analytical rigour that will be hard to surpass". —Raghav Gaiha, University of Manchester, UK ‘Linking of economy and society is increasingly recognised as essential for addressing policy challenges by the current phase of globalisation. As such this study should be valuable not just for those studying India, but also for those interested in global developments.’ —Mukul Asher, National University of Singapore, Singapore ‘This book is a tour-de-force review of the fundamental topics on the Indian political economy and society that are relevant for any committed social scientist to be aware of.’ —Sumit K. Majumdar, University of Texas at Dallas, USA ‘Over the years, I have benefited from reading the works of Professor Jha, and from teaching from them. I enthusiastically recommend these two volumes.’ —Raaj Kumar Sah, University of Chicago, USA This two-volume work provides an account of how India has been meeting its myriad of economic, political and social challenges and how things are expected to evolve in the future. Despite enormous challenges at the time of independence, India chose to address them within a secular, liberal, democratic framework, which guaranteed several fundamental rights. Challenges included intense mass poverty and hunger, very poor literacy and educational abilities of the population, the task of uniting a country with scores of languages and ethnicities ruled by different entities for decades and persistent threats of external aggression, to name just a few. Over time, incomes and opportunities have expanded enormously and India has regained her self-confidence as a nation. In this second volume, Jha examines the performance and prospects for India’s agriculture, manufacturing and services sectors. In addition, India’s links with the external world through international trade, investment, migration and remittances are discussed, as well as gender issues, inter-community relations and India’s future prospects.
In recent times not only have traditional areas of public economics such as taxation, public expenditure, public sector pricing, benefit cost analysis, and fiscal federalism thrown up new challenges but entirely new areas of research and inquiry have emerged. This second edition builds upon the strengths of the previous edition and incorporates results of research on new areas such as global public goods, environmental taxation and carbon permits trading and the complexities of corporate taxation in a rapidly globalizing world. The book is a modern and comprehensive exposition of public economics. It includes extended discussions on topics of particular interest to developing countries and covers subjects such as: taxation in an economy with a large informal sector the challenges of using VAT the use of randomized evaluation theory of public expenditure and public goods including global public goods incentive effects of taxation and tax incidence This book discusses the major traditional areas of taxation and public expenditure as well as emerging issues relating to public economics in the globalized world economy. It will be useful as a reference and update on the modern literature on public economics for professional economists and policymakers, as well as providing invaluable information as a basic text for undergraduate and graduate students in public economics.
‘Jha is the right scholar and economist to take readers through the development of the Indian economy. Readers will be in good hands.’ —Edmund Phelps, Columbia University, USA, and winner of the 2006 Nobel Prize in Economics ‘This is perhaps the best and most scholarly contribution to understanding the Indian Economy and Society. Its rich historical perspective and a profound understanding of how India has evolved into a major economic power set standards of scholarship and analytical rigour that will be hard to surpass". —Raghav Gaiha, University of Manchester, UK ‘Linking of economy and society is increasingly recognised as essential for addressing policy challenges by the current phase of globalisation. As such this study should be valuable not just for those studying India, but also for those interested in global developments.’ —Mukul Asher, National University of Singapore, Singapore ‘This book is a tour-de-force review of the fundamental topics on the Indian political economy and society that are relevant for any committed social scientist to be aware of.’ —Sumit K. Majumdar, University of Texas at Dallas, USA This two-volume work provides an account of how India has been meeting its myriad of economic, political and social challenges and how things are expected to evolve in the future. Despite enormous challenges at the time of independence, India chose to address them within a secular, liberal, democratic framework, which guaranteed several fundamental rights. Challenges included intense mass poverty and hunger, very poor literacy and educational abilities of the population, the task of uniting a country with scores of languages and ethnicities ruled by different entities for decades and persistent threats of external aggression, to name just a few. Over time, incomes and opportunities have expanded enormously and India has regained her self-confidence as a nation. In this first volume, Jha presents a long view of the performance of the Indian economy and discusses key aspects of India’s population, land and labor. In addition, the Indian Constitution and basic structure of governance are analysed within the context of major economic and political developments in independent India.
Providing a broad overview of the impact of COVID-19 on economic development, this timely book examines closely the macroeconomic aspects of economic development and the design of monetary policies under extreme crises.
This Book Is An Exhaustive Study Of Current Macroeconomic Theory. It Starts From The First Principles Of Macroeconomics In Part I And Develops The Orthodox Keynesian Approach With Fixed And Flexible Prices In Part Ii. In Part Iii The Author Discusses The Modem Theories Of Inflation And Unemployment. Among The Topics Covered Are Phillips Curves And Natural Rate Of Unemployment, The Accelerationist Controversy, Rational Expectations, Staggered Wage Setting And New Classical Macroeconomics.In Part Iv The Theoretical Underpinnings Of Key Empirical Macro Relations Such As The Consumption Function, Investment Function, And Demand And Supply Of Money Are Discussed. Part V Concentrates On Open Economy Aspects Of Macroeconomics. Both Current Account And Asset Balance Approaches Are Discussed And There Is An Exhaustive Treatment Of Policy Making In Open Economies. Part Vi Considers Medium Term Dynamics Of The Public Debt And Business Cycles. Part Vii Concentrates On Real And Monetary Growth And Also Considers Optimal Economic Growth. Part Viii Considers Two Important Issues In Current Research And Debate: Stagflation, And New Keynesian Theory.This Book Has Been Written Primarly As A Text For Postgraduate And Upper Level Undergraduate Students. It Is Also Very Useful For Policy Makers And Research Students.
With globalization fast becoming an irreversible process, it is necessary to pay increased attention to the implications for environmental sustainability. However, the so-called environmental Kuznets curve (EKC) argument implies that rapid economic growth in many developing countries should be environmentally unsustainable. Environmental Sustainability addresses this dichotomy and articulates a notion of consumption sustainability that is both universal and pertains to the indefinite future. Additionally, it emphasizes the importance of addressing a broad spectrum of sources of environmental degradation and relates this measure to an index of economic achievement more complete than per capita income. As well as the EKC, authors Jha and Murthy also critique the Environmental Sustainability Index (ESI) and empirically substantiate the proposition that a certain type of development in the presently high-income countries is primarily responsible for global environmental degradation. Several policy conclusions for global environmental management are also advanced. Throughout, Jha and Murthy comprehensively evaluate existing approaches to environmental sustainability and critically review empirical studies of environmental degradation, and economic development, making this an invaluable source of information for those concerned with environmental economics and political economy.
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