By V.N. Balasubramanyam
This ebook on India's monetary regulations and function relies on conversations with India's respected economists. It covers a couple of arguable concerns with regards to agriculture, industrialization, schooling, and fiscal regulations. all the economists speak with candor approximately earlier coverage errors and the longer term customers for the financial system.
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Additional info for Conversations With Indian Economists
21 In your model, the capital goods sector is related to the wage-goods sector. Yes, it is called the integrated wage-goods model. You integrate the relevant capital goods and wage-goods. The wage-goods model generates more and more employment, but you may not need a large structure of capital goods to sustain such employment. You may need basic goods and public services such as water. There are quite a number of areas of expansion, which do not require heavy capital goods, for example, basic services such as those of teachers.
We were divided on the model. The model appealed to the nationalist fervour, since it aimed at domestic production of heavy industry goods. But Vakil did not want differences among economists to be publicised. A paper on basic considerations of the plan was prepared by the economists, but it did not amount to a frontal attack on the model. R. Shenoy, to the paper by the panel of economists. But that was on de®cit ®nancing, not on the emphasis put on heavy industry by the model. N. Vakil that the paper of the economists' panel had not noted our objections.
Second, in the Feldman type of models, capital goods would be reproducing themselves with wage-goods nowhere in sight. As I have written more recently, `an economy adopting this strategy comes to be blessed with large capacities in heavy industry, but is not able to reproduce adequate amounts of essential consumer goods. '21 In your model, the capital goods sector is related to the wage-goods sector. Yes, it is called the integrated wage-goods model. You integrate the relevant capital goods and wage-goods.