Indira Gandhi Institute of Development Research

About: Indira Gandhi Institute of Development Research is a facility organization based out in Mumbai, Maharashtra, India. It is known for research contribution in the topics: Monetary policy & Inflation. The organization has 307 authors who have published 1021 publications receiving 18848 citations.

Structure, Ideas, and Institutions

Abstract: In developing a SIIO paradigm, based on structure and ideas that become engraved in institutions and affect outcomes, to examine and assess monetary policy in India after independence, this chapter surveys relevant aspects of Indian structure, the ideas that influenced monetary policy formation and evolution, and the institutional framework, procedures, and norms of practice in which policy was carried out. Even in a broad brush focus on the main trends, a flavor is given of intricate processes that generate the cold numbers.

Indian Economics: Tragedy of a Forsaken Legacy

Abstract: AbstractThis paper purports to bring out in a brief but coherent fashion the fundamental contributions to economic theory and policy made by Indian thinkers in the late 19th and early 20 th century. We divide this epoch into three distinct phases viz. the pioneering, the nationalist and the modern. We then assess these contributions against the background of two developments in economic theory viz. the unity of science principle and the ascendancy of neoclassical thought. We conclude with an analysis of how this rich legacy was abandoned and argue for its reinstatement in thinking about contemporary Indian economic issues.KeywordsEarly Indian economic thoughtPioneersNationalists and modernistsUnity of science principleNeoclassical ascendancy

An In-Depth Analysis of the East Asian Crisis: Special Implications for India

Abstract: With the financial bomb hitting most of the East Asian economies the financial structure of most of the economies collapsed. Economies like Singapore, Indonesia, Thailand, Malaysia, Philippines were heavily affected, we will provide a brief insight into these economies during the crisis period. We will try to explain how real estate bubbles led to the downfall of these economies. In the end we discuss the lessons that these economies have got from this financial turmoil and the counter policy taken by them. This would include the evolutionary path of these economies in the post crisis period. We finish our paper by providing a very interesting quantitative study on how the housing market in India is performing and whether we are heading for a asset price bubble or not.

Marxian Perspective on the Global Crisis: “Povorot” or “Perelom”?

Abstract: This chapter presents an overview of the Marxian perspective on the global crisis. Karl Marx had a full-fledged theory of the economic crises of capitalism. Authors like Mandel and Clarke have tried to adapt the orthodox Marxian theory to the characteristics of the kind of “mature” capitalism that prevails in the developed economies of the West currently. While most of the other theories of crises regard them as arising from market and/or regulatory failure, greed, speculation or some other aberrations, the Marxian theory regards crises as a dialectical process, arising from the contradictions between the means and methods of production and the social milieu within which this production takes place. Crucial to the Marxian theory of crises is the proposition that the rate of profit in a capitalist economy exhibits a tendency to fall, and it is in the efforts of capitalists to counteract this tendency that the roots of crises lie.