ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Lawrence Robert Klein

The US economist, Lawrence Robert Klein, who died in late 2013, made significant contributions to post-second world war Economics in theory, econometrics and modelling. A tribute.

Indian Economy, 1995-96 to 1997-98-Alternative Scenarios

Indian Economy, 1995-96 to 1997-98 Alternative Scenarios K Krishnamurty V Pandit T Palanivel P Saibaba D Pratap At the macro level the Indian economy seems to have acquired strength and is likely to move forward with confidence in the foreseeable future. Revival of industry, strong export growth and gradually declining inflation are pointers that the fundamentals of the economy are right.

Restructuring the Tax System in India-A Reappraisal of Key Issues

In considering a switch over to value added taxation or any of its variants, what is of fundamental importance is the effect on resource allocation in the economy and resource transfer to the government. This implies that what needs to be considered is the revenue that is generated under alternative systems and the structure of absolute and relative prices associated with each.

Gazing the Crystal Ball-Indian Economy, Circa 1995

Indian Economy, Circa 1995 V Pandit K Krishnamurty T Palanivel With the long awaited signs of industrial revival the past year has given rise to new expectations. If these prove right and the tempo of industrial growth is sustained, the economy would have entered a new phase of development This inevitably brings new problems, especially to policy-makers. Erstwhile solutions are unlikely to be effective under the new scenario.

Controlling Inflation-Some Analytical and Empirical Issues

Controlling Inflation Some Analytical and Empirical Issues V Pandit In its perception of the problem of inflation the finance ministry has placed excessive emphasis on the demand- pull factors, overlooking the strong cost-push phenomena that have characterised the Indian economy in recent years. An across the board contractionary fiscal and monetary policy, even if effectively implemented, is not a good substitute for efficient resource utilisation. In fact it may hurt the economy and turn out to be stagnationist, at least in the short run.

Black Money and Effectiveness of Monetary Policy

Black Money and Effectiveness of Monetary Policy V Pandit K Sundaram IN their latest communication on the question of black money and the effectiveness of monetary policy (EPWt September 8, 1984), Acharya and Madhur (hereafter AM) have sought to defend their modelling of the question and, despite their own doubts about the robustness of their empirical results, have stated that they "continue to subscribe" to their earlier conclusions. Their faith in the one regression equation estimated by them must indeed be overwhelming. For their reply to our critique not only does not squarely face the questions raised in our critique but also fails to recognise the implications of their 'caveats'for the issues at hand.

Informal Credit Markets, Black Money and Monetary Policy-Some Analytical and Empirical Issues

Informal Credit Markets, Black Money and Monetary Policy Some Analytical and Empirical Issues K Sundaram V Pandit In a recent paper Acharya and Madhur have sought to examine whether and how far the presence of informal credit markets and black money frustrates monetary policy. They reach the conclusion that "contrary to a view held in some circlesf official monetary-credit policy has on the informal credit market". The' some circles', presumably refers, inter alia, to an earlier paper by the present authors wherein, while discussing the implications of the large volume of liquid wealth arising from cumulation of savings out of black income, they noted that "this liquidity is immune to any monetary fiscal policy", which is quoted by Acharya and Madhur, but also went on to state that "it can move round in the economy creating unpredictable excess demand in several vulnerable sectors of the economy''.

Direct Tax Reform-Family as Tax Entity and Other Issues

The draft five year plan 1978-83 calls for a major effort at mobilisation of additional resources. Much of tins effort will have to he directed towards raising further tax revenues. So far, the policymakers have mainly relied on indirect taxes in their efforts to raise additional resources. Since indirect taxes already contribute more than 77 per cent of the total tax revenues, a stage has clearly been reached where we have to rely increasingly on direct taxes.

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