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Full-Text Articles in Social and Behavioral Sciences
Economic Transition, Dualism, And Informality In India, Surbhi Kesar
Economic Transition, Dualism, And Informality In India, Surbhi Kesar
Economics Department Working Paper Series
In much of the literature on economic development, sustained economic growth is expected to be accompanied by several interrelated processes of structure change, which involve a shift in economic activities from ‘traditional’ / agricultural / informal to ‘modern’ / industrial / formal sectors. Such transitions are usually accompanied by a transition in the economic dependence of households towards relatively ‘modern’ and formal segments of the economy, along with a rise in their general economic well-being. In this paper, we examine the Indian economy using the only available household-level pan-India panel data over the high growth period between 2005 and 2011-12, …
Aggregate Demand Policy In Mature And Dual Economies, Peter Skott
Aggregate Demand Policy In Mature And Dual Economies, Peter Skott
Economics Department Working Paper Series
Aggregate demand is important, both in the short and the long run, but a basic distinction must be made between dual and mature economies. Mature economies may suffer from a structural aggregate problem ('secular stagnation'): full-employment growth may be impossible in the absence of sustained fiscal stimulus. Dual economies with high levels of open or hidden unemployment, by contrast, do not face long-run structural aggregate demand problems. They require public investment in key areas, including education and infrastructure, but the key problems concern the composition of demand and the need to expand the modern sector. These economies face structural transformation …