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Optimal Policies And Immiserizing Growth, Jagdish N. Bhagwati
Optimal Policies And Immiserizing Growth, Jagdish N. Bhagwati
Faculty Scholarship
In 1958, I analysed the paradoxical case of "immiserizing growth" [2] where a country, with monopoly power in trade, found that the growth-induced deterioration in its terms of trade implied a sufficiently large loss of welfare to outweigh the primary gain from growth. An obvious corollary of this proposition was that, if the country imposed an optimum tariff (either in both the pre-growth and the post-growth situations, or in the latter situation alone), this paradox would be eliminated.
James Melvin, in an interesting note [5], has now produced yet another analysis of immiserizing growth, where demand differences of the factor-intensity-reversals …
Contributions To Indian Economic Analysis: A Survey, Jagdish N. Bhagwati, Sukhamoy Chakravarty
Contributions To Indian Economic Analysis: A Survey, Jagdish N. Bhagwati, Sukhamoy Chakravarty
Faculty Scholarship
Any survey of contributions to economic analysis in India, even though confined to the post-war years and to issues arising from domestic economic events and policy, runs into exceptional difficulties. Not only has practically every conceivable problem been raised and discussed by economists, in a country where interest in economic issues dates back at least to the latter half of the 19th century; but there have also been numerous committees and commissions whose report have led to a voluminous literature.
Ruthless selectivity has thus been inevitable. We have generally focussed, in this survey, on contributions which meet the following criteria: …