Articles by Phiroze B Medhora

For Every Crisis Phiroze B Medhora The Crisis in Keynesian Economics by John Hicks; Oxford University Press, Delhi; pp 85; Rs 12.
THE three lectures were given some time in the middle of 1873. Their relevancy to current economic problems, as also the relevance of Keynes' "General Theory" to these problems, can hardly be doubted. Hicks argues that if the world did not face a crisis after the Second World War of the kind it had faced after the First World War, and if there was reasonable full employment and growth during the fifties and sixties, it was partly due to the application of Keynes' ideas and concepts in the post-Second-War situation. In the first lecture on saving, investment and the multiplier, Hicks refers to two major factors which affect the multiplier: first, the existence of stocks, and second, in an open economy, the existence of foreign exchange reserves. By a neat analysis. Hicks shows that the two are in effect interchangeable, and influence the value of the multiplier, lie deals mainly with the role of price expectations and their impact on stock-holding, bringing in the concepts of fixprice and fiexprice which determine the response of the market to a change in demand.

Issues and Pseudo-Issues Phiroze B Medhora For the first time since the Mahalanobis plan-frame, the formulation of the Fifth Plan has been preceded by a great debate on the objectives and rationale of planning.

Phiroze B Medhora The analysis of the inefficiencies of the Indian economic system by Jagdish Bhagwati and Padma Desai is focused almost exclusively on the international trade account, when in fact the causes of India's difficulties have to be sought elsewhere.

Phiroze B Medhora The planning system has created widespread interest in annual economic forecasting which has now become something of a pastime among economists and research organisations.

December 6, 1969 ment to dabble in economic policy formulation when the Planning Commission is not mobilised for this task. If outside expertise is to be associated, let the Planning Commission stir itself to arrange it! If there is a drag in the Planning Commission, change its composition, its method of work, but let it not be unemployed like so much other material in the country.