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

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End of Century Socialism

wise, the derived estimate of unit capital cost would be biased upwards, as shown for a simple case outlined in a note to this write-up. Finally, I would like to point out that it is the real resource as well as the opportunity cost towards which we ultimately work so as to figure out whether minor or major irrigation is more costly. In other words, nominal costs in the accounting sense have to be duly modified: by eliminating from them tax elements if any; by adding to them hidden subsidies if any; adding suitable premium on import content of certain costs; and revising nominal costs to the extent these are based on administered prices/wages/ interest rates: No wonder, we have little firm work in this area.

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