Avoidable Tragedy of the Left in India

Avoidable Tragedy of the Left in India Pranab Bardhan The left in India has to pay more serious attention to a long tradition in one part of economics, started by a Marxist economist Oskar Lange, where there have been earnest attempts to combine the agility and flexibility of market processes with the egalitarian goals of public ownership and public control over the distribution of surplus. It is possible to devise institutional mechanisms to cope with the serious incentive and agency problems of public ownership without compromising much on egalitarianism.