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

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JUDICIARY-Powerless against the Powerful

RBI has once again refused to face the facts: that money is not neutral to output and employment growth, that money supply adjusts to prices, that money is largely endogenous in character and, above all, that it is not the total volume of credit (which expanded significantly in 1995-96) but its distribution thai matters. Otherwise it would have recognised the need to balance the welfare loss to the poor as a result of inflation (which is emphasised) against the welfare loss from reduced growth of output and employment.

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