Institutions

Fisheries are an intensive sector that provide a livelihood to many people, including fisherfolk, retailers, head loaders and others. While the government has made attempts to improve the infrastructure, such as harbours and cold storage systems, there has been no investment in improving the fishers’ access to social capital. The analysis of survey data for 268 usable sampled fish retailers, 235 women and 33 men, clearly indicates substantial improvements in the profitability and business turnover when there is access to social capital. It is suggested that incorporating strategies which enhance social capital in the market institutions would restore and enhance the role of fisherwomen in the fish businesses.

The dignity of public institutions depends on the practice of constitutional ideals.

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The paper picks up what can be called as a thread of discontentment in conventional macroeconomics through a brief review of literature, carefully chosen to bring home the importance of micro, to justify that it can give a realistic framework of analysis of the economy. To support research for validation of alternative theories challenging the rational approach, deeply rooted in the general equilibrium theory, we need empirical evidence linking the micro with the macro. The idea is to seek conformance of these theories based on ground realities and to consider institutions and governance as important components of this analysis. The existing statistical system in India needs to be reoriented following the System of National Accounts 2008 on microdata to capture distributional characteristics of macroaggregates. There is a new direction in applied econometrics based on the idea of stochastic equilibrium which is testable using microdata. The paper touches upon this idea citing a single work.

Behind the opulence of institutions and the grandstanding of politicians towards teachers lies the real truth—they are among the most undervalued professionals in India.