Conflict, Demand and Economic Development

Deepankar Basu is Associate Professor in the Department of Economics at the University of Massachusetts Amherst, USA.Debarshi Das is Associate Professor in the Department of Humanities and Social Sciences at the Indian Institute of Technology Guwahati, India.

• 1. Introduction Part I. Post-Keynesian Macroeconomics: Growth and Distribution 2. Power, Income Inequality and Economic Growth 3. Harrodian Instability in Kaleckian Models and Steindlian Solutions: An Elementary Discussion 4. Conflict as Closure: A Kaleckian Model of Growth and Distribution Under Financialization 5. Aggregate Demand Policy in Mature and Dual Economies 6. Competition, Technical Change and Demand-Led Growth 7. The Economics and Politics of Social Democracy: A Reconsideration 8. What is the Impact of an Exogenous Shock to the Wage Share: VAR Results for the US Economy, 1973–2018 Part II. Classical Political Economy: Conflict and Exploitation 9. ‘Superhuman Efforts’ and the Theory of Value and Distribution: Sraffa on Pareto 10. Rosa Luxemburg, Mikhail Tugan-Baranovsky and the Current State of Economic Crisis 11. Some Reflections on 'Primitive Accumulation' 12. A Model of the Marxist Rent Theory Part III. Duality and Underdevelopment 13. Rural Poor or Peasant-Proletarians: Agrarian Change and Labour Markets in Eastern United Provinces in the Colonial Period 14. Rising Inequality and Dualism in the US Economy: Evidence and Potential Explanations 15. India’s Growth Story: A Model of ‘Riskless Capitalism’? 16. Supporting Domestic Development Through Coordinating the Promotion of Domestic Value Chains

Conflict, Demand and Economic Development: Essays in Honour of Amit Bhaduri demonstrates, without question, that rigorous, important and profoundly insightful economic research is alive and well outside of the narrow, and often misleading confines of ‘mainstream’ economics. The essays published here by outstanding economists working in the traditions of Marx, Keynes, Kalecki, Robinson, and Prebisch address central economic and political issues of our day, including structural unemployment, worsening inequality within and between countries, technological change, and rural economic development. These essays are of great interest and are a fitting tribute to Amit Bhaduri, who made seminal contributions to help keep alive these dynamic and crucial research traditions. Gerald Epstein, Professor of Economics and Co-Director, Political Economy Research Institute (PERI), University of Massachusetts Amherst, USA Professor Amit Bhaduri has been one of the truly outstanding economists of our time, whose commitment to changing the world, has led to his refusal to be pigeonholed into any narrow specialization. He has made seminal contributions in areas as diverse as macroeconomics, capital theory, economic history and semi-feudal agriculture. The essays in this volume reflecting the diversity of his own interests are a fitting tribute to his renaissance personality. Prabhat Patnaik, Professor Emeritus, Center for Economic Studies and Planning, Jawaharlal Nehru University, Delhi, India