Economic Growth, Efficiency and Inequality

Satish K. Jain is Professor at the Centre for Economic Studies and Planning (CESP), Jawaharlal Nehru University (JNU). He was a member of the faculty at CESP during 1978–2013 and held the Reserve Bank of India Chair during 2011–13. He has authored Economic Analysis of Liability Rules (2015) and has edited Law and Economics (2010). His areas of research interest are social choice theory, and law and economics.Anjan Mukherji is Professor Emeritus at JNU and was member of faculty at CESP during 1973–2010. He was Reserve Bank of India Chair Professor during 2005–10 and was awarded the Jawaharlal Nehru National Fellowship by the Indian Council of Social Science Research (2011–13). Since 2011 he has been Honorary Visiting Professor at the National Institute of Public Finance and Policy. He has authored Walrasian and Non-Walrasian Equilibria: An Introduction to General Equilibrium Analysis (1990) and co-authored Mathematical Methods and Economic Theory (2011).

• Introduction Satish K. Jain and Anjan Mukherji 1. Intersectoral Disparities and Growth Amitava Bose 2. Cycles and Crises in a Model of Debt-Financed Investment-Led Growth Soumya Datta 3. Policy-Induced Changes in Income Distribution and Profit-Led Growth in a Developing Economy Gogol Mitra Thakur 4. A Simple Dynamic Bargaining Model Amarjyoti Mahanta 5. Increasing Returns, Non-Traded Goods, and Wage Inequality Brati Sankar Chakraborty and Abhirup Sarkar 6. Equality, Priority, and Distributional Judgments S. Subramanian 7. Contest with Interdependent Valuations Rittwik Chatterjee 8. Auctions with Synergy Srobonti Chattopadhyay and Rittwik Chatterjee 9. Negligence as Existence of a Cost-Justified Untaken Precaution and the Efficiency of Liability Rules Satish K. Jain 10. The 11-20 Money Request Game and the Level-k Model: Some Experimental Results Sugato Dasgupta, Sanmitra Ghosh and Rajendra P. Kundu. About the Editors. Notes on Contributors. Index

This is a valuable book on an engaging theme that seeks to analyze the functioning of institutions to assess outcomes in terms of their impact on growth, efficiency and inequality. It demonstrates how economic theory can be used to improve our understanding of the real world and change it for the better. — Deepak Nayyar, Professor Emeritus, Jawaharlal Nehru UniversityEconomic Growth, Efficiency and Inequality is a major contribution to theory with bearing on economic policy. This well-researched and insightful volume will be a major reference work for students of economics and policy makers alike. — M. Govinda Rao, Member, Fourteenth Finance Commission of IndiaThis volume encompasses perfectly clearly written essays that reflect some of the driving themes in economics. It is a presentation for a wide set of readers. — Satya R. Chakravarty, Professor, Indian Statistical InstituteThe scope of this book, as is clear from the preceding discussion, is not limited to the issues related to growth, efficiency and equality. It also encompasses other issues, such as auction, contest, and bargaining. This book does not seem to have a unified theme, but it provides illuminating discussions on those issues which not only have policy relevance but also are enriched with research content. — Debabrata Pal, Centre for Economic Studies and Planning, Jawaharlal Nehru University, New Delhi, Economic&Political Weekly