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Alternative policy imagination for anti-toxic Indian development

Author

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  • Amit Bhaduri

Abstract

Worsening joblessness in India is put forward here from the multiple and interconnectedargumentative lens of formal-informal dichotomy by labour productivity differential,market size constraint, labour market flexibility, capital inflows, political constraint,corporate industrialization and welfare economic implications. In the process, the limitationsof the classic developmental ideas of Kuznets, Lewis and Schumpeter are critiqued.Thereafter, an alternative policy framework is proposed to achieve economic developmentfocused on employment, equity and environmental uplift. The paper shows how the massiveunemployment problem can be managed in India’s democratic set up by departing from conventionalwisdom about industrialization. JEL Classification: D6; D62; D72; E6; E12; E24; E26; H41; J08; J21; J64; J83; N5; O1;O2; O11; O14; O17.

Suggested Citation

  • Amit Bhaduri, 2024. "Alternative policy imagination for anti-toxic Indian development," Brazilian Journal of Political Economy, Center of Political Economy, vol. 44(3), pages 385-396.
    • Handle: RePEc:ekm:repojs:v:44:y:2024:i:3:p:385-396:id:2460
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    File URL: https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/2460/2392
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    More about this item

    Keywords

    Formal and informal sectors; labour productivity; market size; jobless growth; labour market flexibility; capital flows; corporate industrialization; welfare economics; alternative policy;
    All these keywords.

    JEL classification:

    • D6 - Microeconomics - - Welfare Economics
    • D62 - Microeconomics - - Welfare Economics - - - Externalities
    • D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • E26 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Informal Economy; Underground Economy
    • H41 - Public Economics - - Publicly Provided Goods - - - Public Goods
    • J08 - Labor and Demographic Economics - - General - - - Labor Economics Policies
    • J21 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Labor Force and Employment, Size, and Structure
    • J64 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Unemployment: Models, Duration, Incidence, and Job Search
    • J83 - Labor and Demographic Economics - - Labor Standards - - - Workers' Rights
    • N5 - Economic History - - Agriculture, Natural Resources, Environment and Extractive Industries
    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development
    • O2 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O14 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Industrialization; Manufacturing and Service Industries; Choice of Technology
    • O17 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Formal and Informal Sectors; Shadow Economy; Institutional Arrangements

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