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Trevor Swan and Indian planning: The lessons of 1958/59

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Listed:
  • Selwyn Cornish
  • Raghbendra Jha

Abstract

Trevor Swan is commonly considered to be Australia’s most distinguished economist. As part of a visiting professorship at MIT during 1958-59 he spent nine months in India to assist in the formulation of India’s third five year plan and to contribute to the development of India’s premier research institutions. This paper provides an account of his work in New Delhi. Swan’s closest associates were Pitambar Pant from the Indian Planning Commission and Ian Little who was visiting from Oxford. Swan was of the view that India’s economic problems should be clearly understood and the best policy measures to address these should be devised. This varied considerably from the practice of central planning and state control being practiced in India at that time. Swan was unable to influence the direction of economic policy in India but the economy’s subsequent performance would vindicate Swan’s views on how economic development policy should have been conducted.

Suggested Citation

  • Selwyn Cornish & Raghbendra Jha, 2016. "Trevor Swan and Indian planning: The lessons of 1958/59," Departmental Working Papers 2016-19, The Australian National University, Arndt-Corden Department of Economics.
    • Handle: RePEc:pas:papers:2016-19
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    File URL: https://acde.crawford.anu.edu.au/sites/default/files/publication/acde_crawford_anu_edu_au/2016-11/2016-19_jha_trevor_swan_in_india_sc82_0.pdf
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    References listed on IDEAS

    as
    1. Robert M. Solow, 1956. "A Contribution to the Theory of Economic Growth," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 70(1), pages 65-94.
    2. T. W. Swan, 1956. "ECONOMIC GROWTH and CAPITAL ACCUMULATION," The Economic Record, The Economic Society of Australia, vol. 32(2), pages 334-361, November.
    3. Anonymous, 1958. "International Monetary Fund," International Organization, Cambridge University Press, vol. 12(3), pages 387-387, July.
    4. Murphy, Kevin M & Shleifer, Andrei & Vishny, Robert W, 1989. "Industrialization and the Big Push," Journal of Political Economy, University of Chicago Press, vol. 97(5), pages 1003-1026, October.
    5. N. A. Sarma, 1958. "Economic Development in India: The First and Second Five Year Plans," IMF Staff Papers, Palgrave Macmillan, vol. 6(2), pages 180-238, April.
    6. Jagdish N. Bhagwati & T. N. Srinivasan, 1975. "Foreign Trade Regimes and Economic Development: India," NBER Books, National Bureau of Economic Research, Inc, number bhag75-1, June.
    7. Robert W. Dimand & Barbara J. Spencer, 2009. "Trevor Swan and the Neoclassical Growth Model," History of Political Economy, Duke University Press, vol. 41(5), pages 107-126, Supplemen.
    8. Anonymous, 1958. "International Monetary Fund," International Organization, Cambridge University Press, vol. 12(2), pages 223-224, April.
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    10. Dudley Seers, 1962. "Why Visiting Economists Fail," Journal of Political Economy, University of Chicago Press, vol. 70(4), pages 325-325.
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    More about this item

    Keywords

    India; Trevor Swan; Ian Little; Pitambar Pant; Five Year Plans; MIT Project; Ford Foundation;
    All these keywords.

    JEL classification:

    • B19 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Other
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General
    • O21 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Planning Models; Planning Policy

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