Conflict, Demand and Economic Development Essays in Honour of Amit Bhaduri

This book presents a comprehensive overview of three key areas: heterodox macroeconomics, development economics and classical political economy. It offers an alternative macroeconomic framework to analyse policies with an emphasis on issues of equity and justice.

With contributions by leading economists from across the world, it examines the growth and distribution of income; trade and finance in developing countries; classical political economy and Marxist theory; dualism in the US economy; economic crisis; and agrarian economy in poor countries. It explores themes such as the effect of an exogenous shock to wage share; Harrodian instability and Steindlian solutions; economics and politics of social democracy; the role of power in the macroeconomy; economic development through the promotion of domestic value chains; and reflections on primitive accumulation. Going beyond the neo-classical tradition, the volume opens up a new vista of economics by discussing unexplored questions. It provides a refreshing treatment of time-tested ideas as well as discussions of recent developments and current research.

A major intervention in heterodox macroeconomics and a tribute to macroeconomist Amit Bhaduri, this book will be useful to scholars and researchers of economics, political economy, development studies, sociology, political science, public administration, economic theory, economic history, economic geography and critical studies, as well as professionals, economists and policymakers.

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

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.