Advertisement

Journal of Quantitative Economics

, Volume 17, Issue 3, pp 707–709 | Cite as

Dilip M. Nachane: Critique of the new consensus macroeconomics and implications for India

  • Kamaiah BandiEmail author
  • Rajendra N. Paramanik
Book Review
  • 10 Downloads

It is undoubtedly refreshing to go through the scholastic and erudite book titled ‘Critique of the New Consensus Macroeconomics and Implications for India’ (Published by Springer India) written by Professor Dilip M. Nachane, an eminent scholar and a reputed quantitative economist. The book provides an intellectual feast by presenting such granular details and a gripping note on evolution of modern macroeconomics, compelling, not surprisingly, ex-World Bank Chief Economist, Prof. Kaushik Basu to confess that he would have loved to have had this book on hand during his tenure as Chief Economic Advisor to Government of India. This unusual volume delivers a story, less heard in academic lullaby where gallantry of invincible New Consensus Macroeconomics (NCM) has been scrutinized through a thorough and detail intellectual dissection of economic literature. NCM, being a blend of different ideas from diverget schools of economic thought like stickiness of price and wage of new Keynesian...

Notes

References

  1. Bernanke, B. S. 2005. The global saving glut and the US current account deficit (No. 77). Federal reserve board. in Speech at the Sandridge Lecture, Virginia Association of Economists, Richmod, Virginia.Google Scholar
  2. Fleming, J.M. 1962. Domestic financial policies under fixed and under floating exchange rates. IMF Staff Papers 9 (3): 369–380.CrossRefGoogle Scholar
  3. Hayek, F. 1929. Monetary theory and the trade cycle. New York: Sentry Press (1933).Google Scholar
  4. Howden, D. 2010. Knowledge shifts and the business cycle: When boom turns to bust. The Review of Austrian Economics 23 (2): 165–182.CrossRefGoogle Scholar
  5. Kydland, F. E., and E. C. Prescott. 1982. Time to build and aggregate fluctuations. Econometrica: Journal of the Econometric Society 50 (6): 1345–1370.CrossRefGoogle Scholar
  6. Mises, L. V. 1998. Human action: A treatise on economics. The Scholar’s Edition. Ludwig von Mises Institute, Auburn, Ala.Google Scholar
  7. Mundell, R.A. 1963. Capital mobility and stabilization policy under fixed and flexible exchange rates. Canadian Journal of Economics and Political Science/Revue canadienne de economiques et science politique 29 (4): 475–485.CrossRefGoogle Scholar
  8. Murphy, R. 2011. My reply to Krugman on Austrian business-cycle theory. Mises. org (January 24, 2011). http://mises.org/daily/4993

Copyright information

© The Indian Econometric Society 2019

Authors and Affiliations

  1. 1.School of EconomicsUniversity of HyderabadHyderabadIndia
  2. 2.Indian Institute of TechnologyPatnaIndia

Personalised recommendations