Abstract
Ajit’s economics was theoretically and methodologically rigorous, evidence-based and policy-relevant. Initially, his research developed an empirical refutation of key tenets of the neoclassical theory of the firm, mergers, takeovers and the stock market. Subsequently, his paradigmatic research on deindustrialisation in the UK simultaneously provided a framework emphasising the vital role of manufacturing in development. His consistent advocacy of state-enabled Kaldorian industrialisation, exemplified by South Korea, brought him into regular confrontation with the uniform structural adjustment and free-market mainstream package applied on developing economies by the Bretton Woods institutions, prominently in Tanzania and Mexico; in opposition, he argued for a strategically selective rather than a close and all-embracing integration with globalisation processes. Later, he began to investigate the limits of export-led industrialisation and recalibrate the Kaldorian template with possibly a lead role for the services sector. He would reject claims that his industrialisation strategy risked mutation into an ideology of industrialism.
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Notes
- 1.
- 2.
In this work, Ajit constructs a general analytical framework that provides the scaffolding for a set of case studies, including one on Punjab in 1983.
- 3.
In her obituary, Sunanda Sen (2015, p. 75) states that “Ajit also had been engaged in what he could witness as ‘ecological destructions ’, putting forth his plea for remedial measures to save the present and future generations of humanity”. However, apart from one late joint paper (co-authored with Shachi Amdekar, a doctoral researcher at Queens’ College ), there really is no serious evidence of Ajit propounding extensively on this theme, important as he might have regarded it. This paper, Amdekar and Singh (2014), which does not appear in Ajit’s curriculum vitae updated only in June 2014, is a commentary on Stephen Marglin’s (2013) article calling for a fundamental rethink of economics and policy in view of the ecological factor.
- 4.
In a comment all the more significant for its rarity, Ajit writing on Punjab remarks: “I … suggest that accelerated industrialisation and a substantially redistributive fiscal policy (i.e., a more equitable distribution of gains from economic growth by fiscal means) must be the two pillars of any well conceived basic needs programme” (Singh 1983a, p. 3).
- 5.
“Sanjaya Lall , one of the most brilliant development economists of his generation, was not merely an apostle of third world industrialization but provided an intellectual and theoretical rationale for it, as well as a strategic policy design to achieve it” (Singh 2009b, p. 1). “He seemed to have been much influenced by the leading legendary Cambridge economist, Nicholas Kaldor . Like Kaldor, Lall believed that manufacturing was the engine of growth and developing countries in general should follow the model of export led growth. For Lall, development economics was less a study of poverty but more one of how to develop capabilities for industrial, technical and organizational development, so that third world corporations could effectively compete in the global economy” (ibid., p. 2). Ajit could well have been describing himself, though the scope of his own work was far more extensive in coverage than the deeply specialised and sharply focussed research of Sanjaya, which was almost exclusively devoted to the issues of technological development and multinational behaviour.
- 6.
The reference is to Ajit’s empirical refutation of the neoclassical theory of the firm in the mid-1960s. Amartya also recollects when Ajit offered to drive him to the airport; the two got into an argument over social justice; they had to stop for a coffee to complete the discussion; Ajit wouldn’t let go—almost literally—and the flight to Delhi was missed, the only time that has happened to him, Amartya tells us.
- 7.
Incidentally, both books were published by Cambridge University Press and edited by Jo Bradley , later married to Ajit. She recalls that book manuscripts submitted by DAE authors were routinely nodded on by the CUP Syndics, in view of the prior intensive technical vetting and peer review they had been subjected to within the DAE. In Ajit’s case, however, the proposal came under attack from two Syndics apparently casting aspersions on the leftist politics and activism of the author. Jo was present the meeting in her capacity as editor, but not mandated to intervene in the meeting; she did immediately after, however, in a sharp letter of complaint to (not about) Brian Reddaway, also a Syndic, who retired that year from his position of Director of DAE: “the Chairman abused his position to make gratuitous personal remarks which may do Ajit harm academically”, using the privileged position of the Syndics’ proceedings where Ajit “would have no opportunity to defend himself against such an attack on his character”. The two erring Syndics were named as Sir Frank Lee, long term civil servant, and Professor Geoffrey Elton, a constitutional historian of Tudor times specialising in Oliver Cromwell; neither could have had a serious inkling about the subject matter of the book in question—an econometric analysis of takeovers. It is not known precisely how it came to pass, but this impropriety was apparently remedied with an apology tendered in the following meeting, and the manuscript duly went on to make the waves and splash it did. (Cf: Letter by Jo Bradley to Professor W.B. Reddaway, dated 31 July; 1970, personal communication, quoted with permission.)
- 8.
There are a couple of curiosities in the references to this article: one is a reference to an unpublished paper of his, also from 1975, on “Monopoly Capital Revisited: The Role of Centralization by Merger”, clearly here engaging with Marxian discourse and Marxist audiences. The other is not an entry but an absence, there being no reference to Robin Marris’s The Economic Theory of ‘ Managerial’ Capitalism published in 1964.
- 9.
Ajit had a penchant for challenging orthodoxy and mainstream positions by using the words of some of their own sages. Paul Samuelson would have agreed with Ajit on the dysfunctionality of managerial incentive systems in large corporations and also with Ajit’s long-term perspective on the investment process. In Samuelson’s words: “Investing should be more like watching paint dry or watching grass grow. If you want excitement, take $800 and go to Las Vegas”, or “Investing should be dull. It shouldn’t be exciting”. Ajit would have agreed with the emphasis on the long term without compromising the “animal spirits” of productive entrepreneurs or the role of the state in providing a facilitative framework. See www.brainyquote.com/quotes/quotes/p/paulsamuel205549.html.
- 10.
- 11.
Quoted in the Chandigarh Tribune, 7 April 2004, www.tribuneindia.com/2004/20040407/cth1.htm-4. See also Singh (2007c).
- 12.
See the tribute by Professor Datuk Dr. Rujhan Mustafa of the International Economics Universiti Malaysia (19 July 2015): “Prof Rajah Rasiah often told me of the profound respect Ajit Singh had for Dr Mahathir’s courage in fearlessly standing up against the imperial powers”: www.thestar.com.my/News/Education/2015/07/19/Tribute-to-revered-economists/. See also Asia Samachar, 13 July 2015, http://asiasamachar.com/2015/07/13/prof-ajit-singh-great-mind-courageous/, and the obituary by Professor Rajah Rasiah (2015).
- 13.
Ajit Singh “India Arising: Myth or Reality”, www.griffith.edu.au/__data/assets/pdf_file/0018/18216/newsletter-volume-7-2.pdf.
- 14.
The allusion here is to the sub-continental “traditions” of inter-community cultural rivalries and deprecation through (seriously politically incorrect) humour, and Sikhs, or sardars, have more than their fair share of being at the butt end of it; typically jestful put-downs would vest the Sikh community with an endearingly high degree of gullibility and misreading of situations; here, Ajit turns the tables on his Pakistani brethren!
- 15.
There are other significant antecedents in the deindustrialisation debate and an early root is again in Cambridge itself in the work of D. R. Gadgil , who came to Cambridge in 1918, took a Pt. I in the History Tripos and then switched to Economics for the Pt. II, subsequently going on to an M. Litt (1921–1923) with his dissertation being published in 1924 by Oxford University Press as the little classic, The Industrial Evolution of India in Recent Times (Gadgil 1924); much later he wrote on the origins of the modern business class in India (Gadgil 1959) and served in many senior capacities including as Deputy Chair of the Planning Commission (see Dandekar 1971). Between Gadgil and Bagchi is the productive debate on “The Indian Economy in the 19th Century”, carried in the Indian Economic and Social History Review in 1968, including significant contributions by Morris D. Morris whose revisionist thesis on the colonial impact is countered by Tapan Raychaudhuri , Toru Matsui , Irfan Habib , Bipin Chandra and Amiya Bagchi among others. There are interesting comparisons to be made between the two debates: the impact of imperial Britain on Indian indigenous industry and then the deindustrialisation in the UK in the face of competition from other advanced countries in the modern period covered by Ajit and others.
- 16.
Wynne Godley , a Fellow at King’s, called Kaldor “a Falstaffian intellect who thought with his gut; he emanated genius, was very persuasive and would never give up” (Godley 2008). Rowthorn (2008) agrees: “Kaldor was a brilliant economist and not in this school at all, not defensive, too interested in creating new ideas; a jolly person, full of life, a wonderful man”. Godley says that Kaldor “loved laughter, usually at his own jokes” and “used to sleep at meetings”. Bernal, another King’s Fellow, chimes in: “for some reason, I often found myself sitting next to him at feasts. When not dozing, he could be delightfully friendly and indiscreet ” (Bernal 2012, p. 277).
- 17.
Kaldor’s contributions are finely and succinctly addressed by Geoff Harcourt in his obituary (Harcourt 1988) and in his review (Harcourt 1997) of Kaldor’s Raffaele Mattioli Lectures, delivered in 1984 but published in 1996 (Kaldor 1996); see also Thirlwall (1987) and Targetti (2005) which deals with the interface of Kaldor’s ideas with economic development, and his earlier treatment of Kaldor’s analysis of capitalism as a dynamic system (Targetti 1992).
- 18.
Of pertinence here is Thorstein Veblen’s work linking economics and Darwinism using the notion of cumulative causation (Veblen 1898, 1904). However, Hodgson (2004) cautions that behind the similarity of terms, there is a difference in meaning: “while Veblen coined the term ‘cumulative’ causation, he used it primarily to refer to cumulative sequences of cause and effect. With other authors, the term ‘cumulative causation ’ took on the different meaning (in modern parlance) of non-linear processes of positive feedback. For instance, in his classic article on ‘increasing returns ’ Allyn Young wrote that: ‘change becomes progressive and propagates itself in a cumulative way’. One of his students was Nicholas Kaldor, who made extensive use of Young’s positive feedback notion of ‘cumulative causation’. Gunnar Myrdal independently took the idea of cumulative causation from the positive feedback mechanisms in the monetary economics of fellow Swedish economist Knut Wicksell ” (Hodgson 2004, p. 347).
- 19.
See especially Young (1928, pp. 533–535) on the inherent tendencies towards “disequilibrium”, and the role of historical time in the realisation of processes of increasing returns as part of economic progress.
- 20.
Sraffa (1926, p. 537) refers to “the position occupied in classical economics by the law of increasing returns … as an important aspect of the division of labour, and thus rather as a result of general economic progress than of an increase in the scale of production”.
- 21.
In this connection, see also the one-sided attack by Bela Balassa, the World Bank consultant, on the Cambridge School (Balassa 1989a).
- 22.
- 23.
- 24.
One of these was Brian Van Arkadie himself and for his own reasons, he stood closer to the other side: “My own view on Tanzanian devaluation , of course, differs from Ajit’s. My support of devaluation was based on two things. One, cynically I was seeking a compromise between donors and Mwalimu — in order to defend Mwalimu’s great achievements — and I felt that Ajit’s argument, that the exchange rate really could make no difference, could also be used to support a cynical adjustment. Secondly, the rather weak bureaucracy could not longer manipulate internal prices and manage exchange control effectively” (personal communication, email dated 11 December 2017). Typically, Ajit’s arguments always opposed the ideas, not the person holding them. In a personal communication, Brian wrote: “the difference in view did not result in an estrangement between us — we remained friends; a few years later I delivered an address on his behalf at the anniversary celebrations for the economics faculty of the University of Malaya ; I saw him often in Cambridge; indeed, he had promised to come to my 80th birthday party and a lunch at Queen’s — sadly he was in no shape to do so and died soon after” (Brian Van Arkadie , personal communication, 21 October 2015).
- 25.
“A Primer in Culinary Economics, or How to Maximize the Culinary Utility of the Dollar in Paris”, of which the 8th edition appeared in 1987. See, https://en.wikipedia.org/wiki/B%E2%88%9A%C2%A9la_Balassa.
- 26.
In fact, Ajit, in arguing “the Cambridge position”, was anything but doctrinaire. He explicitly accepted the wisdom of devaluation when the circumstances require it: “whether or not a change in the exchange rate is required — and more importantly the extent of the change and its timing — should rest on an empirical examination of the following kinds of questions …”, and then he set out precisely the preconditions that would justify devaluation (Singh 1986, p. 434).
- 27.
Much later, in 2002, Ajit returned to the issue of aid and associated conditionality. Development and Change hosted a symposium centred on Jan Pronk’s position paper, “Aid as a Catalyst”, with invited reactions from a range of experts. While recognising the generally progressive stance of Jan Pronk and the Netherlands with regard to international assistance, Ajit took issue with Pronk (2001), arguing that he “looks at the problem essentially from the standpoint of aid-providing nations … [and] by and large, omits the concerns of aid-receivers — the developing countries” (Singh 2002, p. 295), and set about correcting this imbalance. “From the perspective of developing countries, aid should be based on need and be free of intrusive conditionalities, particularly with respect to policies and governance …. It is useful to consider an analogy with the request of an individual economic agent for a home purchase loan or one for other family expenditures. The lender may ask the agent to provide guarantees or collateral and may fix payment terms considering the borrower’s financial situation. This kind of conditionality is generally regarded as legitimate. But, if the lender were to insist on divorce of the borrower from the spouse, or even a laudable thing such as equal rights for all family members, this would be regarded as unacceptable interference. Similarly, developing countries feel that intrusive conditionalities, particularly those relating to a country’s economic and political institutions, are illegitimate” (ibid., p. 303). For Jan Pronk’s response, see Pronk (2003).
- 28.
Messkoub (1996) provides a careful review of the social impact of adjustment programmes in Tanzania . For a sanitised IMF grand narrative, see Nord et al. (2009). This version fails to mention at all any of the policy dialogue between the World Bank and IMF on the one side and the different positions on the Tanzanian side, and neither the role of the Cambridge advisors, nor any of their names appears in this book—a case of shabby ideological cleansing.
- 29.
- 30.
- 31.
Here the reader is directed especially to the papers co-authored with Ann Zammit . Ajit’s curriculum vitae (updated to June 2014) lists 11 papers jointly authored with Ann Zammit between 1995 and 2011 dealing directly with issues pertaining to labour, gender and finance within a global analytical and policy framework. Ann became Ajit’s second wife days before his demise.
- 32.
Another trenchant example comes from Ajit in his obituary address for Alice Amsden (Singh 2012). For Ajit, the long-term path to high labour standards lay through the highway of rapid, high-quality industrialisation; but you had to traverse from “the low road” to “the high road”, and the successful development of manufacturing industries held the key.
- 33.
Their joint paper is dated July 1988, but it never saw the full light of day, and only remains in draft form, no doubt due to Sukhamoy’s progressive illness and then his tragically premature demise in August 1990. It is visibly a two-part product both in form and in content: the first twenty-eight pages (Times New Roman, inkjet) are clearly Sukhamoy’s and provide a sweep of the theoretical terrain sifting critically through complex and varied inherited positions making the case for full openness, and precisely identifying the weak spots and holes in these generalised recipes used to provide theoretical justifications for globalisation à la Bretton Woods. Then follow pages 29–53 (Arial, dot-matrix) which are obviously Ajit’s, providing an equally fluent and focussed empirical analogue that complements Sukhamoy’s theoretical take, using the ESEA, especially South Korea , as empirical cases to support their shared argument.
The paper calls itself a “first draft”; at some points in Ajit’s section, there are handwritten corrections and references to “sections which will be added to the paper at the next stage”, or in “subsequent work”. Clearly, this significant intervention was prescient when it was written in 1988, but time turned against its completion with Sukhamoy’s demise before they could finalise it. In Singh (1996b)— his paper on China for the Rehman Sobhan festschrift —he cites an “unpublished paper” from 1993 titled “‘Close’ vs. ‘Strategic’ Integration with the World Economy and the ‘Market-Friendly Approach to Development’ vs. an ‘Industrial Policy’: A Critique of the World Development Report 1991 and an Alternative Policy Perspective”; this paper subsequently becomes available on line in the Munich online archive as Singh (1995a). Singh (1995a) carries a reference to Chakravarty and Singh 1988, as a WIDER paper; but apparently, it never went beyond the “first draft” stage discussed here.
- 34.
An unpublished cyclostyled version of the paper exists in the Joan Robinson Archives held at King’s College , Cambridge: The Papers of Professor Joan Violet Robinson; JVR/vii/420/1; May. I am grateful to Dr. Maha Abdelrahman for extracting a copy of this document.
- 35.
Singh (1973), this is a revised version of two lectures delivered at the Studium Generale, University of Heidelberg in June 1972, wherein the author acknowledges valuable comments from Jo Bradley and Suzy Paine.
- 36.
The role of interactions with his close Cambridge colleague and friend Peter Nolan , a leading China specialist, as interlocutor is apparent in Ajit’s line of argumentation; both converged on the raw economic dynamism unleashed by the reforms and the strong role of the state in harnessing this power.
- 37.
The curriculum vitae is reproduced in full, with permission, as Appendix C.
- 38.
Ajit was not unmindful of the existence and intensification of deep inequalities through a purely market-driven process of technological change, as illustrated by his critical observations on the immediate social and economic disparities on display in Silicon Valley and Palo Alto (Singh et al. 2000, p. 30). Quoting in his own favour typically from an adversarial source: “The Economist notes ‘it would be hard to find a better real-life symbol for the digital divide than the gulf between Silicon Valley’s leafy Palo Alto, home to dot.com millionaires where the average house sells for nearly $700,000, and East Palo Alto, the desperate little town on the other side of Highway 101 that not long ago claimed America’s highest murder rate’”. These disparities can only be addressed by the government (ibid.). See also Singh (1995b, 2001), Singh and Dhumale (2004), and Ajit Singh and Gurmail Singh (2013) for work on inequalities.
- 39.
- 40.
Fanon (1965); the quotations in this section are drawn from Chapter 3, “The Pitfalls of National Consciousness”.
- 41.
“Kaldor also had, similarly to Keynes, an unsurpassable tendency to over-estimate the possibilities of intellect to overcome and limit diffused stupidity. He was indeed a great believer in the role of intellectuals and scornful of what he thought to be a widespread mediocrity of the ruling classes” (Pasinetti 2007, p. 130).
- 42.
In his 1994 paper, Ajit perhaps did not sufficiently acknowledge the sharp differences between the capitalists, capitalist houses and capitalist classes in South Korea (and more widely in East Asian countries including China), and those in India.
- 43.
Arguably the two finest, free-thinking, radical female economists of our times, they come together in Joan’s Introduction for the first English edition of Rosa’s study.
- 44.
- 45.
See his Raffaele Mattioli Lectures, especially the 4th lecture on “the effects of interregional and international competition” and the 5th lecture on “policy implications of current world situation” (Kaldor 1996).
- 46.
“We can substitute for a supposed logical necessity a plausible hypothesis about the nature of the real case, and so rescue the succeeding argument ” (Joan Robinson in Luxemburg [1951, pp. 25–26]); elsewhere, she finds that one argument is “over-determined” (ibid., p. 25), while another “over-reaches itself” (ibid., p. 27), and that with regard to the resilience of capitalism, “her analysis is incomplete” (ibid., p. 28).
- 47.
Francis Cripps , personal communication, email dated 10 February 2018. Francis drew attention to the early work of Dudley Seers on the development contradiction between “big companies and small countries” (Seers 1963).
- 48.
For instance, Godbout and Langcake (2013, p. 24) estimate that in China, the elasticity of manufacturing imports with respect to manufacturing exports was as high as 0.49 in the period after 2005, rising from 0.32 for the period before then.
- 49.
Simultaneous export-led industrialisation becomes impossible at a global level and also raises issues about cross-sectional methods for validating Kaldorian laws: notionally dividing the world into two groups, if one enjoyed an export-led boom, the other would face a balance-of-payments crisis, implying that the cross-sectional observations would not be independent. For an analysis counterposing the two paths, one export-led and the other balance-of-payments constrained, see Blecker (2013).
- 50.
There Is No Alternative.
- 51.
Given its provenance, the study would not conventionally qualify as independent research, as the preface (Dharmadhikari n.d., p. xiii) records that the novelist-activist Arundhati Roy —among other commitments an anti-high dam campaigner (Roy 1999)—had unstintingly resourced the setting up of Manthan as well as this research study. This should not matter, so long as the research process, the data and the interpretations are not influenced or prejudged by the motivations of the researchers. In general, doing otherwise would imply the silencing of activists on precisely the issues that made them activists; of course, as a general rule, in cases of declared interest, the evidence, methods and inferences would need to be closely scrutinised and undergo additional checks.
- 52.
Kosambi had espoused the same argument in 1957, before the construction of Bhakra began: “In a country that has a monsoon, the essential is to hold the rain-water back as long as possible, to prevent quick erosion of valuable top-soil. That is, flood control and efficient food production in India would be far better served by a hundred thousand, properly coordinated, small dams rather than a few big ones costing more. The Chinese have their own schemes for atomic energy research, but for use, not empty prestige. In India, the money poured out could have been much better utilized in harnessing the decidedly more abundant solar energy which only blasts the country over eight months or more of the year. All we have achieved so far is a remarkably useless sun-cooker” (Kosambi 1957). With respect specifically to the Bhakra Nangal Project, Kosambi’s caption on the illustration of its hydel channel in his book reads: “another of the state-planned national projects. Such multi-purpose schemes are needed in far larger number to control floods, provide water for irrigation, and produce electric power for home and factory use. Their most attractive function for the ruling class is to provide new opportunities for investment” (Kosambi 1956, n.p.).
- 53.
It was Baker, a close friend of K. N. Raj , who ushered in this paradigm with his mould-breaking design of the campus of the Centre for Development Studies in Kerala , which was almost the Indian home of Joan Robinson ; where Nicky Kaldor delivered the inaugural Joan Robinson memorial lecture; and to whose remarkable library building, Kaldor’s books were later bequeathed.
- 54.
Aditya Prakash produced the basic designs for some of the Le Corbusier landmark buildings in Chandigarh, including KC Theatre, Neelam Theatre, Jagat Cinema and later the Tagore Theatre—places that Ajit’s family would surely have visited. A cultural polymath, he was accomplished as an architect, academic, painter and published author; at the age of 84, he was on a train to Bombay to perform in a play “Zindagi Retire Nahi Hoti” (Life does not Retire); he died en route at Ratlam, halfway to his destination, his mission accomplished.
- 55.
Post-modernist criticism had always opposed the traditions and signature landmarks of the high modernism represented by Le Corbusier , suggesting that his “monastic architecture with … a spirit of power and rough simplicity”, made of naked, bare concrete, had “never really been in tune with the soul of India”. Nevertheless, it was good enough for all kinds of original artefacts, “everything from furniture to manhole covers to show up on the international high-design auction circuit” (Culture Monster 2011), unfortunately too literally pointing to its lack of valuation and sustainability in the urban environment it was designed to rejuvenate.
- 56.
Personal communication, email dated 30 January 2018.
- 57.
Ajit pointed out that much of the “standard” econometric model was devised at the DAE by Durbin , Watson , Cochrane and Orcutt , working under Stone (Singh 2008, p. 3, n. 2).
- 58.
Ajit went on to register another of Reddaway’s qualities, which was fully manifest in Ajit himself: “What was remarkable about this exchange was that it took place between a graduate student and a highly distinguished economist for whom academic hierarchy seemed to have no relevance. Indeed one of Reddaway’s characteristic traits throughout his professional life was that he was interested only in the validity or otherwise of the argument being made, rather than the formal status of the person making it” (Singh 2008, p. 3). Geoff Harcourt recalls that “Richard Goodwin thought this a typical Cambridge practice which he enthusiastically applauded and adopted”; this would show, at least, how generous he was (personal communication, email dated 16 January 2018).
- 59.
- 60.
Singh quotes Reddaway’s “favourite slogan for pupils and research colleagues: ‘It is better to be roughly right than to be precisely wrong (or irrelevant)’” (Singh 2008, p. 6). See also the entry for Reddaway in Blaug (1999, p. 932). Keynes used it, and so the quote is sometimes wrongly ascribed to him. Geoff Harcourt (who else?) provides the lineage: Gerald Shove (1942, p. 323) cites it, opining that Marshall could well have adopted this, quoting the British philosopher Herbert Wildon Carr (1857–1931) from whom it originated. Reddaway, incidentally, was supervised by Shove and probably picked it up from there, and Sen, who used it later in 1989, picked it up presumably from the rich Cambridge cosmos.
- 61.
Personal communication, email dated 10 February 2018.
- 62.
Ajit Singh interview in the Chandigarh Tribune, 7 April 2004, http://www.tribuneindia.com/2004/20040407/cth1.htm-4.
- 63.
Ajit would have been the first to mention many other accomplished and thoroughly deserving colleagues, led by Luigi Pasinetti , overlooked in earlier rounds of appointments to professorships, and Geoff Harcourt , whose candidature was thought to have been deviously undermined by the opposition camp.
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Saith, A. (2019). Economics as Concentrated Politics. In: Ajit Singh of Cambridge and Chandigarh. Palgrave Studies in the History of Economic Thought. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-030-12422-9_7
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