Balakrishnan, Pulapre; Das, Mausumi; Parameswaran, M - Centre for Development Economics, Delhi School of Economics - 2014
A stylized fact of Indian economic history since 1950 is that the rate of growth of the economy has accelerated periodically and across policy regimes. In this paper we present a mechanism that can account for this behaviour in terms of cumulative causation through positive feedback. We write...