Meghnad Desai responds to the article by Thomas Mayer and Patrick Minford, ‘Monetarism: A Retrospective’ that appeared in World Economics, Vol. 5, No. 2 (April–June), 2004, pp. 147–185.

Nicolas Kaldor's critique of monetarism from 1970 until his death is described and evaluated. It is argued that subsequent events, as well as empirical research, vindicate his critique. Kaldor's critique of John Maynard Keynes's monetary theory is then seen as an extension of his "Radcliffe"...

This paper presents a method for specifying and measuring poverty d efined as relative deprivation. The authors base their measure of an individual's poverty on the distance between his/her consumption experience and the social norm. Consumption experience is defined in terms of events, and the...

Amartya Sen has been writing about development issues since the mid-1950s, most notably, but far from exclusively, in the 1960s. As a young man he was influenced by Tagore, by Nehru and by his teachers in Calcutta and Cambridge. He generally adopted an anti-market, anti-neoclassical stance. In...