The field of development economics has witnessed major changes over the last tow or three decades. From being a largely descriptive discipline, it has now become much more rigorous and theoretically well-founded. Kaushik Basu s work has played a significant role in this transformation of...

Written over the last three decades, this four volume set of Kaushik Basu's Collected Papers deals with both the philosophical foundations of economics as well as a wide range of issues of immediate policy relevance. Basu's work plays a significant role in transforming development economics from...

This miscellany of popular writings deals with the world of academe, politics, and policy, especially the world of economics. The volume begins with the two 'closing' columns that the author wrote before joining the Indian government's Ministry of Finance as an adviser. They describe his...

The paper argues that if the Chinese economy had failed, mainstream economics would have described this as completely predictable, given the extent and nature of involvement of the Chinese state in the functioning of markets and the economy. The fact that China has succeeded therefore should...

Much of economics is built on the assumption that individuals are driven by self-interest and economic development is an outcome of the free play of such individuals. On the few occasions that the existence of altruism is recognized in economics, the tendency is to build this from the axiom of...

This paper investigates behavior in the Traveler's Dilemma game and isolates deviations from textbook predictions caused by differences in welfare perceptions and strategic miscalculations. It presents the results of an experimental analysis based on a 2x2 design where the own and the other...

Purpose – The aim of this paper is to provide a grammar for dissecting the financial crisis that began in the housing finance market of industrialized nations in 2007, rapidly becoming a general credit crisis and spreading to all parts of the world and causing a global recession of gigantic...

This article is an attempt to answer the question: whether corporate firms in India have a tendency to adjust their financial structure to a targeted level? For this, we have focused on the partial adjustment process of long-term debt and equity. The results show evidence in favour of adjustment...

Major credit rating agencies give out the sovereign credit rating of each nation as an absolute grade. How other nations fare over the period under consideration does not matter in a particular nation’s rating score. This is very different from a comparative rating which would tell us...