Millennium Post

Economic Planning Series: Omnishambles implementation

19 March 2022 7:15 PM GMT
Based on a ‘flawed logic’, and interspersed with two wars and a drought, the third plan — relying heavily on heavy industries and import substitution...

Economic Planning Series: Aiming at holistic development

12 March 2022 6:04 PM GMT
Continuing with the socialist framework, the third plan aimed at attaining self-sufficiency in agriculture and continuing the expansion of industry,...

Economic Planning Series: Falling behind the targets

5 March 2022 6:05 PM GMT
Disproportionate focus on heavy industries in the second plan served contrary to the core objective of generating employment through enhanced...

Economic Planning Series: Achievements & missed opportunities

26 Feb 2022 7:46 PM GMT
Building on the success of the first plan, economic planners — emphasising on the socialist pattern — decided to rely on heavy industries for...

First-Five Year Plan: Buttressing primary pillars

19 Feb 2022 7:05 PM GMT
Although the first Five-Year Plan well surpassed the goals it had set for agriculture and irrigation in the public sector, it left urban planning and...

Economic planning series: Roots of Five-Year Plans

12 Feb 2022 5:27 PM GMT
Contrary to the norm in the West where market drove the allocation of resources, India preferred to go with centralised planning even before the...

Champions of 'natural experiment'

8 Jan 2022 5:53 PM GMT
Empirical and methodological applications introduced by David Edward Card, Joshua David Angrist and Guido Wilhelmus Imbens enabled effective...

Innovators in auction theory

1 Jan 2022 5:45 PM GMT
Apart from using game theory to design alternative auction formats, Paul Robert Milgrom and Robert Butler Wilson carried out influential works in...

Experimentalists & poverty eradication

25 Dec 2021 5:40 PM GMT
While Abhijit Vinayak Banerjee and Esther Duflo collaborated to bring out greater synergy between theory and practice of policy intervention, Michael...

Pacesetters in macroeconomics

18 Dec 2021 5:26 PM GMT
While William Dawbney Nordhaus incorporated climate change in economic models and emphasised on cooperative multinational policies for tackling the...

The Nobel Series: Exponent of behavioural economics

11 Dec 2021 3:57 PM GMT
Richard H Thaler developed Herbert Simon’s concept of bounded rationality to recognise cognitive biases in decision making, apart from assessing the...

The welfarist academician

27 Nov 2021 6:16 PM GMT
Angus Deaton is known for extensively analysing data around individual consumer choices, and linking it with aggregate consumption, to shape policies...
Share it