Based on a ‘flawed logic’, and interspersed with two wars and a drought, the third plan — relying heavily on heavy industries and import substitution...

Continuing with the socialist framework, the third plan aimed at attaining self-sufficiency in agriculture and continuing the expansion of industry,...

Disproportionate focus on heavy industries in the second plan served contrary to the core objective of generating employment through enhanced...

Building on the success of the first plan, economic planners — emphasising on the socialist pattern — decided to rely on heavy industries for...

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...

Contrary to the norm in the West where market drove the allocation of resources, India preferred to go with centralised planning even before the...

Empirical and methodological applications introduced by David Edward Card, Joshua David Angrist and Guido Wilhelmus Imbens enabled effective...

Apart from using game theory to design alternative auction formats, Paul Robert Milgrom and Robert Butler Wilson carried out influential works in...

While Abhijit Vinayak Banerjee and Esther Duflo collaborated to bring out greater synergy between theory and practice of policy intervention, Michael...

While William Dawbney Nordhaus incorporated climate change in economic models and emphasised on cooperative multinational policies for tackling the...

Richard H Thaler developed Herbert Simon’s concept of bounded rationality to recognise cognitive biases in decision making, apart from assessing the...

Angus Deaton is known for extensively analysing data around individual consumer choices, and linking it with aggregate consumption, to shape policies...