The paper seeks to analyse and discuss the impact of financial reform and related institutional change on the process of financial intermediation. In effect reforms stood the earlier quantity driven model on its head. The attempt was to de-segment markets and remove asset and liability...

The Author considera a decision-making environment with an outcome space that is a convex and compact subset of a vector space belonging to a general class of such spaces. Given this outcome space,he defines general classes of (a) risk averse von Neumann-Morgenstern utility functions defined...

Pre-harvest lean seasons are widespread in the agrarian areas of Asia and Sub-Saharan Africa. Every year, these seasonal famines force millions of people to succumb to poverty and hunger. An incentive of $8.50 is assigned to households in Bangladesh to out-migrate during the lean season, and...

The paper starts by recapitulating the basic arguments provided by economic theory to explain the existence of the patent system. The paper then concentrates on the three important ICT industries viz., telecommunication equipment, computer hardware and semiconductor industries. The issues...

Inflation management is one of the hardest tasks an economic policymaker has to undertake. It appears, at first sight, that one can rely entirely on commonsense to carry out this task. But that will be a cardinal mistake. While inflation policy does require judgment and intuition, it is...

The paper has argued that to expand coverage of micro-pensions, social entrepreneurship (along with social responsibility) will be needed by the financial sector, including the MFIs, insurance companies and mutual funds. Such entrepreneurship should aim to drastically reduce overall transaction...

Two agendas of the heterodox economics programme; the stock-flow consistent models pioneered by Wynne Godley, and the monetary circuit approach researched in France and Italy are discussed. The objective is to present a coherent account of two innovations in payments mechanisms: deposit-creating...