Disagreements among economists are enlightening insofar as they reveal that there is considerably less consensus than meets the eye . . . Recently The Economist
ran this review
of a new (actually not-yet-released in the US) book by Amartya Sen and Jean Drèze* which, in turn, elicited this critical letter
from Jagdish Bhagwati and Arvind Panagariya who have a new book of their own.** The latter, in turn, also was reviewed here
at The Economist
several months ago. Sen and Jean Drèze replied with this letter
insisting that Bhagwati and Panagariya had caricatured their work. While this may seem merely an academic squabble, the issues at stake are of considerable importance - the relative importance of focusing of rapid economic growth or on the political and social conditions under which growth occurs. This is important not just in India - the country on which both books focus - but in such underdeveloped areas of the US as western New York state.
* Amartya Sen and Jean Drèze. 2013. An Uncertain Glory: India and its Contradictions. Princeton University Press.
** Jagdish Bhagwati and Arvind Panagariya. 2013. Why Growth Matters: How Economic Growth in India Reduced Poverty and the Lessons for Other Developing Countries. Public Affairs Press.
Labels: Amartya Sen, India, political economy