In March 1998 professional colleagues and students of T.N. Srinivasan joined together at the Festschrift Conference at Yale to honor his work. The book contains nineteen of the contributions which were presented, reflecting the four closely related dimensions of trade and development. Part I deals with the various dimensions of the issue of growth with particular emphasis on technology choice as well as saving and fertility behavior in Ramsey-type models. Part II moves into the more applied issues of International trade, including the impact of North-South trade on Northern wages, the reasons for the failure of pegged exchange rates in the South, as well as the pros and cons of regional vs. multilateral trading arrangements. Part III presents a variety of theoretical and applied approaches to analyze Indian planning and development experience. The final section, Part IV, addresses the general topic of market failures and economic structure. This book contains papers by an array of eminent economists and contains a good blend of theory and applied work.Professional economists, policy makers in developing and donor countries and personnel of international organizations will find this a useful tool.
Preface. About the Authors. Part I. Economic Growth. Srinivasan on choice of technique (R.M. Solow). Srinivasan on choice of technique once again (A. Khan). The effects of a decreasing rate of time preference on the accumulation of capital (R.R. Mantel). Endogenous fertility and growth of dynamics: dynastic and dynamic issues (K. Nishimura, L.K. Raut). Part II. Trade Theory and Policy. Play it again, Sam: a new look at trade and wages (J. Bhagwati). Exchange rate policies for developing countries: what has changed? (A.O. Krueger). Trade models of imperfect competition (M. Keyzer, L. van Wesenbeek). More on trade closure (K. Bhattarai, M. Ghosh and J. Whalley). Developing countries and the lure of preferential trade agreements: beware the hook (P.I. Levy). The impact of regionalism on agricultural trade: APEC and Japanese rice imports (J. Goto). Part III. General Equilibrium and Development Policy. Virtual reality in economy-wide models: some reflections on hope and despair with reference to India (N.S.S. Narayana, K.S. Parikh). Trade liberalization, fiscal adjustment and exchange rate policy in India (D.S. Go, P. Mitra). Identifying leading sectors that accelerate the optimal growth rate: a computational approach (M. Majumdar, I. Ossella). General-equilibrium cost-benefit analysis of education and tax policies (J.J. Heckman, L. Lochner and C. Taber). Part IV. Market failures and Economic Structure. International treaties on global pollution: a dynamic time-path analysis (P. Chander). Efficiency and market structure: testing for profit maximization in African agriculture (C.Udry). Explaining interlinking (C. Bell). The Kibbutz as a labor-managed club: public and private goods, incentives, and social control (M. Byalsky, M. Keren and D. Levhari). What do we know about production sets arising from an activity analysis model with integral activity levels? (H.E. Scarf). Index.