Critique of the New Consensus Macroeconomics and Implications for India

Dilip Nachane is currently Chancellor, University of Manipur, Imphal, India; Professor Emeritus, IGIDR (Indira Gandhi Institute of Development Research), Mumbai, India; National Fellow, Indian Council of Social Science Research (ICSSR); Honorary Fellow, Institute of South Asian Studies (ISAS), National University of Singapore; and Honorary Fellow, Indian School of Political Economy, Pune, India. He has earlier served as Director, Department of Economics, University of Mumbai (1993–99); Vice Chancellor, IGIDR (2007–10); Visiting Professor, University of British Columbia, Vancouver, Canada (1988–89); Visiting Professor, University of Ulster, U.K. (1991–92); Hallsworth Fellow, University of Manchester, U.K. (1987–88); and Fulbright Fellow, University of Texas at Austin, USA (1982–83). He has served on several official committees such as Technical Advisory Committee on Monetary Policy, Reserve Bank of India (2005–11), and Member, Vijay Kelkar Committee on Regional Imbalances in Maharashtra (Govt. of Maharashtra, 2011 onwards). He was elected President of the Indian Econometric Society (TIES) 2002–03. He has been continuously listed in Marquis‘ International Who’s Who for the last 15 years. For his outstanding contributions to research and teaching of Economics in India, he received the UGC Pranavananda Saraswati Award for Best Teacher in Economics, 2004. He has published the following book with the Oxford University Press, ‘India Econometrics: Theoretical Foundations’ and ‘Empirical Perspectives’. He has also edited/co-edited 7 volumes including the ‘India Development Report 2011’. He is currently the Editor-in-Chief of the Journal of Quantitative Economics (Springer), and a Co-editor of Macroeconomics and Finance in Emerging Market Economies (Taylor and Francis).

New Consensus Macroeconomics(NCM): Theory.- NCM: Macroeconomic Policy Implications.- NCM : Implications for Regulation.- NCM : Role of Finance in  Long-term Development.- Anatomy of Global Crisis.- Theoretical Critiques of the NCM.- Macroeconomic Policy Consequences of the NCM Critiques.- NCM Critiques : Regulatory Implications.- India’s Regulatory Response to the Crisis.- Re-assessing the Role of Finance in the Economy.- India’s Roadmap for Future Development of Financial Sector.

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