Recent years have witnessed major paradigm shifts in many faces of economics; its philosophical foundations, empirical methodologies and policy issues. The papers put together in this volume give us in one place rigorous and refreshing insight into the unresolved problems in search for appropriate models of economic behaviour, methodologies for policy analysis and a number of issues which have become vital for sustainability of the current pace of economic development.While the Indian Economy provides the backdrop to the discussion of poverty alleviation for shared prosperity, costs of environmental degradation, regulation of public utilities, promotion of financial efficiency, articulation of monetary management under a new paradigm of economic policy and macroeconomic policies in the emerging market economy, they do indeed have a universal relevance today. That the various contributions deal with these issues of today even though many of these were put forth some years back is indeed remarkable.
Given the scholastic credentials of the distinguished authors and their long experience of dealing with economic policy, teachers, researchers, and students of economics could not have asked for more.