New PDF release: Keynes and India: A Study in Economics and Biography

By A. Chandavarkar

ISBN-10: 0333513339

ISBN-13: 9780333513330

It is a pioneering examine in line with unique assets of the least researched element of Keynes, specifically, the the most important formative position of his Indian connection within the making of Keynes as an economist and policy-maker. It analyses the interplay of Indian event on Keynes's proposal and paintings and of Keynes on Indian monetary inspiration and coverage.

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Extra resources for Keynes and India: A Study in Economics and Biography

Sample text

Moreover, it could be safely assumed that the miscellaneous payments due to India were smaller than those due from her. 36 Keynes and India Keynes devised an ingenious method to arrive at a plausible estimate for private transactions, which were the prime source of controversy. After deducting all Government transactions, he found by comparing the volume of Council bills and the balance of private trade during the last five years, that the source of remittances to England arising out of the latter was almost wholly absorbed by sales of the former (Council bills).

Sterling railway debt (involving £20 million of floating debentures) 3. Tea plantations 4. Investment in all other British enterprises in India Source: Beaumont's letter to The Economist, 27 March Collected Writings, VOL XV, p. 21. £180 million £160 million £30 million £100 million 1909, reprinted in At this point the anonymous correspondent whose figures The Economist had originally quoted with Beaumont's, entered the fray Varied Passages to India 35 with an article on 'British Investments in India' (The Economist, 10 April 1909) furnishing the basis of his estimates of £470 million.

13 Keynes also pointed out that Jevons did not conclude from his cited data that the relative stability of Indian prices around 1919-21 was largely due to the policy of a fluctuating rupeesterling exchange rate. 1) of approximate values which showed the remarkable stability of Indian prices during 1919-20 and 'the accuracy with which the purchasing power parity theory has worked, apart from the temporary and unsuccessful aberration of the rupee for a brief period in 1920, as between India and England, indicating considerable stability in the 32 Keynes and India real ratio of exchange between the two countries'.

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Keynes and India: A Study in Economics and Biography by A. Chandavarkar


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