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unit-2-thoughts-on-development-of-select-vintage-thinkers

Unit-2 Thoughts on Development of Select Vintage Thinkers

The unit thus essentially presents a glimpse of some important economists classified roughly under four broad groups viz.early nationalists, later nationalists, socialist thinkers and the more recent development economists.

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What is the basic proposition of wage-goods model?

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Learning Pundits Content Team

Written on Jun 26, 2019 1:10:09 PM

In their well known work, Planning for Expanding Economy (1956), Vakil and Brahmananda offered the ‘Wage-Goods Model’ as a more appropriate alternative to the Indian economy, in contrast with the ‘Heavy industry’ model of Mahalanobis for the Second Plan. They argued that Mahalanobis’s model was inspired by the Soviet experience which was quite different from the Indian conditions. Further, the international climate under which the Soviet industrialisation was carried out was not favourable for imports of capital equipment into that country. The conditions in India were quite different.