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Essays on Economic Development   
Essays on Economic Development
Theory, Institutions and Policies
V. V. Bhatt
Hard-bound Book (6¼" x 9¼") :   Pages : 388
2010  Edition   :  ISBN - 978-81-7188-764-4
Price : INR 995 / US $ 59.95
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These essays have wide-ranging themes on different aspects of socio-economic development. All of them were written during the last four decades and some were published in well-known national and international journals like Economic and Political Weekly, International Journal of Development Banking in India, American Economic Review (USA), Bulletin of the Oxford University Institute of Economics and Statistics (UK) and KYKLOS (Europe). Some others were published in the publications of international institutes like United Nations, International Monetary Fund and the World Bank.

The context in which these essays were written (as others in author's develop-ment perspectives) is indicated in his latest book Perspectives on Development: Memoirs of a Development Economist (Academic Foundation, 2008).

Reviews / opinions:


"This collection of V.V Bhatt's essays testifies to the range and the depth of his interests and contributions to our knowledge. There is hardly a subject in development that has not been illuminated by Bhatt's exploring mind."

Paul Streeten
Emeritus Professor at Boston University and
Emeritus Director of World Development Institute

The volume which brings together papers and articles published in national and international journals over three and a half decades, covers a wide-range of subjects that continue to be relevant today as they were before. Bhatt's writing carries the stamp of scholarship and conviction from his years of experience as a policy maker first with the Reserve Bank of India, and later with the World Bank. Each chapter offers an absorbing reading reflecting in turn the deep knowledge and real life experience of the author. For those interested in improving the governance of the country, the book offers many insights and in-depth knowledge of theories and practice and therefore should be considered as a 'must-read.

A. Premchand
(Retired) Assistant Director, International Monetary Fund
and author of Government Budgeting and Expenditure Control
and Public Expenditure Management

V.V. Bhatt's work on economic development theory, institutions and polices reflects his extensive range of experience as a scholar, teacher and practitioner. V.V. Bhatt published extensively on various aspects of development strategies and policies in a large number of economic journals. The proposed selection of essays brings together the best and most timely of these articles. This is a welcome addition to the library of those working in the field. The collection of essays will be especially welcome by the World Bank Institute, which benefited much from V.V. Bhatt's contribution both as a teacher and research scholar.

Jochen Kraske
(Retired) Director of South Asian Department of the
World Bank and a World Bank historian

By his writings over the years, V.V. Bhatt has contributed effectively to our understanding of what matters in the processes, institutions and policies of developing countries, especially in India and South East Asia but also well beyond and what theory is relevant. His place in the subject is secure. And this new volume of collected papers again bears the mark of this sharp and lively mind and his own and interesting sense of what is important.

Esra Bennathan
Professor Emeritus of Political Economy, University of Bristol, and former Fellow of Jesus College, Cambridge




Dr. V.V. Bhatt, educated at the University of Bombay and Harvard University had a successful career both as an academic and a national and international civil servant. As a frequently cited economic researcher, he published some of his seminal articles on capital-output ratios, choice of techniques, balanced and unbalanced growth, project evaluation, income-distribution in India— all major topics in the evolving discipline of development economics. For exegesis of his ideas he chose various internationally acclaimed peer-reviewed journals. He authored nine books on economics. As a public servant, he held high positions such as Economic Adviser, Reserve Bank of India and Chief Executive in the Industrial Bank of India and also Chief, Public Finance Division in the World Bank.

His previous book Perspectives on Development: Memoirs of a Development Economist was published by Academic Foundation in 2008. Now retired, the author is settled in Bethesda, Maryland, USA.





I. Facets of Development

1. Perspectives on the Development Process

2. Theories of Balanced and Unbalanced Growth: A Critical Appraisal

3. Japanese Civil Service System and its Relevance for Developing and Emerging Market Economies

4. Resource Mobilisation in Developing Countries: Financial Institutions and Policies

5. A Commodities Standard for the Exchange Rate System: A Little Known Proposal by Keynes

6. On Measuring the Pace of Development

7. Education and Economic Development

II. Growth and Income Distribution

8. Growth and Income Distribution in India: A Review

9. Some Aspects of Income Distribution in India

10. Pattern of Income Distribution in an Underdeveloped Economy: A Case Study of India

III. Rationale, Performance and Evaluation of
Public Enterprises

11. Structural Adaptation and Public Enterprise Performance

12. On Competitive Impulses and Public Enterprise Performance

13. Entrepreneurship and Public Enterprise: Case Study of a Bagasse-based Newsprint Project

14. Institutional Structure for Economic Evaluation of Projects in Developing Countries

IV. On Promoting Small and
Rural Enterprises

15. On the Relevance of East Asian Experiences: A South Asian Perspective

16. Financial Institutions and Technical Consultancy Services: The Indian Experiment in Small Enterprise Promotion

17. Entrepreneurship Development: India’s Experience

V. Two Great Creative Economists
and a Mahatma

18. A Man for All Seasons: Keynes—Greatest Creative Economist of the Twentieth Century

19. Wassily Leontief: A Great Creative Economist

20. The Gandhian Conception of Social Order

21. On Meditation and the Spirit of Inquiry


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