On the new Cambridge school
A simple macroeconomic model may be used to enunciate some of the key propositions of the "New Cambridge School" (NCS), and especially to identify and emphasize their breaks with Keynes' vision of the economic system. The penultimate section of the paper contains a simplified version of the NCS view of the relationship between the budget deficit and the trade deficit. For ease of exposition I deal only with real magnitudes and neglect time lags throughout.
Godley Moves in Mysterious Ways: The Craft of Economic Judgment in Post-war Britain
Economists are not memorialized in monuments. Wynne Godley is the exception, his likeness is cast in bronze upon Coventry Cathedral as archangel Michael (‘St Michael’s Victory over the Devil’, 1958) in a sculpture by his father-in-law Jacob Epstein. On his passing, Godley was remembered in obituaries in the major British broadsheets, that recalled his dotted career, his engagement with the arts, his grace as a host and his tragic family history.1 At the venerable age of 75, Godley penned an essay to the London Review of Books on his battles, four decades earlier, with an abusive psychoanalyst (Godley 2001). If one were to write Godley’s biography (and I know of no such plans) the defining features of his character would be taken from this autobiographical account: a search for his true voice, and as he took many public roles, a nagging fear that he might disappoint such responsibilities. The tensions that made up the intimate structures of his psychoanalytic self help also to describe his approach to economics: an anxious affirmation of voice and judgment.
Did the metamorphosis from Export Processing Zones to Special Economic Zones improve the efficiency of trade enclaves in India?
In this paper, the efficiency of seven conventional Special Economic Zones in India is analyzed, by adopting a stochastic production frontier technique, for the period between 1986–1987 and 2007–2008.Results indicate that although the efficiency scores of these enclaves have improved over the years, specifically with the introduction of the SEZ policy (2000–2001), it is far below the threshold level as identified in the literature. Besides, one can also observe a discrepancy emerging between better export earning zones and efficient zones. On the determinants side, policy intervention and large geographical area, accompanied by clustering of units, are found to have impacted the efficiency scores of these enclaves positively.