Why is India's most socially developed state - and one of the developing world's most advanced regions - an economic laggard? This question about Kerala, known all over the world for its lush landscapes, sun-drenched beaches and idyllic backwaters, has been a subject of intense debate among economists and social scientists. Kerala defies all stereotypes of a "socially backward" Indian state - swathes of people living in abject poverty, men outnumbering...

The United Progressive Alliance’s flagship scheme, National Rural Employment Guarantee Act (NREGA), could have saved the day for India when the world fought against rising job losses on account of century’s worst ever recession , says a report by the International Labour Organisation. “There has been much progress in extending social protection through NREGA, which helped in maintaining levels of consumption and poverty,” the report on Global Employment Trends 2010...

The recession was less calamitous than many feared. Its aftermath will be more dangerous than many expect IT HAS become known as the “Great Recession”, the year in which the global economy suffered its deepest slump since the second world war. But an equally apt name would be the “Great Stabilisation”. For 2009 was extraordinary not just for how output fell, but for how a catastrophe was averted. Twelve months ago,...

The Supreme Court on Monday declined to interfere with a Gujarat High Court judgment dismissing a petition which challenged land acquisition by the State government for the Tata Motors’ Nano project at Surendranagar. Rejecting the public interest litigation petition filed by the NGO, Rashtriya Kisan Dal represented by H.K. Thaker, Chief Justice of India K.G. Balakrishnan asked him: “You don’t want industrialisation of Surendranagar? Gujarat is the second most industrialised State.”...

Paul A. Samuelson, the first American Nobel laureate in economics and the foremost academic economist of the 20th century, died Sunday at his home in Belmont, Mass. He was 94. His death was announced by the Massachusetts Institute of Technology, which Samuelson helped build into one of the world’s great centres of graduate education in economics. In receiving the Nobel Prize in 1970, Samuelson was credited with transforming his discipline from...