Archives: Event

The Challenges of International Collective Action in a Changed Environment

NCAER invited Jean Pisani-Ferry, Senior Fellow, Bruegel, for a seminar on “The Challenges of International Collective Action in a Changed Environment” on January 8, 2019. Harsha Vardhana Singh, Chairman, IKDHVAJ Advisers, and former Deputy Director-General at WTO, was the discussant at the seminar, which was organised in partnership with GDN, the Global Development Network.

In his presentation, Pisani-Ferry pointed out that the world has become too sovereignty-conscious, too heterogeneous, too multipolar, too multi-agent, too deregulated and too technology-driven for the simple restoration of the late 20th-century order. In an increasingly interdependent world replete with policy externalities, however, global public goods cannot be left unattended. To name just a few of the major challenges that the world is facing, climate preservation, biodiversity, financial stability and Internet security will not emerge from the uncoordinated action of national governments. Nor will they be engineered by a benevolent hegemon. And they cannot be left to simply be the outcome of market interaction.

He asserted that the task ahead is to define principles and procedures for international collective action in a post-Trumpian world. While problems pertaining to international collective action are not all alike, in his presentation, he discussed a few precedents to draw on for this task, and whether global governance is, in fact, passé.

In his discussant’s comments following the presentation, Dr Singh highlighted the various scenarios in which multilateralism could operate, the possible incentives for bringing people together on a common platform without coercion, implementation of universal principles of fairness, and adoption of a model combining both soft and incremental approaches for achieving sustainable solutions to conflicts pertaining to trade and climate change agreements, among others.

The presentation and discussant’s comments were followed by an animated discussion among the participants on several issues, including ways of ensuring the efficient functioning of a multipolar international system, the impact of the financial crisis on global institutions, stability of governance and governing structures and the role of a hegemon in the framework of the existing world order, characteristics of G-20 mandated institutions, and the need for an agenda for retooling global collective action.

Jean Pisani-Ferry is the Tommaso Padoa-Schioppa Chair Professor at the European University Institute in Florence and a Senior Fellow at Bruegel, the Brussels-based economic think tank. He is also a Professor of Economics with Sciences Po (Paris) and the Hertie School of Governance (Berlin). Prior to that, he was the Director for Programme and Ideas of Emmanuel Macron’s presidential campaign. Earlier, he has also served as Commissioner-General of France Stratégie, the ideas lab of the French Government, Founding Director of Bruegel, Executive President of the French Prime Minister’s Council of Economic Analysis, Senior Economic Adviser to the French Minister of Finance, and Economic Adviser with the European Commission. He has also taught at Université Paris-Dauphine, École Polytechnique, École Centrale, and the Free University of Brussels. His recently published book, Economic Policy: Theory and Practice, has been co-authored, among others, with Pierre Jacquet, the GDN President.

Pisani-Ferry has an advanced degree in Economics from the Centre d’études des programmes économiques, Paris, and two Masters degrees: in Mathematics from the University of Paris, and in Engineering from CentraleSupélec, Rennes, France.

The 20th Annual Neemrana Conference

The National Council of Applied Economic Research (NCAER) in collaboration with the Indian Council for Research on International Economic Relations (ICRIER) organises an annual conference at Neemrana Fort Palace. This year’s Conference was held during 14-16 December 2018.

NCAER’S Mid-Year Review of the Economy

NCAER presented its 2018-19 Mid-Year Review of Indian economy at an event held at the India International Centre, IIC. This event goes back to a long-standing partnership with IIC, which is attended by policymakers, industry leaders and researchers every year.

The highlights of this report are as follows:

NCAER forecasts Gross Domestic Product (GDP) growth of 7.4–7.7 per cent for 2018–19 at market prices, depending on the movement of the crude oil prices. The forecast for Gross Value Added (GVA) at Basic Prices is 7.0–7.4 per cent. These forecasts at constant (2011–12) prices are based on NCAER’s annual GDP macro model. These estimates, which have been revised upwards from August 2018, incorporate the GDP estimates from the first quarter and the unexpected decline in crude oil prices in November 2018.

Real agriculture GVA is forecast to grow at 3.0 per cent, real industry GVA at 7.0 per cent, and real services GVA at 8.6 per cent in 2018–19. The growth rates in exports and imports, in dollar terms, are estimated at 11.8 per cent and 16.9 per cent, respectively, in 2018–19. The current account balance and central fiscal deficit, as percentages of GDP, are projected at –2.3 per cent and 3.2 per cent, respectively, for 2018–19.

In the agricultural sector, in view of the relatively normal southwest monsoon during the year, NCAER estimates suggest that the combined output of kharif and rabi foodgrains during the current year may be about 290 million tonnes, which is slightly higher than last year’s record output. Likewise, the output of oilseeds is also expected to be about 33 million tonnes, which is marginally above last year’s output. Due to the record agricultural output in 2017–18 and normal expectations for 2018–19, the overall food inflation has so far remained subdued in the current financial year.

The Index of Industrial Production (IIP), a measure of industrial performance, shows a year-on-year (y-o-y) growth of 5.2 per cent during the period April–September 2018–19, versus 2.6 per cent during the corresponding period in 2017–18. The two major components of IIP by economic activities, that is, manufacturing and electricity, show an increasing trend in production while the corresponding figures for the mining sector have dipped a little. The outlook for the Indian industrial sector remains mixed.

In the services sector, the first quarter of the current fiscal witnessed growth only in financial, real estate and professional services. The remaining components of services GDP either stagnated or registered lower growth. The lead indicators from the service sectors point to a mixed outlook with subdued growth. The y-o-y growth of tourist arrivals dipped to 3.0 per cent during the first half of the current fiscal as compared to the higher growth of 13.0 per cent achieved in the second half of the last fiscal. Banking indicators improved with regard to the half-yearly outlook. The growth in aggregate deposits improved to a y-o-y growth of 7.6 per cent in 2018–19: H1 as compared to an over 6.2 per cent rise observed in 2017–18: H2. The y-o-y growth of bank credit to the commercial sector also deteriorated marginally to 11.6 per cent in 2018–19: H1, as compared to an 11.8 per cent rise in 2017–18: H2. The production of commercial vehicles improved significantly to touch a 49.8 per cent y-o-y growth in 2018–19: H1, as compared to a much lower corresponding growth of 25.4 per cent in 2018–19: H2 on a y-o-y basis. The cumulative addition in total telephones deteriorated to –1.7 per cent in August 2018, as compared to a one per cent rise achieved in end-March 2018. The growth in cargo handled at major ports improved to 5.1 per cent in 2018–19: H1 as against a higher decline of –12.7 per cent recorded in 2017–18: H2. The revenue-earning goods traffic by the Indian Railways improved by 5.4 per cent during 2018–19: H1 as compared to a 4.5 per cent rise achieved in 2017–18: H2. The growth in total aviation passenger traffic declined to 16.3 per cent in 2018–19: H1  versus an 18.3 per cent increase registered in 2017–18: H1. Similarly, the y-o-y growth of cargo traffic also decelerated in the first half of the current fiscal. The y-o-y growth of international cargo traffic dipped to 4.6 per cent in 2018-19: H1 as compared to higher rise of 12.4 per cent observed in 2017-18: H1.

On the external front, the mid-year review of 2018–19 indicates that total exports grew at the rate of 17.4 per cent in US$ terms while total imports surged at a rate of 19.41 per cent on a y-o-y basis. In the first half of FY 2018–19, that is, April–September 2018, merchandise exports accelerated at 12.5 per cent whereas imports escalated at a higher rate of 16.2 per cent. Consequently, the trade deficit expanded at the rate of 23 per cent on a y-o-y basis. The services sector displayed a trade surplus that increased at the rate of 13.2 per cent during the period April–August in FY 2018–19 as compared to the corresponding period in FY 201–18. The depreciation of the rupee against the dollar, which occurred at the rate of 2.3 per cent in the last quarter of 2017–18, also extended to the first half of FY 2018–19 but the depreciation rate rose significantly to 10 per cent between April and September 2018.

After showing an uptick in the last quarter, almost all inflation metrics exhibited a decreasing trend. This was largely due to the deflationary trend exhibited in food prices. Inflation is expected to fall further in the next quarter due to moderating fuel prices.

The Monetary Policy Committee (MPC) held the policy repo rate steady at 6.5 per cent during the fourth bi-monthly meeting in October 2018. Earlier, the MPC had increased the repo rate in two consecutive bi-monthly meetings during the first half of 2018–19 in an effort to tame inflation and pre-empt any sharp rupee depreciation that could result from tariff disputes stemming from escalation of the global trade war. While the Reserve Bank of India (RBI) maintained status quo on the policy repo rate, it ruled out any rate cut in the future by changing its stance from ‘neutral’ to ‘calibrated tightening’. The softening of headline CPI inflation in October 2018 and slump in global crude oil prices along with the pullback of the rupee in November 2018, reduce the chance of a rate hike at the RBI’s bi-monthly monetary policy meeting to be held on December 5, 2018.

On the fiscal front, the total revenue collection experienced a negative y-o-y growth in 2018–19: Q2 as compared to a manifold increase in the total expenditure over the corresponding period during the previous year. The components of direct tax, that is, income tax and corporate tax collection, showed —positive and persistent y-o-y growth. However, there was a decline in the indirect tax collection on both a quarterly as well as a y-o-y basis. Custom duties recorded positive growth whereas Goods and Services (GST) collections declined by 13.1 per cent on y-o-y basis in 2018–19: Q2. The contribution of GST in the total revenue collection declined from 58.2 per cent in 2018–19: Q1 to 40.9 per cent in 2018–19: Q2. The capital expenditure to total expenditure ratio, however, showed an improvement at 12.7 per cent. The fiscal deficit up to 2018–19: Q2 touched 95.27 per cent of its budgeted figure. On the other hand, the revenue deficit and primary deficit overshot the budgeted values. All the deficit indicators—FD, RD and PD— recorded a high y-o-y growth.

In addition to an independent stocktaking of the Indian economy’s performance, this year’s Mid-Year Review by NCAER included a special presentation on ‘Gender and Macroeconomy’. Dr Lekha Chakraborty, Associate Professor, National Institute of Public Finance and Policy, delivered a lecture on ways of integrating gender perspectives into macroeconomic policies. She pointed to the need to assess innovative statistics like time use for highlighting the statistical invisibility of the care economy and integrating it into national income accounts, by extending the production boundary as per SNA 1993. She also highlighted the need for incorporating the (0-6) child sex ratio as one of the criteria in the tax devolution formula by the 15th Finance Commission. She emphasised the importance of generating gender disaggregated data, by citing the example of policy in Sweden which, by an Ordinance, has made it mandatory to present the gender disaggregated data in macroeconomic statistics.

About the Mid-Year Review of the Economy

The Mid-Year Review of the Indian Economy was started at the India International Centre (IIC) in 1976 by Dr Malcolm S. Adiseshiah, one of India’s most distinguished economists and educationists, Life Trustee of IIC, recipient of the Padma Bhushan, founder of the Madras Institute of Development Studies, and one of the key architects of UNESCO’s work on education and technical assistance. Now conducted in collaboration with the Malcolm and Elizabeth Adiseshiah Trust, Chennai, the Review has been presented by many distinguished Indian economists since Dr Adiseshiah’ s passing away and remains an apex event on IIC’s programme schedule.

Skilling India: No Time to Lose

NCAER released a new Report, Skilling India: No Time to Lose, at an event inaugurated by Dr K P Krishnan, Secretary, Ministry of Skill Development and Entrepreneurship. The Report puts forward the key findings of a research project on skills and jobs that NCAER started in 2016 with support from a research grant from J.P. Morgan. The event was held in NCAER’s new T2 Conference Centre.

The Report urges extreme urgency in dealing with India’s vicious cycle of poor skilling and not enough good jobs if India is to avoid a jobs crisis. Indians must move from lifetime employment to lifetime employability, but much remains to be done on the supply and demand side of skills to get there. Attention must be paid to the acquisition of skills, the matching of skills and the anticipation of skills. The Presentation on Skilling India Report delivered by Dr Shekhar Shah, is available here.

While delivering the keynote remarks at the launch of the Report, Dr K P Krishnan, complimented NCAER for its sharp and insightful study addressing one of the biggest hurdles facing policymakers today. He said, “The NCAER report can also fulfil the need for addressing information asymmetry and creating a high-quality micro and macro labour market system in dealing with the skilling challenges being faced by the country. Another challenge is to create a consolidated regulatory system which brings together the currently fragmented skilling system at the Union level rather than through the functioning of multiple agencies. The goal is to bring down government regulation in private institutions in the skilling and educational ecosystem.”

Maneesha Chadha, Head-Philanthropy Initiates, India. J. P. Morgan thanked NCAER for the report which she said offers incredible insight to industry, policy makers as well as funding agencies and will help them channelize funds for impact. She further said that the report will help in thinking in a more structured way on what should be done in the field of Skills, in future.

The Report points out that policymakers in India face the triple challenge of simultaneously (i) promoting the creation of more well-paying jobs, including for women; (ii) creating and regulating efficient pathways for skill acquisition and job matching to ensure workers have the right skills and employers find the right workers; and (iii) protecting the vast numbers of low-paid, informal, low-skilled workers with social protection benefits as they try to transition into better jobs. India appears to be caught in a vicious cycle of poor skilling, informality, and few good jobs. An additional challenge comes from the massive number of workers aged 30–59 who are  in the workforce or coming into it, but have to be reskilled or up-skilled. And a final challenge from the changing nature of work with technical change accelerating and fundamentally altering manufacturing and services processes.

The Report notes that it is possible to move from this vicious cycle to a self- reinforcing virtuous circle of better skilling and good jobs, but it will not be easy. After suggesting simpler ways of thinking about the three types of skills that are fundamental— foundational, employability and entrepreneurial— the Report offers a three-part framework of acquiring, matching, and anticipating skills that can allow policymakers and practitioners to design, execute and evaluate skilling pathways that can help break the cycle of poor skilling and the slow creation of good jobs. The triad of acquiring, matching and anticipating skills must work together, which has not been the case in many schemes both in the public and the private sectors.

The event was attended by a distinguished gathering of researchers, policymakers, participants from academic foundations, industry and the media. A panel discussion on ‘How to Win the Race to Skill India?’ moderated by Dr Krishnan brought forward the views of Madhav Chavan, Pratham, Pramod Bhasin, Genpact, Atul Satija, Nudge Foundation, R C M Reddy, IL&FS and Dilip Chenoy, FICCI.

Dr Bornali Bhandari, Fellow at NCAER and the team leader of the NCAER skills team that did this work said that, “the novelty of the report is on the framework that it offers to policymakers – skills that are acquired in schools can be matched to what is needed in the job market and which in turn helps people to acquire more skills that are anticipated in the future.  The Government can strengthen the supply side while keeping their eye on the demand side of skills.

 

Dr Shekhar Shah, Director-General, NCAER, noted in his opening remarks that, “India’s economy is on the move, but our workforce has hardly budged. India’s skilling paradox is that the labour market is characterised by dwindling opportunities in agriculture, there is much potential for jobs in manufacturing and services, but there are not enough people with the right skills, even for today’s jobs. As the NCAER Report quotes, while IBM has more employees in India than in the US, ever more Indians are struggling to find work. And while India grapples with the legacy of its skills-jobs mismatch and the long neglect of its K-12 schooling, it must pay attention to anticipating the skills of tomorrow, when it is sometimes not even clear what those skills will be. Moving from the current vicious cycle of poor skilling and few good jobs to a virtuous circle of better skilling and many more good jobs is possible, but will not be easy. It will require all stakeholders in the skilling ecosystem—employers, workers, governments, and skill providers—to work together to acquire and impart skills, to match and adjust, and to anticipate and adapt the skills that India will need in the next three decades. ”

Shah further said that “We need a 15-year perspective programme focused on transferable skills that can meet the demand from industries now and in the future. We must change the rules of the game and shift mind-sets everywhere from lifetime employment to lifetime employability. To prepare such a program, the Government should establish a Commission for 21st Century Skills. This NCAER Report could provide a framework for the terms of reference for such a Commission.”

What does the new NCAER Report say? A more detailed view 

India has a skilling paradox

Dwindling opportunities in agriculture, much potential for jobs in manufacturing and services, but not enough people with the right skills.

Many of India’s roughly 468 million workers have to move from ‘baskets’ to ‘bytes’

The transition of India’s labour force from small, unregistered firms in the informal sectors to small, medium and large formal firms has been slow. Rigid labour laws and poor infrastructure impede the pace of transition from informal to formal jobs.

India is trapped in a vicious cycle of low skills and few good jobs

The combination of inadequately skilled workers, out-of-date labour laws, a rising ratio of wages to the price of capital and persistent informality are feeding on each other—a self-perpetuating vicious cycle that results in fewer good formal jobs than India is capable of and badly needs. Greater informality drives poor skilling, employers choose machinery over men, and few good jobs are created, driving India’s burgeoning labour force further into informality.

Moving to a virtuous circle of better skilling and more good jobs is possible, but hard, and India’s demography leaves no time to lose 

A three pronged approach is needed. First, clear policy distortions in labour and industrial laws and regulations. Second, promote investments in those sectors identified as the most promising in generating jobs directly within that sector and indirectly across sectors. Third, skill the workforce such that they match employers’ needs. In skilling, particularly look for opportunities to skill workers as close to their likely jobs destination so that the matching and anticipating of skills is that much easier.

The NCAER Report recommends simplifying skill definitions to make it easier to see what’s needed

The starting point has to be a simpler conceptualisation of skills, getting away from the fragmentation and the complexity of a vast skilling industry in India that has scale but lacks overall direction and a strategy for the future. The Report considers three types of skills and their combinations in varying proportions. Cognitive skills are basic skills of literacy and numeracy, applied knowledge and problem-solving aptitudes and higher cognitive skills such as experimentation, reasoning and creativity. Technical and vocational skills are the physical and mental ability to perform specific tasks using tools and methods in any occupation. Social and behavioural skills include working well with others, communicating well with others, listening well to others and generally being agreeable and outgoing. Everyone has these skills to varying degree.  Combining these types of skills gives foundational skills, employability skills and entrepreneurial skills. 

 The NCAER Report recommends a three-part framework—acquiring, matching, and anticipating skills—for thinking about how to make India’s skilling ecosystem work better. This triad must be integrated into almost all policies and programmes and used to evaluate their utility and impact.

Acquiring, imparting and assessing skills—requires change in K-12 education, vocational and technical education and on-the-job training. Required on the supply side of workers providing skills are essential changes in India’s schooling and skilling system—the world’s largest—in vocational education and in on-the-job training. This also requires recognising and certifying the skills and prior learning of those in the informal workforce. Not only does the overall quality of schooling and training have to rise, but the content has to address the workplaces of today—and tomorrow. General education should impart social and behavioural skills as well as basic and higher-order cognitive skills, problem solving and systems thinking.  Vocational education should develop and revise programmes nimbly to keep up with workplace demands. On-the-job training should extend beyond large firms and should be offered to workers in smaller firms and to informal workers.

Key policy implications are:

  • Make sure all children are literate and numerate by using remedial teaching, technology and improving teacher professionalism
  • Improve adult literacy and numeracy programs and converge them with vocational skilling programs
  • Make changes in curricula and teaching practices in the Indian education system
  • Ramp up assessments to know whether and what skills are imparted with what success
  • Adopt international learning standards
  • Consolidate technical and vocational education in line with the recommendations of the Prasad Committee report
  • Reach out to entrepreneurs, skill informal workers and skill workers for lifelong learning
  • Ensure that skills are portable across other jobs and sectors

Matching and adjusting skills— on the demand side of employers looking for skills—requires knowing how job seekers with low skills or high skills can find productive work and how firms can find workers with the general and specialised skills they need to prosper and grow.  Education and skilling systems should emphasise transferable foundational and life skills, because seasonal industries and ever-changing work require skill sets that will empower workers over the life of their careers and enable them to multitask within industries and to switch across industries. Women need to enter the workplace more widely and move from low-skill jobs towards high-skill digital and management jobs.

Key policy implications are:

  • Up-skill women, provide life skills and mentor them as critical to improving their labour force participation and improving their employability.
  • Formalise informal workers by recognising prior learning
  • Encourage migration by skilling rural workers by not just providing them technical and vocational skills but also non-cognitive skills of survival in environments away from home
  • Encourage opportunity entrepreneurs: provide necessity entrepreneurs with digital and financial literacy skills to help convert them into opportunity entrepreneurs. Entrepreneurs need system skills and resource management skills. They also need advanced non-cognitive skills such as instructing and negotiating. India’s higher education system does not equip students with these skills.

 

Anticipating and adapting skills requires understanding how structural and technological changes in this 21st century are radically altering today’s workplace and the nature of work. While India must deal with its backlog of unskilled, informal workers, it must also not forget to provide for its future if rapid progress is to be sustained. Firms of different sizes are already placing different skill requirements on individuals—large firms need formal business and accounting skills and high technological skills, and smaller firms need multitasking and adaptability to business practises. The 21st century jobs will no longer be confined to task-specific roles. Instead, the demand for multidimensional skills will increasingly grow.  Customer facing jobs with non‑routine interactive tasks that depend on soft skills can be expected to grow. So can jobs depending on higher cognitive skills.  The 21st century Indian worker will need transferable skills.  India needs to create an agile workforce that can anticipate and adapt to changes in technology, automation and digitisation.

 

Key policy implications are:

  • Prepare a 15-year perspective programme focused on transferable skills that can meet demand from industries now and in the future.  To prepare the program the government should establish a Commission for 21st Century Skills.
  • Improve the investment climate and ease of doing business
  • Connect private and public stakeholders better
  • Institutionalise flexible social security: India needs a trinity of unemployment benefits, old-age pensions and health benefits so that a flexible labour market may be created.
  • Focus on quality and inclusion: India’s education and training systems need to change as quickly as possible to focus on quality, adaptability and learning outcomes.  They need to be mapped to learning outcomes through a National Qualifications Framework so that the education system is adequately geared towards preparing future workers for the ever-changing world of work.
  • Prepare for the new face of manufacturing: Tech and soft skills, both higher cognitive and non-cognitive, will be required for enhancing employability in Industrial Revolution 4.0.
  • Commission regular, skills-related labour market research on an ongoing basis

If in the next five years India can successfully create the self-reinforcing virtuous circle of acquiring-matching-anticipating skills as suggested in the Report, and, in parallel, create the economic and social conditions for rapid, sustained economic growth, there is no reason why India’s aspirations to become an economic superpower cannot be realised, providing opportunity and well-being to millions of its citizens across the country, men and women, young and old.

Computable General Equilibrium (CGE) Modelling, a Tool for Economic Policy: Achievements & New Challenges

NCAER is hosting a seminar on “Computable General Equilibrium (CGE) Modelling, a Tool for Economic Policy:  Achievements and New Challenges” with Professor Peter B. Dixon at the Centre for Policy Studies at Victoria University in Melbourne.

Since its inception in 1960 with the work of Leif Johansen, CGE modelling has proved popular and versatile.  The Global Trade Analysis Project, the peak CGE network, has 15,000 members from 150 countries.  CGE modelling is used throughout the world to provide historical analyses and forecasts and to elucidate policy issues in trade, microeconomic reform, labour markets, energy, environment, public finance, immigration, infrastructure, tourism, technology, natural resources and commodity prices.

This presentation briefly traces the evolution of CGE modelling and explains some of the things that CGE modelling has taught us.  It then sets out five challenges for the field: absorption of technical/engineering information; inclusion of monetary phenomena; integration with modern macro; integration with modern trade theory; and inclusion of the essential features of global supply chains.

Peter B. Dixon is Professor, Centre of Policy Studies at Victoria University in Melbourne.  He joined the Australian government’s IMPACT Project in 1975 after working at the IMF and then the Reserve Bank of Australia. At IMPACT he led the team that created the ORANI model. This was the world’s first detailed (100 industries) computable general equilibrium model regularly used in policy analysis. In the 1990s with colleagues at Monash University he created the MONASH model, the dynamic successor to ORANI.  These two models have been prominent in the Australian economic debate for 35 years and have been used as templates for other models throughout the world.  In recent years Dixon developed the USAGE model of the U.S. which is used by the U.S. International Trade Commission and the US Departments of Agriculture, Commerce, Energy, Transportation and Homeland Security.  Dixon was appointed to the Chair in Economic Theory at La Trobe University in 1978 and to a Visiting Professorship at Harvard in 1983. From 1984 to 1991 he was Director and Professor in the Institute of Applied Economic and Social Research at the University of Melbourne, and in 1991 he took up his position as Director and Professor in the Centre of Policy Studies at Monash University.  He moved to Victoria University in 2014.  Dixon was elected a Fellow of the Academy of Social Sciences in 1982.  In 2003, he was awarded the Distinguished Fellowship of the Economic Society of Australia and in 2006 he was appointed Sir John Monash Distinguished Professor at Monash.  In 2013, Elsevier published its two-volume Handbook of Computable General Equilibrium Modeling edited by Dixon and Dale Jorgenson.

Dixon has a PhD and MA in economics from Harvard (where he was one of Wassily Leontief’s last students) and a BA in Economics from Monash.

For queries, please contact Ms Sudesh Bala at sbala@ncaer.org  or on 91-11-2345-2722.

    Get updates from NCAER