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<ul><li>Heterodox or unorthodox economic policies will be more effective for latecomers to development, noted <keyword id="8267719" type="UNKNOWN" weightage="20" keywordseo="economist-deepak-nayyar">economist Deepak Nayyar</keyword>. </li><li>In his book, 'Resurgent Asia: Diversity in Development', Nayyar says that Asia is the poorest continent in the world after being ravaged by colonialism. </li></ul> The Singaporean-South Korean model of carrot-and-stick to implement policies cannot be replicated elsewhere in Asia, and heterodox or unorthodox economic policies will be more effective for latecomers to development, noted economist Deepak Nayyar writes in a new book. In his book, 'Resurgent Asia: Diversity in Development', Nayyar writes that Asia, the poorest continent in the world barely a half-century after being ravaged by colonialism, is set to regain its dominant position in the global architecture, both financially and politically, and could account for more than one-half of world income and more than half of the people on Earth. His policy prescriptions include learning and unlearning from experience as policies are means not ends. "For latecomers to development, heterodox or unorthodox economic policies - in trade, industry, and macro-management - are more effective than orthodox policies," he writes. "Efficient markets and effective governments, together, adapting to each other as time and circumstances change, provide the way forward in development." He says economic openness, while necessary, is not sufficient, and is conducive to development only when combined with industrial policy. He also prescribed social opportunities for people, through the public provision of education and healthcare, which improve wellbeing and the economic development of countries reinforce each other in a virtuous circle. The developmental states in South Korea, Taiwan and Singapore coordinated policies across sectors over time in pursuit of national development objectives, using the carrot-and-stick to implement their agenda, and were able to become industrialised nations in just 50 years. China and Vietnam have followed the same path. "It is not possible to replicate these states elsewhere in Asia," Nayyar writes. "But other countries did manage to evolve some institutional arrangements, even if less effective, that were conducive to industrialization and development. In some of these countries, the institutionalized checks-and-balances of political democracies were crucial to making governments more development-oriented and people-friendly." In the book, Nayyar writes that despite wide diversity among Asian countries, there are common discernible patterns. Chief among them was the fact that economic growth drove development; rising investment and savings rates combined with the spread of education were the underlying factors, and growth was driven by rapid industrialisation, often export-led, associated with structural changes in the composition of output and employment. It was supported by coordinated economic policies, heterodox or unorthodox wherever and whenever necessary, across sectors, and over time. "The rise of Asia represents the beginnings of a shift in the balance of economic power in the world and some erosion in the political hegemony of the West. The future will be shaped partly by how Asia exploits the opportunities and meets the challenges and partly by how the difficult economic and political conjuncture in the world unfolds," the book says. "Yet, it is plausible to suggest that circa 2050, a century after the end of colonial rule, Asia will account for more than one-half of world income and will be home to more than one-half the people on Earth. It will thus have an economic and political significance in the world that would have been difficult to imagine fifty years ago, even if it was the reality in 1820," writes Nayyar. Nayyar is a former vice-chancellor of Delhi University and Emeritus Professor of economics at Jawaharlal Nehru University. He is also a former Distinguished University Professor of Economics, New School for Social Research, New York and is currently serving as an independent director on the Board of Directors of Press Trust of India. The deep pessimism about Asia's economic prospects, voiced by Nobel laureate Gunnar Myrdal in his book 'Asian Drama', was widespread in 1970 when its demographic and social indicators of development, among the worst anywhere, epitomised its underdevelopment. In the half-century since then, Asia has witnessed a profound transformation in terms of the economic progress of nations and living conditions of people. By 2016, it accounted for 30 per cent of world income, 40 per cent of world manufacturing, and over one-third of world trade, while its income per capita converged towards the world average. This transformation was unequal across countries and between people. Still, Asia's economic transformation in this short time-span is almost unprecedented in history. 'Resurgent Asia' considers differences in initial conditions, highlights turning points in economic performance, assesses how processes of change were managed or mismanaged, discusses the influence of development strategies and economic reforms, examines changes in engagement with the world economy, explores the role of governments and politics, and analyses the factors underlying successes, failures, or mixed-outcomes in development. It is essential to recognise the diversity of Asia. There are marked differences between countries in geographical size, embedded histories, colonial legacies, nationalist movements, initial conditions, natural resource endowments, population size, income levels and political systems. The reliance on markets and the degree of openness in economies varied greatly across countries and over time. The politics too ranged widely from authoritarian regimes or oligarchies to political democracies. So did ideologies, from communism to state capitalism and capitalism. Development outcomes differed across space and over time. There were different paths to development because there were no universal solutions, magic wands, or silver bullets. ANZ VIJ ANZ MR MR

Economist Deepak Nayyar says carrot and stick model can't work in all of Asia

Mumbai, Apr 1 () Over 300 economists, academics, social scientists and past civil servants have urged the prime minister and chief ministers to take urgent steps to ameliorate the impact on the Covid-19 lockdowns on the vulnerable sections by increasing their monthly sustenance support to at least Rs 6,000 per family. Those who made the collective appeal to the prime minister and the chief ministers under the aegis of the Delhi-based Indian Society of Labour Economics include Abhijit Sen, Jean Dreze, Prabhat Patnaik, Deepak Nayyar, Ajit Ghose, Jayati Ghose, SK Thorat, Rakesh Mohan, Ashok Gulati, Bina Agarwal, NC Saxena, Sujata Rao and Meghnad Desai, among others. These economists, social scientists, leaders of labour organisations and former civil servants have appealed for "increasing the minimum central and state contribution to at least Rs 6,000 per month to each woman member of the family in the next three months and the Centre bearing the major portion". They also said all the states should ensure that at least 10 kg free rations per person per month, along with other necessary items, is available for all eligible households, which means three-four-fold increase of the current short-term relief package for impacted informal workers. Welcoming the Centre's Rs 1.7 trillion package and various measures taken by the states, the signatories to this letter, a copy of the same with the , they have proposed urgent additional measures that are required to address the critical gaps that exist in the short-term relief measures announced so far by increasing the package by three-four times. The letter says "cash transfer of Rs 6,000 per month to each household that doesn't have a person in formal employment or is not a tax-payer. The estimated burden of about Rs 3,60,000 crore for three months to be borne principally by the Centre but shared between the Centre and states". On the food and subsistence requirements, they point out that 10 kg cereals and other essential items per person per month free of cost through the PDS and food for the homeless and most distressed, to meet the basic food requirement of the poor in the informal economy who have lost jobs and incomes. They also called for ensuring the contract employees are retained by public sector units and also pay them full wages. There also has to be a scheme to compensate the unorganised and MSME sector workers by paying them wages during the lockdown. They have called for providing ex-gratia payments and to ensure that no needy person/household remains outside the social protection net being created to cope with the current calamitous conditions. On those fleeing the cities and got stranded midway- there are 40-50 million seasonal/circular migrants in construction, manufacturing, transport/travel industries and are currently without employment and want to head back to their villages, with their accompanying family members and warned that the numbers will increase as the lockdown extends. They also called for measures to ensure safe harvesting and post-harvesting activities in villages by procurement at MSP and enhanced storage by the FCI and state agencies to prevent a famine-like condition from evolving. Finally, they also appealed for ensuring the safety, security and welfare of the front-line workers, including those engaged in essential services on behalf of governments. BEN MKJ

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Economist Deepak Nayyar says carrot and stick model can't work in all of Asia

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Over 300 economists, social scientists seek 4-fold hike in payout to vulnerable

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