Anweshan - journal of Department of Commerce

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ANWESHAN is a bi-annual refereed journal of the Department of Commerce, University of North Bengal. Articles are selected through a blind review process.

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2013 - 20162

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Author: search.filters.author.Pradhan, Nandita

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    Rational Inefficiency: A Discourse on John Richard Hicks, Joe Staten Bain and Harvey Leibenstein
    (University of North Bengal, 2016-03) Pradhan, Nandita; Ray, Indrajit
    Rationality and efficiency are often considered two sides of a same coin. Often we argue that in the absence of market failures, rationality always generates efficiency. The present paper, however, goes against this current of wisdom. It argues that rationality reflects the state of mind that determines the course of decision-making for an individual. Efficiency, on the other hand, conventionally reflects the financial results of an economic activity. But the human mind always desires more than what those financial outcomes provide. Therefore, rationality should not be identical to efficiency. This is the concept of ‘rational inefficiency’, or equivalently, ‘irrational efficiency’, which is theme of this article. It discusses in this context three important hypotheses, as developed in the literature on efficiency. Those are (a) the Quiet Life Hypothesis, (b) the Structure-Conduct-Performance Hypothesis, and (c) the x-efficiency Hypothesis.
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    Long-run effects of FDI in India’s multi-brand retail trade: Lessons from cross-country economic history
    (University of North Bengal, 2013-03) Pradhan, Nandita; Ray, Indrajit
    In view of the recent debate on the entry of FDI in India’s multi-brand trade, this article seeks to analyse the long-run effects of this policy-options on the formation of industrial capital and entrepreneurs. To do so, we look into the economic history of two of the presently developed countries, the United Kingdom in Europe and Japan in Asia. Their historical sequences suggest that the industrialisation process in an economy should obtain capital and entrepreneurs from the agricultural and tertiary sectors, and that a congenial policy-environment is imperative to these ends. Also, we deal with the economic history of India during the early colonial period, and learn that, owing to hostile governance, the period witnessed a reverse flow of those critical factors of production from industries and trade to agriculture. This article, therefore, concludes that FDI in multi-brand trade, which is expected to hard-hit tiny and small traders in the long run, may jeopardise India’s prospect of domestic capital formation and entrepreneurs for industries. This will be very harmful for our future course of industrialisation.