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Provides theoretical and applied contributions connected by the methodological approach to the use of general equilibrium model

This essential volume reflects the continuing and enduring utility of general equilibrium as a framework of analyses. It attempts to reiterate that understanding broad and holistic consequence of economic events and policies go beyond partial equilibrium perspective. Cutting across areas of research, general equilibrium perspectives in terms of small-scale GE models following the theory and perspectives of Ronald Jones can help readers develop informed judgement regarding critical policies. These include but are not limited to several areas of specific interest - the interaction of financial factors with international trade and implications for the 'real sectors' of the economy, the impact of labour market reforms on the unorganised sectors in developing and transition countries, the non-uniform effects of inflation and deflation on internal and external factor flows, and the sought-after relation between foreign investment and skill accumulation

This book was written in honour of Professor Kalyan K. Sanyal, who was an excellent educator and renowned scholar in the field of international economics. One of his research papers co-authored with Ronald Jones, entitled "The Theory of Trade in Middle Products" and published in American Economic Review in 1982, was a seminal work in the field of international trade theory. This paper would go on to inspire many subsequent significant works by researchers across the globe on trade in intermediate goods. The larger impact of any paper, beyond the number of citations, lies in terms of the passion it sparks among younger researchers to pursue new questions. Measured by this yardstick, Sanyal's contribution in trade theory will undoubtedly be regarded as historic. After completing his Ph. D. at the University of Rochester he joined the Department of Economics at Calcutta University in the early 1980s and taught trade theory there for almost three decades. His insights, articulation and brilliance in teaching international economics have influenced and shaped the intellectual development of many of his students. After his sudden passing in February 2012, his students and colleagues organized a symposium in his honour at the Department of Economics, Jadavpur University from April 19 to 20, 2012. This book, a small tribute to his intellect and contribution, has been a follow-up on that endeavour, and a collective effort of many people including his teachers, friends, colleagues and students. In a nutshell it discusses intermediation of various kinds with significant implications for market integration through trade and finance. That trade can generate many non-trade-service sector links has recently emerged as a topic of growing concern and can trace its lineage back to the idea of the middle product, a recurring concept in Prof. Sanyal's work

Contributed articles and some papers presented at a conference to mark the silver jubilee of the Centre for Studies in Social Sciences, Calcutta.

This book deals with the impact that international trade is likely to have on the skilled-unskilled wage gap in a typical developing economy. This is the first theoretical monograph on this particular issue which has already generated substantial debate and voluminous work for the developed countries. A unique feature of this work is that it tries to explain the possibility of rising inequality across trading nations and looks at the segmented labour markets of the poor economies. It makes convincing arguments that the standard general equilibrium models, the main workhorse of trade theory, can be given a creative facelift to address a number of critical and emerging issues in the area of trade and development

AbstractHow does out‐migration of skilled workers affect unskilled workers' wage in the source country? When skilled workers emigrate, unskilled wages tend to go down in some countries. If the sector that uses both skilled and unskilled workers shows a lower degree of capital intensity as compared to sectors that use only skilled workers in production, it is a common outcome. We use 19 years of cross‐country data from the International Labor Organization (ILO) spanning Asia and Latin America to show that skill emigration reduces unskilled wage unambiguously for panel fixed effects and difference generalized method of moments (DGMM) estimates. The structure is also subjected to system GMM with endogenous covariates and allied robustness checks. Importantly, we find a critical level of tertiary education, such that countries generating more skill shall face weaker negative impact on unskilled wages.

The standard literature on discrimination in labour market discusses discrimination-generated inefficiency at the firm level which cannot be sustained under competition. As competition gets intense, firms would be more disciplined and would be forced to refrain from practising discrimination. This forms the core of the pioneering works by Becker (1957) and Arrow (1973). In this article, we argue that when firms are heterogeneous in terms of productivity, some of the more efficient firms can easily survive practising discrimination and only relatively inefficient firms will quit the market. Thus, incentives to discriminate, if any, would be greater for more efficient firms. Once they survive, measured efficiency of the market would, in fact, increase. Thus ironically, discriminating industries would exhibit higher efficiency. This article shows that, in a model with heterogeneous firms, a competitive market system cannot eliminate the problem of discrimination. Thus, competition and discrimination may coexist.