Friday, January 10, 2020

Does labor regulation reduce total and youth employment?

This paper examines the impact of labor regulation on total and youth employment of 108 countries over the timespan, 1996–2013. The methodology used is the dynamic panel data technique which distin- guishes between short-run and long-run effects of legal change and takes into account dynamic interac- tions between legal and economic variables. It is observed that laws protecting the interests of labor do not hamper the long-term employment prospects of the general work force and the youth population. By and large this result holds in the two sub-samples: one consisting of 23 developed countries and the other consisting of 85 less-developed countries.

Anyone clicking on this link before February 28, 2020 will be taken directly to the final version of my article on ScienceDirect, which they are welcome to read or download. No sign up, registration or fees are required.

 Structural Change and Economic Dynamics
journal homepage:

Thursday, October 17, 2019

A.  Law and Economics
1. Industrial Relations Journal (Blackwell Publishing, UK), November 2008”Assessing the Long-Run Economic Impact of Labour Law Systems: A Theoretical Reappraisal and Analysis of New Time Series Data” (with Simon Deakin)
2. International Journal of the Economics of Business (Routledge, UK), Vol. 16, No. 1, February 2009, pp. 73–86: “Do the English legal origin countries have more dispersed share ownership and more developed financial systems?”
3. Journal of Empirical Legal Studies(Wiley-Blackwell on behalf of Cornell Law School, USA), June 2009, Volume 6, No.2, pp.343-380.Shareholder Protection and Stock Market Development: An Empirical Test of the Legal Origins Hypothesis’ (with John Armour, Simon Deakin, Mathias Siems and Ajit Singh).
4. Cambridge   Journal   of    Economics (Oxford University Press),March 2010: ‘Law, finance and development: further analyses of longitudinal data’ (with Ajit Singh).
5. Cambridge Journal   of    Economics (Cambridge, UK), November 2013, Vol.37, No.4, pp.1335-48: Does Employment Protection Lead to Unemployment? A Panel Data Analysis of OECD Countries, 1990-2008.
6. International Labour Review (ILO, Geneva), March 2014: Do Labour Laws Increase Equality at the Expense of Higher Unemployment? The Experience of Six OECD Countries, 1970-2010 (with Simon Deakin and Jonas Malmberg).
7. Socio-Economic Review 2017 Vol 15 No.2“Varieties of creditor protection: insolvency law reform and credit expansion in developed market economies” (with Simon Deakin and Vivian Mollica).
8. Journal of Law, Finance, and Accounting (Now Publishers, Boston, USA), May 2018 Vol.3 No.1: “Is There a Relationship between Shareholder Protection and Stock Market Development” (with SimonDeakin and Mathias Siems).
B. The North-South Terms of Trade Controversy: The Prebisch-Singer Thesis
9. Journal of Development Studies  (Frank   Cass, London), October 1986:  "Terms of Trade   Experience   of   Britain   since   the Nineteenth Century".
10. Cambridge   Journal   of    Economics (Academic   Press, London), December, 1986: "The Prebisch-Singer  Hypothesis:  A  Statistical Evaluation".
11. World Development (Perganon Press,Washington), April, 1991: "Manufactured Exports of Developing Countries and Their Terms of Trade Since 1965"(Second Author: H.W. Singer).
12. Journal of International  Development(Manchester,Britain), Volume 4, Issue 3, May/June 1992 : "The Prebisch-Singer Thesis Revisited"(jointly with  David Sapsford and H.W. Singer), pages 315–332.
C. Debt Crisis, Commodity Prices and Transfer Burden
13. Journal of Development Studies(Frank Cass, London), July, 1991: "Debt Crisis  of the Less Developed Countries and  the  Transfer Debate Once Again".
D. North-South Uneven Development/Catching Up Debate
14. Review (Binghamton, New York), vol.23, no.4, 2000: “North-South Uneven Development: What the Data Show”.
E. Globalisation and Development
15. Revue Tiers Monde (Paris), October 2005: "Is There Any Impact of Trade Liberalisation on Growth? Experiences of India and Korea”.
16. Journal of Economic Issues (New Mexico, USA), 2008: “Trade Openness and Growth: Is There Any Link”
F.Distribution and Growth: Structuralist Macroeconomics
17. Review  of  Radical  Political  Economics (USA),Vol.25 (February  1992): "Distribution and Growth : A Critical Note  on Stagnationism".
18. Journal   of  Macroeconomics(Louisiana,  USA), Vol.15,  No.4( Fall, 1993): "Effective Demand and Income Distribution  in  the context  of  Agriculture-Industry Demand linkage: A  Two  Sector Macroeconomic Framework".
G. North-South Macroeconomic Framework
19. Journal  of  Macroeconomics(Lousiana,USA), (Winter,1997):  "Growth  and  Terms  of  Trade:   A    North-South Macroeconomic Framework".
20. Review of Development Economics(Blackwell Publishers, Oxford), October 2001: "Technical Progress and the North-South Terms of Trade".
21. Review of Political Economy (Routledge, Taylor & Francis Group, UK ),
Vol.21, Number 3, 393–401, July 2009: ‘A Centre-Periphery Framework on Kaldorian Lines’.
H. Others
22. Journal  of  Contemporary Asia  (Manila,  Philippines),  Vol.22,  No.3( July 1992) : "De-industrialisation Through Colonial Trade".

Tuesday, July 14, 2015

The Greek Crisis and the last bail-out package

 History shows that a large volume of debt cannot be serviced - either repudiation de facto or de jure or the benevolence of the creditors. Recall German reparation payments. Irrespective of whether Greek accepts the so-called bail-out package or not - try to repay or not their credit-worthiness is now at zero-level. So they have nothing to loose but their chains.

An individual faced with this scenario will sell their property and become home-less -sleeping on the pavement. In old days Germany could have taken some of the islands -even Athens (Merkel proposed selling some of the islands to get money to the earlier regime -so far as I can recall). France captured one German city as Germany could not continue reparation payments. In the present world scenario it is not possible.

Since the creditors took a hard stance against a 'leftist' govt., more radical steps are needed. Already there is large scale unemployment wage and other benefit cuts and reduction of real GDP. A drastic generation of budgetary surplus to repay will aggravate the situation -social unrest military coup etc. You cannot expect within a fortnight an efficient tax collection mechanism ( you cannot expect that in India and you cannot expect that in Greece). The Greek govt can go for privation of everything but it will not solve the problem. First start with a clean slate (either due to benevolence of the major countries or just by Greek govt dictum). Then take drastic measures - capital controls, introduction of drachma for domestic transactions side by side with Euro. Blunt following of Washington consensus type policies worked nowhere in the world. If Greece becomes obedient to the creditors the country will face more problems as the creditors are interested to get back their money at any cost -even it that means immense suffering of  Greek people.

 There is no question of ethics for non-payment. Debit and credit or surplus and deficit are two sides of the same coin. It was also the responsibility of the creditors to examine the creditworthiness of the debtors. Due to their vested interests they over-looked all these and sanctioned loans to earlier regimes for unproductive purposes (may be to buy submarines). They should suffer. They believe in market and it is the rule of the market. Why the ordinary people will suffer because of the unholy alliance between the ruling classes of different countries.

Saturday, April 11, 2015

Tuesday, February 24, 2015

Receiving the best paper award at SASE Chicago

Received the best paper award at SASE(Society for the Advancement of Socio-Economics), Chicago (11th July 2014) from the President of SASE — in Chicago, Illinois.

Monday, May 19, 2014

IX Global Labour University Conference, 15-17 May 2014, Berlin, German

Paper Presented on 16th May: Do Labour Laws Increase Equality at the Expense of Higher Unemployment? The Experience of Six OECD Countries,1970-2010 Download link: