Aggregate Demand and Employment
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Aggregate Demand and Employment

International Perspectives

Edited by Brian K. MacLean, Hassan Bougrine and Louis-Philippe Rochon

With an emphasis on developments during and after the Great Recession, and paying due attention to the impacts of austerity policies, the chapters assembled for this book explain that high growth of aggregate demand is as essential as ever for achieving full employment and rising living standards. Written by distinguished Keynesian and Post-Keynesian economists from diverse national backgrounds, the book tackles critical theoretical and empirical issues to illuminate the economic experiences both of large geographic regions such as Europe, Latin America, and Africa, as well as specific national economies including the USA, Japan, India, and Canada.
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Chapter 8: Employment in India: aggregate demand and structural transformations

Sunanda Sen

Abstract

This chapters examines the paradox that despite India having experienced high economic growth for some time now, substantial income increases have not been enjoyed by lower-income groups. This is explained in part by employment growth being meagre in relation to output growth, and a lack of initiatives from the state to provide social benefits. Taking into account the large share of the informal sector in India and the structural evolution of the economy, the chapter argues that conventional tight monetary and fiscal policies in India have combined with deregulation of finance to produce a poor record of job creation. A proper explanation of the situation requires both Keynesian aggregate demand analysis and analysis of the structural change in the economy.

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