Indian Council for Research on International Economic Relations

Seminar Details

03 Aug 2006

Governance and Economic Development”
 
 
August 3, 2006
by Prof. Avinash Dixit
 
Dr. Avinash Dixit, Professor of Economics at Princeton University and a Fellow of the National Academy of Sciences in the United States, gave a talk on Governance and Economic Development at the Silver Jubilee celebrations in New Delhi. The session was chaired by the Director General of Council of Scientific and Industrial Research (CSIR), Dr. R.A. Mashelkar. 

Dr. Dixit explained the nuances of the term “economic governance.” The models discussed ranged from the highly developed ones involving lot of arbitration and government intervention such as those prevailing in the United States and other developed economies to those controlled by the mafia and the tribes as prevailing in the Africa and Latin American countries. 

According to Dr. Dixit, the economic governance systems in Asia were based more on human relations and societal arbitration and less on organized governmental mechanism. In contrast, those of the United States and Europe depended heavily on organized governance. He pointed out that the need of the hour was to devise a system which allowed a greater role for organized governance as this reduced uncertainty and had positive economy–wide impact. 

Dr. Dixit answered questions, which ranged from the effect of corruption on economic development to the efficacy of the Panchayati Raj Institutions in delivering effective governance in India. He was of the view that no fixed models of economic governance could be imposed on complex societies like India. But whatever the form, governance had to be firm.

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