REVIEW OF TWO BOOKS ON ECONOMIC DEVELOPMENT,
RAND CORP SANTA MONICA CALIF
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These are the second and third books in the Allen and Unwin series which publishes work being carried on by the Massachusetts Institute of Technology Center for International Studies in India. These books arise more or less directly out of the economic research conducted by the Center, in conjunction with various Indian research organizations and in close cooperation with the Indian Planning Commission. The Capital Formation volume is essentially a collection of papers on macro-economic problems, centering around the theoretical bases of some of the Indian models used in preparing the Third Five-Year Plan and presenting a theoretical formulation for the construction of alternative models for later plan exercises. The papers in the Pricing volume discusses specific issues of planning -- such as sectoral pricing policies, fiscal policies, the conflict among plan objectives--in India. A major theme underlying both these volumes in the clarification of the contribution that the economist, as economist, can make to the problems of development in a particular country.