Prospects for Zero Inflation

Foreword by Ambassador K.P. Fabian:

In 1984 Imon Ghosh handed me a copy of his book The Prospects for Zero Inflation. I was struck by the brevity and the elegant but rigorous reasoning of the book on a subject of vital importance. I am glad that the book is being republished as its value and relevance to our times are in no way diminished by the passage of time.

I recall a conversation in 1991 with Dr. Manmohan Singh, the Finance Minister who opened up India's economy. We were on a flight to Bombay from Delhi. I asked him: While tackling inflation, apart from looking at the statistics given by his officials, did he consult one or two housewives? He asked a counter-question: Why should the housewives be consulted as the officials gave scientifically accurate figures. I responded that the decision-makers should know how inflation affected and afflicted the household. I do not think I won the argument. I honestly feel that Imon's book should be read by our policy makers, bureaucratic and political.

Imon is a polymath, a dwindling tribe as nowadays scholars know more and more about the less and less. An over mathematicized Economics is divorced from the ground realities. We need to bring back the Political Economy of the 19th century and move away from the Economic Sciences of the 20th century. Imon has made a singular contribution by showing us that it is possible to have a people-centred economics. His ideas about taxation in chapter 9 deserve attention. Imon has wisely argued the case for the tax payers to have a major say in how the money they paid is spent. We the public will be glad to see another book from the same author focused on this matter with actionable recommendations appropriate to the largest democracy.

This book should be translated into other languages, Indian and foreign, as it is of universal interest.

K.P. Fabian

Professor, Indian Institute of International Law
Former Ambassador of India to Finland, Qatar, and Italy.

New Delhi
7th May 2017