About the Book: Collected Papers in Theoretical Economics (Volume V): Economic
Policy and Its Theoretical Bases
Effective policymaking is based on economics which is a blend of empiricism as
well as theory. It needs to be grounded not only in data, statistics, and the
regularities observed therein, but also analytics, deductive reasoning, and
logic, which are the constituents of theory. Published during 200916, the seven
years that Basu spent as a policymaker—first as chief economic adviser to the
Government of India and then as chief economist of the World Bank—this volume
draws on the work done by empirical economists and is rooted in analytics, even
while addressing practical,