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Regional disparities are an alarming issue in India, and it has been widening in spite of various policy initiatives by the government to develop backward areas. The fruit of high growth have not been distributed fairly across India's different regions and have given rise to the threat of regional inequality. Disparities in social and economic development, employment, and infrastructure amenities across the regions and within regions have been a major challenge to policy makers and economists. This paper is an attempt to understand the recent picture of regional imbalance in India across its states. The paper tries to analyze the existing regional disparity in India in terms of macroeconomic aggregates, social and economic infrastructure, and human development. The paper also examines the various policy initiatives taken by the government of India to achieve the regional balance in development. [ABSTRACT FROM AUTHOR]

The long relative decline of Great Britain's industrial economy has produced a voluminous literature, both polemical and academic, seeking to illuminate its causes. Recent contributions have stressed the deleterious effects of inappropriate and inconsistent government policies, in particular the deadweight of an inefficient public sector, and the contempt for industrial production on the part of a Treasury-dominated civil service elite obsessed with macroeconomic issues. They have also cited the anti-modernization ethos of the post-1945 political consensus. In a longer term perspective great stress has also been laid on the socio-cultural environment antipathetic to the industrial spirit, which, supposedly, had animated the business and investing classes in the pre-1850 phases of industrialization. The purpose of this paper is to examine the validity of the new institutional approach as an explanation of Great Britain's relative economic decline in the twentieth century. The discussion will focus on economists B. Elbaum and W. Lazonick thesis as a reference point for assessing alternative formulations of institutional rigidities.

The article explores the role of the economist in the process of establishing public policy that regulates the food and agricultural industry in the U.S. According to Jim Shaffer, the economic regulation results from the attempt of citizens to articulate preferences about the physical and social environment they share. It is stated that economists must look for specific issues that will lead to useful and effective regulation policy research and education through identifying the production and marketing processes. The economists are advised to be active in developing and refining the public policy of regulation that needs careful empirical analysis of defined issues.

In view of the attention given to economic development recently, it is appropriate to re-examine the works of an early pioneer in the field, economist John R. Commons. As an economist of the Institutionalist School, he insisted that cultural forces, legal institutions, religious influences, social customs, and many other ever-changing factors now considered by modern developmental economists, be included in the field of economics. Commons would have the State, play the role of the wise and kindly father. It would jealously guard the welfare of its citizens by maintaining a healthy economic climate. By monetary means, it would keep the economy on an even keel. Through all types of trouble, it would protect the workers by providing them with security of incomes by means of a comprehensive social security program. Yet, like the wise father, the State would limit its interference with the activities of its citizens. It would refrain from imposing such direct controls as would seriously reduce the area of the citizen's freedom.