Call for Papers on India

Papers welcomed on all aspects of economic activity in India.


Papers of particular interest are on the accuracy of economic and demographic statistics, on the size and shape of the informal economy, on income and capital wealth per capita, inequality , the debt burden, and similar subjects.

Papers on all aspects of statistical methods for producing economic data, including traditional and non-traditional means of data collection are equally welcome. And papers on the practical problems of gathering data in large populous developing countries is a further area of interest.
See submission guidelines...

A paper from our sister organisation World Economics shown here on India illustrates areas of particular concern and interest.



India Contributed Approximately 15% of Global
GDP Growth in the Past Decade


Growth strongly outperforms Asia-Pacific region and Emerging Markets


GDP in Purchasing Power Parity terms with added estimates for the size of the informal economy and adjustments for out-of-date GDP base year data.

Real GDP in India has surged by 347% over the last twenty-five years contributing approximately 15% of global output growth since 2013. This has pushed India’s share of the world output up to close to 10% making it the third-largest economy by size. In the last ten years, the country’s cumulative annual average real growth rate has been 7.5%.

► See India data report on worldeconomics.com



June Editorial

The Age of Equality

Life expectancy equalises globally at a rate unheard of in demographic history


It is a common belief, fostered by economists such as Thomas Piketty, that we live in an age of great inequality. This is partly true in economic terms in some countries. But in more general global terms the reality presents the opposite of this belief.

Excluding the tiny minority of billionaires and dictators, our age is characterised by massively increasing equality. Global data shows that an extraordinary reduction in inequality has taken place in both life expectancy and incomes around the world since 1950....

A Selection of Recent Journal Papers


The Informal Economy of the BRICS

This article evaluates the impact of trade liberalisation on the informal economy in the BRICS countries, which have significant unorganised sectors and trade policy changes. The article uses panel data from 1996 to 2015 to measure informality based on the method of Kaufmann and Kaliberda, which estimates the size of the informal sector as the difference between official GDP an...

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The Missing Piece: A Copyright Index

This paper aims to add to the literature on intellectual property protection by creating an index/database to reflect the strength of copyright and related rights for 109 countries for 2023. The index is primarily based on a range of factors like coverage of the law, membership in copyright conventions and its duration, copyright applications and enforcement mechanisms. The e...

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Modern Money Theory

The article criticizes modern money theory (MMT), which is a macroeconomic policy that aims to achieve full employment by using money-financed fiscal deficits, without using any formal modelling. The article claims that MMT policy would not work in an open and internationally highly financially integrated economy, because it would either cause the money stock to grow unsustaina...

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Characterizing Stagflation into Mild, Moderate and Severe Episodes

The study proposes a new framework to classify stagflation into mild, moderate, or severe episodes based on the magnitude and duration of high inflation and low-output growth. It uses the CPI and PCE deflators as inflation measures, real GDP as output growth measure, and a time-varying benchmark for growth and inflation to account for the changing nature of the US economy. The ...

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Enriching the Human Development Index through the Inclusion of Affordable Healthy Diet

This article presents research findings that support adding ‘affordable healthy diet’ as an indicator in the ‘Long and healthy life’ dimension of the Human Development Index (HDI). The article also aims to link the Sustainable Development Goal 2 (End Hunger, Achieve Food Security and Improved Nutrition and Promote Sustainable Agriculture) with the HDI, by showing the importance...

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Inequality: A Problem for the Indian Economy

The economic slow-down and COVID-19 pandemic have highlighted India’s extreme crisis inequality. India is an unequal country: 84% of household sector income declined in 2021, at the same time that the number of billionaires went up from 102 to 142. According to the World Inequality Report, the income of the top 10% of the population is 20 times that of the bottom 50% and this g...

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Governments Manipulate Data
Author: Bruno S. Frey

Governments widely manipulate official economic and social data—but the public tends to disregard this fact. There is extensive empirical evidence that governments extensively manipulate official data. National statistical offices should be independent of their government to fight such manipulation, and alternative data producers should be supported. The public should be aware ...

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Hyperinflation in Suriname

Primary data reveal two new instances of hyperinflation, both occurring in Suriname in the 1990s. In June 1993 and October 1994, Suriname experienced monthly inflation rates of 208% and 58.6%, respectively. With these additions, the Hanke-Krus World Hyperinflation Table now records 66 hyperinflation episodes. These are the first recorded instances of hyperinflation in Suriname....

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Averting Public Debt Tsunami

This study introduces an innovative policy proposal designed to improve the fiscal stance of most countries towards long-term sustainability. We suggest implementing ‘deficit taxes’ for individuals and (100-fold higher) ‘deficit fines’ for politicians in any year in which a (cyclically adjusted) budget deficit occurs. In line with the theory of ‘rational inattention’, these tax...

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Trade in the Shadows

Accurate, timely and reliable statistics on international trade in goods and services are of considerable academic and policy relevance. A major source of illicit financial flows (IFFs) out of developing countries accrues from the under-invoicing of commodity exports. Researchers have highlighted the critical importance of reliable trade data to estimate the magnitude of IFFs a...

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The Marketing Evaluation of Capital Investment Projects

Through this article the author attempts to put together in one logical and coherent sequence the steps to be followed when attempting to evaluate the competitiveness of a capital investment project. Over and above applying the correct cost–benefit analysis methodology and building an integrated and manageable financial model it is imperative to research the marketing aspects ...

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Argentina, Crises and the International Monetary Fund
Author: Graham Bird

Argentina has a long history of economic, financial and currency crises and has been exhibiting crisis characteristics since 2018. Crises in Argentina may be analysed using currency crisis models and in particular, experience seems to fit the first-generation model. After a break of 15 years, Argentina has had programs with the International Monetary Fund, a standby agreement i...

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Are Purchasing Power Parity Exchange Rates Misleading in Oil-Rich Gulf Countries?

This article examines the accuracy of purchasing power parity (PPP) rates in Saudi Arabia. It highlights concerns about the perceived wealth of Saudi citizens based on interviews with American expatriates and wage statistics. It discusses the limitations of the Saudi International Comparison Program (ICP) data, including variations in data quality, differences in product select...

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Statistical Data Collection Challenges amid COVID-19 Pandemic

The importance of reliable statistical data is even more urgent in the context of the coronavirus crisis, in terms of managing the risks for public health, restarting the world economy and addressing the long-term economic and social impact of the pandemic. Government lockdowns, social distancing and work from home restrictions, imposed to contain the spread of COVID-19, pose i...

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Measuring the Informal Economy in Morocco

This paper, relying on the electricity consumption method, attempts to both measure the size of the informal economy in Morocco and construct a larger time series dataset for the Moroccan informal economy. We use the Kaufmann and Kaliberda (1996) model to calculate the size of the informal economy over the period 1971 to 2014. The results show that this hidden part of the econ...

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Measuring the Non-observed Economy in Vietnam

This article takes advantage of new political demand at the government’s highest level to focus on measurement of the informal economy in Vietnam from a statistical perspective. The main challenges, concepts and definitions regarding the informal economy within the framework of the non-observed economy are reviewed. A discussion of alternative methodologies for measuring the ...

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Climate Change and the Global Economy
Author: Julian Gough

Over the period 1998-2022 global temperatures remained generally unchanged despite a 14% rise in the concentration of carbon dioxide in the atmosphere, thus contradicting the IPCC's scientific theory of climate change. The IPPC's flawed theory, accepted by most governments, will inevitably lead to mistaken economic policies which will prove both costly and pointless. The UK has...

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Shedding Light on the Shadow Economy

The shadow or informal economy covers all economic activities which are hidden from official authorities for monetary, regulatory and institutional reasons. Although widely used, multiple indicator-multiple cause (MIMIC) models have been criticised, and we develop a modified model and database covering 157 countries over the years 1991 to 2017. We tested our model using satelli...

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