Jagdish Bhagwati in the Business Standard: The Bhagwati-Sen Debate: An Epitaph
While I was among the intellectual pioneers of the Track I reforms that transformed our economy and reduced poverty, and witness to that is provided by the Prime Minister’s many pronouncements and by noted economists like Deena Khatkhate, I believe no one has accused Mr. Sen of being the intellectual father of these reforms. So, the fact is that this huge event in the economic life of India passed him by.
Mr. Sen would like us to believe that Track II expenditures at the outset would have reduced poverty and even produced growth. But beyond assertions, he has no convincing argument on his side. As I (and Professor Panagariya) argue, India had too few rich and too many poor. Redistribution (i.e. taking moneys from the rich and distributing it to the poor) would have increased their well-being only marginally. Growth had to come first, then “redistribution” from the enhanced revenues unless God was to drop manna from heaven! Mr. Sen lives in a world of illusion.
Read the full piece at the Business Standard: The Bhagwati-Sen Debate: An Epitaph