The third of the three, this volume brings a collection of essays, articles, reviews, and reminiscences written over a span of more than six decades. It bears the stamp of the author's unique views on the development of economic thought and its relevance to the real world. The essays are divided into seven segments broadly discussing war and post-war inflation, international economic relations, public finance in India, planning as the instrument for mobilization of resources for economic development, unemployment, and Gandhian economics etc. His standing as a noted academic finds expressions in his views on teaching in economics, economic research, and reflections on higher education. This volume brings out the author's concern for human well-being, the state of the society, and the common man. The volume has been comprehensively introduced by I.G. Patel, the noted economist and former Governor, Reserve Bank of India, whose association with Dasgupta ran for more than half-a-century. The introduction is not only an insight into Dasgupta's lasting works in macroeconomics, but also Patel's thinking on macroeconomic management in India. Volume I contains two of the author's most important treatises: The Conception of Surplus in Theoretical Economics which is an important determinant of the course of economic forces; and Epochs of Economic Theory which traces the historical development of economic theory and offers several original perspectives on classical political economy. The volume has been introduced by Dilip M. Nachane who provides an overview of economic thought in India in the early twentieth century that was influenced by: a) the nationalist strand; b) the colonial regime; and c) the Gandhian ideal of Swadeshi, village self-sufficiency, and trusteeship. Volume II is a collection of his pioneering work on wages and employment in economies with an unlimited supply of unskilled labour. Dasgupta's motivation came from his observations of the world around him; in particular his observations of events unfolding in the Indian economy in the post-independence era. Readers will have a deeper understanding of the underlying structure of the Indian economy during the post-War years, and the history of development of political economy. The volume has a biographical sketch by the editor and the author's daughter, Alaknanda Patel, Visiting Professor, Centre for Development Alternatives, Ahmedabad and has been introduced by the author's son Partha Dasgupta, Frank Ramsey Professor of Economics, Cambridge University.

Table of Contents:
BIOGRAPHICAL SKETCH, ALAKNANDA PATEL;; INTRODUCTION, I.G. PATEL;; PROLOGUE;; A BIRD'S EYE VIEW OF THE DEVELOPMENT OF ECONOMIC THEORY; THE RELEVANCE OF ECONOMIC SCIENCE; THE PURPOSE OF ECONOMIC THEORY; DISGUISED UNEMPLOYMENT AND ECONOMIC DEVELOPMENT; DISGUISED UNEMPLOYMENT AND ECONOMIC DEVELOPMENT: A REJOINDER; A FRAMEWORK OF ECONOMIC PLANNING FOR INDIA; TRADE THEORY AND COMMERCIAL POLICY; DEMOCRACY, SOCIALISM AND PLANNING; PLANNING UNDER DEMOCRACY; RELEVANCE OF GANDHI; CONTEMPORARY CRISIS AND THE SEARCH FOR A SANE SOCIETY; THE EARLY YEARS - WAR AND POST-WAR INFLATION;; SOME OBSERVATIONS ON THE HIGH PRICE OF FOOD-GRAINS IN INDIA; THE ECONOMICS OF RESTRICTIONISM; THE INDIAN FISCAL POLICY; ON THE PROBABLE CONSEQUENCES OF THE CESSATION OF HOSTILITIES ON INDIA'S ECONOMY; WAR AND POST-WAR INFLATION IN INDIA; WHITHER RUPEE?; DEVALUATION OF THE RUPEE; ECONOMIC CONSEQUENCES OF THE PARTITION; ECONOMIC PLANNING IN INDIA; THE RATIO BETWEEN CAPITAL AND INCOME; CONDITIONS OF A CONSTANT RATIO; PLANNED ECONOMIC DEVELOPMENT AND RELATIVE PRICES; REFLECTIONS ON 'TAKE-OFF'; ECONOMIC PLANNING IN INDIA; NOTE ON THE OBJECTIVES, ETC. OF THE SECOND FIVE-YEAR PLAN;; A NOTE ON DEFICIT FINANCING; DEFICIT FINANCING AND THE SECOND FIVE-YEAR PLAN; SOCIALISTIC PATTERN OF SOCIETY AND THE SECOND FIVE-YEAR PLAN; THE PLAN AND THE BUDGET; A PLEA FOR A BOLDER PLAN; APPROACH TO INDIA'S THIRD FIVE YEAR PLAN; PRECONDITIONS OF SUSTAINED GROWTH OF THE INDIAN ECONOMY: A SYMPOSIUM; INTRODUCTION TO THE THIRD PLAN; THE FOURTH FIVE YEAR PLAN; PLAN PRIORITIES: SOME BASIC ISSUES; PUBLIC FINANCE;; IMPACT OF CHINESE AGGRESSION ON INDIA'S ECONOMY; DEFENCE FINANCE: COMPULSORY SAVINGS FOR THE POOR; COMPULSORY SAVINGS SCHEME FOR THE POOR: REPLY; THOUGHTS ON PUBLIC FINANCE; TAX CONCESSION AS A REMEDY FOR EVASION; TAX CONCESSIONS, EQUITY AND GROWTH; THIRD CENTRAL PAY COMMISSION: NOTE OF DISSENT;; ECONOMIC DEVELOPMENT AND FOREIGN TRADE; EFFECT OF AN INVESTMENT PROGRAMME ON FOREIGN EXCHANGE RESERVES; INDIA'S FOREIGN ECONOMIC POLICY; THE RELATION OF FOREIGN AID TO HOME INVESTMENT; COMMERCIAL POLICY AND ECONOMIC GROWTH; FOREIGN BALANCE IN A DEVELOPING ECONOMY; EXPORT PROMOTION THROUGH DEVALUATION; ON DEVALUATION OF THE RUPEE; DEVALUATION: A POSTSCRIPT;; INTERNATIONAL ECONOMIC RELATIONS; DISCRIMINATORY RESTRICTIONS AND THE DOLLAR GAP; INTERNATIONAL ECONOMIC IMBALANCE; THE PROBLEM OF INTERNATIONAL ECONOMIC ORDER; NEW INTERNATIONAL ECONOMIC ORDER: THE NORTH-SOUTH DEBATE;; GANDHIAN ECONOMICS; GANDHI ON SOCIAL CONFLICT; THE ECONOMICS OF AUSTERITY; THE RATIONALE OF GANDHIAN ECONOMICS;; TEACHING ECONOMICS; THE TEACHING OF ECONOMICS; METHODOLOGY OF ECONOMIC RESEARCH; THE ECONOMIC ADVISER; OVER-FULL EMPLOYMENT IN THE ECONOMISTS' SECTOR; ECONOMISTS AND THE GOVERNMENT; REFLECTIONS ON HIGHER EDUCATION IN INDIA IN THE LIGHT OF THE ROBBINS REPORT; ON HIGHER EDUCATION IN INDIA; THE LANGUAGE PROBLEM;; REVIEWS AND REMINISCENCES; SACHIN CHAUDHURI; BIRENDRANATH GANGULI, 1902-1978; LORD ROBBINS; WHY LAMENT FOR ECONOMICS? THE COMMON MAN; WHAT I SAW IN PARIS;; CHRONOLOGY; BOOKS AND MONOGRAPHS; CONTENTS OF VOLUME I AND VOLUME II; INDEX