Returning to structuralist macroeconomics for unleashing India's growth

The absence of mass-market demand continues to be a limiting constraint

Lance Taylor, who passed last week, lectured in Delhi in 1988. He made macroeconomics come alive and relevant to this dissatisfied economics post-graduate, addressing structural barriers to growth and equity that simplistic supply-side macroeconomics bypassed. 

Lance was the contemporary doyen of structuralist macroeconomics, then well outside the mainstream of the economics profession. A structuralist by conviction, he resigned a tenured professorship at the Massachusetts Institute of Technology to work outside the mainstream. But the structuralist school was unique in that it was formed and shaped in the developing world, in Asia, Africa and South America, unlike any other economic theory.