An autonomous research institute under the Ministry of Finance

 

Posts by Ajay Shah

The economy of relationships as opposed to the economy of contracts

14/07/2020

A sophisticated economy is one in which business relationships are defined by formal legal contracts. When extreme events -- such as Covid-19 -- impact upon such an economy, there is a greater disruption. In India, a large part of the economy is held aloft by family relationships or friendship, and the good ...
NIPFP blog author image