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India's Elasticity of Demand for Gold
I. G. Patel and Anand Chandavarkar
Economic and Political Weekly
Vol. 41, No. 6 (Feb. 11-17, 2006), pp. 507-516
Published by: Economic and Political Weekly
Stable URL: http://www.jstor.org/stable/4417794
Page Count: 10
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This article is intended as an introduction to I G Patel's writings on India's gold problem, following the publication for the first time in this issue of his pioneering International Monetary Fund research paper, 'India's Elasticity of Demand for Gold', dated August 21, 1950. The introductory essay evaluates the paper as well as Patel's anonymous article, 'On Turning Gold into Base Metals', in Economic Weekly, July 1958 which analyses different modes of mobilising India's hoarded gold through incentives, compulsion and sustained propaganda. As a civil servant, Patel was also involved in various issues of gold policy. The article also underscores the contemporary relevance of Patel's pioneering research on gold, taking account of subsequent literature, and outlines a research programme, in consonance with the state of the art, to address the still unresolved problems of the analysis of gold demand and the mobilisation of gold for productive use.
Economic and Political Weekly © 2006 Economic and Political Weekly