The Indian Journal of Economics October 1951

It is the object of this paper to re-examine the concept of Utility to find out what exactly are the phenomena in the economic behaviour of the individuals and of the community that permit of quantitative determination and thirdly to investigate into the possibilities of.constructing an apparatus or method by which the economic behaviour of the individual and of the community so elusive and ind [...] The chief among the significations of reality prerequisite to the achievement Df the law of marginal rate of substitution is the practical 'omnscience on the part of every member of the market. [...] The validity of the argument rests on the hypothesis that the lack of incentives and of savings is standing in the way of investments and that in turn is preventing output from expanding to the level required in the community. [...] payment to the extent of over 20 crores will not affect the loan programme and enable the Government to raise the full value of new loans without resort to further creation of money in the present context of the economic situation would indeed be the height of over-optimism which is neither supported by the history of recent' past nor the analysis of the probable future. [...] The nation has high expectations from the new team of the Ministers occupying the portfolio of Food Finance Commerce and Industry and particularly from the Finance Minister who it is hoped will utilise his expert knowledge and valuable experience in setting the finance of the country right and adjusting the financial policy to the needs of the economic situation.