Synopsis
Law is already a part of fiscal and monetary policy, but too little attention is being paid to its effects on the success and failure of macroeconomic policy. Hence, it is worth testing the benefits of novel legal instruments — and innovative use of existing ones — for stimulating aggregate demand.
India is facing a trio of troubles — anaemic growth rate, low unemployment rates, and dismal employment-generation capacity. Amid fears of a global recession, there has been a lot of debate over our possible policy response. What can we do to fight a recession as and when it hits? Will the lessons from the Great Recession of the late 2000s come handy in formulating a more effective response? Or should we look beyond the conventional
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