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A distinction is drawn in economics between demand-constrained systems and resource-constrained systems (which for simplicity and symmetry we shall call supply-constrained systems). In the former, an increase in output can occur if there is a rise in aggregate demand without causing any scarcity-induced inflation; in the latter, output is constrained either by capacity being fully used up, or by the scarcity of some critical input or of foodgrains or of the labour force, so that a rise in aggregate demand, instead of raising output, simply causes scarcity-induced inflation. Capitalism normally, that is, except in war times, is a demand-constrained system, while socialism that existed in the Soviet Union and in Eastern Europe was supply-constrained. In a demand-constrained system, employment too will rise if there is an increase in aggregate demand.

KOLKATA: The debacle of the Congress in the Lok Sabha elections in West Bengal was not at all unexpected. With only Malda (South) Lok Sabha constituency in Congress kitty out of 42 seats in the state, the Grand Old Party is a faint shadow of its former self in West Bengal. The reasons behind the retreat of Congress turning almost into a rout needs to be laid at the doors of its state and national leadership whose vacillation helped Trinamool Congress widen its support base at the expense of the Congress party.

During the peak of election campaigning, Prime Minister Narendra Modi’s remarks about Mahatma Gandhi created quite a buzz, with many criticizing his take that nobody in the world knew about Gandhi until the Richard Attenborough-directed film Gandhi came out in 1982. Many people think Gandhi is well-known and deeply revered across the world so, PM’s comments were off the mark.

The fall of the far-rightist and hyper nationalist Hindutva Bharatiya Janata Party (BJP) in the recently concluded Lok Sabha Election in Uttar Pradesh and the rise of socialist Samajwadi Party (SP) and the centrist Indian National Congress (INC) alliance may be an early sign of far-reaching change in India’s political landscape in near future.

The verdict of the 2024 Lok Sabha election is remarkable for the assertion by the people that they value democracy and the constitution. The people have deprived the BJP of an absolute majority, something which it had achieved both in 2014 and 2019. The BJP’s tally has come down from 303 seats to 240 seats – a 21 per cent reduction. NDA has won 292 seats while the INDIA bloc has got 234 seats.

While Narendra Modi’s declaration that he would be sworn for the third time as the prime minister has enthused his bhakts, it has, at the same time, disenchanted the top RSS leaders as they feel that this message is primarily aimed at insulting them and cast the organisation in poor light. These leaders also share the view that the main person who has been responsible for turning Modi into a Frankenstein, is none else but the RSS chief Mohan Bhagwat.

Chandrababu Naidu is no ‘Comeback Kid’, not at his age. The only ‘kid’ in today's Andhra Pradesh is Jana Sena founder Pawan Kalyan, the Telugu actor who played a stellar role in bringing together the Telugu Desam Party and the Bharatiya Janata Party. If any title fits Chandrababu Naidu, it is that of ‘Mr. Negotiator’. The Jena Sena is part of the NDA but, if there is a weak link, it is Naidu’s Telugu Desam Party along with Nitish Kumar’s Janata Dal-U.

India has initiated a retaliatory effort against China's renaming of locations in India's Arunachal Pradesh state. The Indian government intends to rename over two dozen places in China's Tibet Autonomous Region as a response.

With only 12 seats in its kitty even after Prime Minister Narendra Modi's pre-poll announcement that BJP will give its best election performance in West Bengal, it is blame game time in the state saffron camp now. Chary of criticising the prime minister, factional feud has raised its head in the BJP state unit with former state chief Dilip Ghosh's coterie shooting its sharpest barbs at existing state unit head Sukanta Majumdar and leader of the Opposition, (LoP) Subhendu Adhikari.

An evening on January 30, 1948, Sun was setting and Gandhi was entering the prayer meeting when suddenly Godse started firing at him. After three shots, Bapu was crumbling, looking at his murderer with immense love and forgiveness, on his lips were only two words, “Hey Ram”. He had no complaints against anybody.