Synopsis This is an important collection of papers by leading researchers in three broad areas: capital-investment theory, development and welfare economics, and issues related to capitalism and socialism. Contributors include Paul A. Samuelson, Amartya Sen, T.N. Srinivasan, Jan Tinbergen, Amit Bhaduri, Amitava Bose and Pranab Bardhan, among others. Some chapters in the volume provide a comprehensive overview of the relevant literature. Others use a more formal mathematical framework to develop new interpretations and explore new directions. In particular, the implications of incorporating uncertainty in development planning and the choice of the plan horizon have been examined. Other specific topics covered are 'old' versus 'new' growth theories, reform of market socialism and optimal redistribution. Post-graduate students of economic theory, researchers, teachers and professionals in the field will find this book useful reading. Kaushik Basu Carl Marks Professor, Department of Economics, Cornell University, USA. He is also Honorary Professor, Centre for Development Economics, Delhi School of Economics. Mukul Majumdar is H.T. Warshow and Robert living Warshow Professor of Economics at Cornell University. Tapan Mitra is Professor of Economics at Cornell University.