About

Jayati Ghosh is a Professor in the Department of Economics at the University of Massachusetts Amherst, with a distinguished academic background including a Ph.D. in Economics from the University of Cambridge and an M.A. from Jawaharlal Nehru University. Her career spans several decades, during which she has held positions at Jawaharlal Nehru University in India, including Professor at the Centre for Economic Studies and Planning, and has been a visiting professor at institutions such as Tufts University. Her research focuses on development economics, macroeconomic policy, and social issues related to gender and employment, with a particular emphasis on the Indian economy and East Asian economic crises. Ghosh has contributed extensively to understanding neoliberal reforms, economic development, and the impacts of globalization, and has authored numerous books and articles on these topics. Her work is recognized through various awards and honors, including the UNDP Award for Excellence in Analysis and the ILO Decent Work Research Prize, reflecting her influence in economic policy analysis and social sciences.

Research topics

• Political Science
• Economics
• Development economics
• Sociology
• Economic growth
• Medicine
• Gender studies
• Political economy
• Finance
• Virology
• Environmental health
• Business
• Geography
• Economic policy
• Engineering

Selected publications

• The Interlinkages between Paid and Unpaid Labour

  2026-03-02

  book-chapter1st authorCorresponding

  This chapter attempts to extend Krishna Bharadwaj's insight on interlinked rural markets to the analysis of the interlinkages between paid and unpaid economic activities; in other words, between work and employment. Specifically, I argue that the gendered division of labour in India creates much greater involvement in unpaid labour for women, which in turn has direct and pervasive implications for their involvement in paid employment. Indeed, the interlinkage between the two is so profound that it is impossible to understand trends in one without assessing trends in the other.

  PublisherDOI

• Debate: The Global Wealth Tax And Developing Countries

  Intertax · 2026-01-01

  articleSenior author

  The growing international consensus on the need to tax ‘global billionaires’ in a socially acceptable manner has centred on a potential minimum tax on the consolidated wealth of these Ultra High Net Worth Individuals (UHNWIs). Such an initiative could both compensate for the practical difficulties of effective income (and capital gains) taxation at the national level due to financial mobility; and generate new fiscal resources for public goods such as health, education and environment. However, the implications for the ‘global south’ are still unclear and deserve further analysis. This article addresses three fundamental issues: the allocation of taxing rights, cooperation between tax authorities and the process of international fiscal negotiation. All three require clarification as to an appropriate common position for developing countries and we present concrete proposals for how to make progress on all three. The recently launched initiative on ‘Enforcing Effective Taxation of High-Net-Worth Individuals. Taxing the Super-rich’ under the 2025 Sevilla Platform for Action (SPA) at the fourth Financing For Development International Conference, can provide an effective means for participating countries to collaborate, coordinate and advance solutions to ensure that high net worth individuals pay their fair share.

  PublisherDOI

• Is Renewable Energy Enough to Save the Planet, or Humanity?

  Development and Change · 2025-07-01

  article1st authorCorresponding

  ABSTRACT This contribution argues that the ‘green transition’ towards net zero carbon emissions is not possible within a capitalist market‐oriented framework, and requires significant public intervention. But simply changing the energy mix towards renewables will not be sufficient to save the planet or humanity: more fundamental changes in economic and social arrangements are needed. Poverty elimination, massive reductions in inequality, empowering women and other marginalized groups, and transforming food systems, in addition to the shift to greater use of electricity generated through renewable sources, will all be vital.

  PublisherDOI

• The Price is Wrong: Why Capitalism Won’t Save the Planet. By BrettChristophers, London: Verso Books,2024. 442 pp. Hardback $29.95, Paperback $19.95, e‐book $9.99

  British Journal of Sociology · 2025-10-27

  article1st authorCorresponding

  For a few years now, costs of generation of renewable energy have been falling, to the point that the levelized costs of onshore wind and solarvoltaic energy are now lower than those for geothermal (or fossil fuel) sources of energy. This is obviously great news for the required global energy transition. But if this has been happening for some years now, why aren't private sector investment and production adapting to reflect this change? Why does the increase in renewable energy generation only add to (and not replace) the generation of fossil fuel energy, which also keeps growing? Why is private activity not responding more actively to such an obvious market incentive? In this clear, systematically argued and very insightful book, Brett Christophers addresses this question head on. And his answer may seem startling at first, but is blindingly obvious with more consideration. Christophers points out that relative price of electricity generation is simply the wrong metric to judge the current and future prospects of renewable energy. This is a direct refutation of all the proliferating arguments for moving to a “correct” carbon price that reflects all the externalities. Indeed, he stresses that the relative price of renewable versus fossil fuel energy is the wrong category to focus on. Instead, in a context of capitalist investment and production decisions, the relevant yardstick is relative profitability. The essential point is this: the slow progress of decarbonization of electricity generation is because the task has largely been left to private capitalist suppliers of solar and wind energy, and the profits from such private investment and generation are simply not attractive enough. Lower prices or costs of generation of “green” energy do not automatically translate into higher profits, for a variety of reasons that Christophers outlines. A trend of commercialization and privatization of electricity generation and distribution across countries over several decades has led to extreme competition in the generation of electricity. This of itself would tend to depress profits, but in the case of renewable sources, the problem is intensified by price volatility and the uncertainty necessarily associated with the nature of the source (the sun not shining or the wind not blowing as and when required). Output is naturally unstable; public subsidies for “green” investment create overcapacities relative to immediate demand in particular periods; and withdrawal of subsidies then has the opposite effect of investor withdrawal from the sector. Essentially the problem is that renewable energy—even as it becomes ever cheaper in relation to fossil fuels—involves profits that are both low and volatile, an activity that cannibalizes itself. Christophers describes in illuminating detail the ways in which this unfortunate combination has played out in very different economics, from the US to Norway to India. In a nutshell, the argument is summed up as: “The only things that are inherent to capitalism are the profit imperative and private ownership of the means of production. Renewable power is typically an uncertain proposition in profitability terms, and this means that capitalism—being profit-oriented by its nature—is ill equipped to deliver it.” (page xxii). This affects not just the actual producers of electricity based on renewable sources, but also those who finance it. This explains why, despite the trillions of dollars of available private finance searching for investible avenues, very little of it goes into renewable energy. All too frequently, renewable energy projects are not considered “bankable”, which is to say, sufficiently and reliably profitable. As a result, wherever renewable energy supplies have increased, it is largely because of public subsidies; and whenever such subsidies have been reduced or removed (as tends to happen when the costs of such generation are seen to decline) they have affected such renewable energy supplies. So the real policy requirement is not to keep prices down, but profits up. Insofar as green capitalism exists at all or continues to increase, it is entirely because of state intervention and support of various kinds. This must necessarily change our approach to the economics of renewable energy—and indeed to the economics of all energy and of electrification. Perhaps Christophers' most important argument is this, that it is wrong to expect profit-oriented capitalist structures to deliver the desired energy transition, even with endless subsidies and other carrots. Rather, the approach to electricity as a sector must be evaluated afresh. In essence, Christophers describes electricity as sharing all the properties of what Karl Polanyi (in his classic work The Great Transformation) described as “fictitious commodities”, referring to those not amenable to market forces, which creates both economic and social distortions. Polanyi described land, labor and money as three such commodities, which unlike other commodities that are explicitly brought into being for the purpose of exchange, have not been created with commoditization in mind. This means that when societies insist on commercializing these and making them into commodities, they generate awkward and unruly market transactions. In effect, such markets can only function if they are supported by public intervention of different kinds: props, laws, rules and regulations, explicit and implicit subsidies, norms. This creates the illusion of market functioning, even though prices and profits in such “markets” are the results of public and social intervention in various ways. Christophers argues convincingly that electricity is inherently also a “fictitious commodity”—and indeed for much of its existence it was treated as essential public infrastructure for which production and distribution were not governed by free markets. But the past few decades in particular have witnessed the commodification of electricity in all parts of the world: the unbundling and commercialization of generation, distribution and retail, and the reliance on the profit motive to determine outcomes. As a result, despite the pretense of competitive markets and whatever the proclivities of the governments concerned, electricity markets function only because of state interventions of different kinds. This is not a crazy revolutionary idea—it is, after all, what states actually did for a long time before neoliberalism took such firm hold on policy makers. The important point is that this is now essential for any green energy transition to occur, because the anticipated private profits from renewable energy generation are simply not attractive enough, despite the urgent planetary need for it. And until policy makers come to terms with this basic reality, the world will continue to underperform in the urgent and necessary transition to green energy. This recognition is what makes Christophers' book so important and compelling. Data sharing not applicable to this article as no datasets were generated or analyzed during the current study.

  PublisherDOI

• India’s unequal care economy

  Oxford Review of Economic Policy · 2025-01-01

  articleSenior author

  Abstract In the context of massive care deficits and inadequate public provision of basic care services in India, there are significant inequalities not only between unpaid and paid care workers, but also among paid care workers, in both wages and conditions of work. The spectrum ranges from unpaid and largely unrecognized work within families and communities, to very underpaid and informal work performed by frontline ‘scheme workers’ in the public sector and domestic workers in the private sector, to more formal employment in public and private hospitals. This in turn affects the quality of care received.

  PublisherDOI

• Global Resource Mobilisation

  2025-07-14

  book-chapterOpen access1st authorCorresponding

  The absence of an international approach to health is only one concern. Another is the prevailing international economic architecture that reduces the ability of nation-states, especially in lower-income countries, to develop and to finance health systems and policies that can confront these challenges. Moreover, the fiscal space of governments is reduced through high sovereign debt servicing requirements that often become the first charge on public resources; an outdated global tax system that makes it difficult to raise revenues by adequately taxing both corporate and individual high-income earners; and limits on public spending and on running deficits, even in situations of extreme need, due to fear of flight of highly mobile capital. The global intellectual property regime also constrains the transmission of essential knowledge and technology that can counter existing and emerging health threats.

  PublisherOA PDFDOI

• Decolonising and Diversifying the Humanities and Social Sciences: Lessons from the New Palgrave Dictionary of Economics

  2025-11-19

  article

  In this year’s Palgrave Lecture, Matías Vernengo, one of the Editors-in-Chief of the forthcoming fourth edition The New Palgrave Dictionary of Economics, discusses the process of decolonialising and diversifying the leading reference work in economics. For a discipline that studies choices made by, and affecting, everyone on the planet, it is peculiar that economics has been so restrictive in terms of what is studied and who is listened to. Of the 96 recipients of the Nobel Prize in Economics, just three are women and over 90% come from North America and Western Europe. So, how does one tackle the task of revising a work like The New Palgrave Dictionary of Economics, when all previous editions have reflected the limitations of the economics profession, particularly its Eurocentric and gender-biased character? Matías will talk about how he and his colleagues Esteban Pérez Caldenteya and Jayati Ghosh are directly addressing these issues by focusing on the economic history, institutions, and unique challenges of the Global South. He discusses how their work aims to expand the list of influential thinkers by including scholars from the Global South and other marginalized groups, while also exploring neglected topics like unpaid labor, subsistence farming, informal economies, and the economic impacts of climate change on vulnerable populations. He argues that this expanded focus does not necessarily require an entirely new theoretical framework for the periphery, as a form of universalism remains possible by incorporating the distinct historical context of developing countries. Image credit: [Sean Sinclair (Unsplash)](https://unsplash.com/photos/a-blurry-image-of-a-rainbow-colored-background-C_NJKfnTR5A).

  PublisherDOI

• Can the end of ‘foreign aid’ be the beginning of global public investment?

  Development Policy Review · 2025-08-18 · 1 citations

  article1st authorCorresponding

  Abstract Motivation Ongoing and likely future cuts in foreign aid suggest that the basic model of Official Development Assistance (ODA) is effectively dead. The question is what can replace it. Purpose To critique the past and now dying system of ODA, and consider how countries can meet ongoing global challenges in an effective manner, in crucial areas such as poverty and hunger reduction, addressing the impacts of climate change and seeking to mitigate it, dealing with public health emergencies, etc. Approach and Methods This is a qualitative assessment, using some empirical data from secondary sources. Findings There were many flaws with the ODA system, with dwindling foreign aid, and donors’ decisions based on geopolitical considerations. Now it is time to reconsider the conceptual and practical basis of ODA to create a new paradigm of fiscal policy for the 21st century based on Global Public Investment. In this model, countries commit to pool resources and efforts towards common goals, especially in areas that address pressing global issues such as climate change, pollution, nutrition and health.

  PublisherDOI

• Reflections on Informal Employment, COVID-19, and the Future

  2024-04-30

  book-chapterOpen access

  Abstract This chapter features reflections of four eminent scholars on key themes of the volume. To prepare for future crises, economist Ravi Kanbur recommends stress testing social protection systems in the face of crises and using the findings to enhance automatic funding for financing the increased needs of social protection during crises. In her reflections on social contracts, economist Jayati Ghosh endorses the important principles, described in the book, for just and viable socio-economic arrangements for informal workers. Economist Barbara Harriss-White focuses on waste workers in India and calls for transformative change to address the patriarchal and caste-based waste system in which they operate. Reflecting on runaway wealth and deepening poverty before and during the COVID-19 crisis, sociologist Jan Breman, underscores that the pandemic has further widened the already steep gap on both sides of the welfare fence.

  PublisherOA PDFDOI

• Economic Development in the 21st Century

  2024-12-02

  book-chapter1st authorCorresponding

  This chapter will assess the changed context for development in the Global South, the new constraints, and the possible strategies that could be adopted. It will be divided into three parts. The first part will examine the concept of development as it has been variously used and consider past trajectories of economic development, both successes and relative failures. It will also identify the elements of a desirable development path in the 21st century. The second part will assess the current likely future constraints to development strategies, covering issues of finance (the impact of financial liberalization and integration into global markets), trade patterns, technological change, and control over knowledge and technologies. It will also highlight the impact of ongoing processes like climate change and other threats (such as the spread of zoonotic diseases and geopolitical instability). The third part will consider the possibilities in the current conjuncture, given these constraints. It will examine approaches to new technologies, different financial strategies, changed approaches to public investment and regulation, and possibilities emerging out of regionalization and redirected trade.

  PublisherDOI

Frequent coauthors

• Gaya Herrington

  Multidisciplinary Digital Publishing Institute (Switzerland)

  25 shared

• Hunter Lovins

  University of Massachusetts Amherst

  25 shared

• Jørgen Randers

  25 shared

• Julia Kim

  Pacific Fertility Center

  25 shared

• Denise Lucy

  20 shared

• Françoise Lepage

  18 shared

• C. P. Chandrasekhar

  18 shared

• B. Paden

  Massachusetts Institute of Technology

  11 shared

Education

• Ph.D., Economics

  Yale University

  1983

• M.A., Economics

  Yale University

  1979

• B.A., Economics

  University of Delhi

  1976

Awards & honors

• UNDP Award for Excellence in Analysis 2005
• Ava Maiti Memorial Prize, Asiatic Society, Kolkata, India 20…
• NordSud Research Prize in Social Sciences 2010, Fondazione P…
• ILO Decent Work Research Prize 2010, International Labour Of…
• The Lancet Lecture, University College London, 2011