Abstract
There are two ways of predicting economic behavior in India. One relies on Western economic models which are based on the assumption of profit maximization. The other insists that India is a special case’ in which extensive knowledge of the cultural setting is necessary for successful analysis of behavior. In the past century, because policymakers have adhered to one position or the other, there have been wide ranges in government economic policy.2 This paper accepts the first alternative and uses classical economic theory to explain the behavior of prices of foodgrains in India from 1861 to
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