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Arthaniti: Journal of Economic Theory and Practice

Arthaniti: Journal of Economic Theory and Practice

Published in Association with Department of Economics, University of Calcutta

eISSN: 25172654 | ISSN: 09767479 | Current volume: 19 | Current issue: 1 Frequency: Bi-annually

The Department of Economics, University of Calcutta first published its journal Arthaniti in 1957. Publication of this journal discontinued in 1988 for the time being. It has resumed publication as the Arthaniti (New Series) from 2002. Eminent economists like Amartya Sen, Sukhamoy Chakravarty, J. K. Sengupta, Graciela Chichilnisky, Prasanta K. Pattanaik, Ira Gang, C.P. Chandrasekhar, Ranjan Ray, Kajal Lahiri and others have published in this journal. The Arthaniti’s editorial board consists of prominent scholars with different areas of specializations from across the world. SAGE Publications has started publication of this journal in collaboration with the Department of Economics, University of Calcutta since 2018. It has been renamed as Arthaniti: Journal of Economic Theory and Practice. The frequency of its publication is bi-annual. The first issue of the journal is published in the month of June while the second issue is published in the month of December, every year. All the issues of this journal published since 2002 are available online at The journal adopts a double-blind peer-review policy. The editors work towards a common goal to give a first decision within three months from the date of receipt of submission. In the case of desk-rejection, the policy of the journal is to make a decision within seven days from the date of receipt of submission.

Link to the First issue -


"Ever since its inception, Arthaniti has enjoyed an impressive reputation as a vehicle for high-quality research in economics. The journal has consolidated this reputation even further over recent years."

Prasanta K. Pattanaik
Emeritus Professor,
Department of Economics,
University of California,
Riverside, CA 92521,

The aim of Arthaniti: Journal of Economic Theory and Practice is to contribute to the development of the science of economics and its applications, as well as to improve communication between academic researchers, teachers and policy makers. The journal has no commitments with any school of economic thought or specific areas of research, and is guided solely by academic excellence. Papers across the entire field of economics, including econometrics, economic history, and political economy will be considered for publication. Both theoretical and empirical manuscripts are welcome. Occasionally, it publishes Special issues or topical sections in regular issues to emphasize new research directions. This journal also publishes selected book reviews. In addition, specially invited papers by internationally reputed economists are featured. Manuscripts are judged solely on the basis of quality of their content. It adopts a double-blind peer-review process. The Editor and/or Co-editors send submitted papers to the referees only after an initial scrutiny. The editorial board reserves the right to reject any paper without sending out to the referral process, if the quality of the submission is not good enough to worth publication in an international journal.

Sarbajit Chaudhuri Department of Economics, University of Calcutta, Kolkata, India
Sajal Lahiri Southern Illinois University, Carbondale, USA
Anjan Chakrabarti Department of Economics, University of Calcutta, Kolkata, India
Kausik Gupta Department of Economics, University of Calcutta, Kolkata, India
Indrajit Ray Cardiff Business School, Cardiff University, UK
Associate Editors
Md Nazmul Ahsan Saint Louis University, USA
Sajid Anwar University of the Sunshine Coast, Australia
Asis Kumar Banerjee Professor of Economics Emeritus, University of Calcutta and Honorary Visiting Professor, Institute of Development Studies, Kolkata, India
Pranab Kanti Basu Department of Economics and Politics, Visva-Bharati, India
Sukanta Bhattacharya Department of Economics, University of Calcutta, Kolkata, India
Shankha Chakraborty Department of Economics, University of Oregon, USA
Mahalaya Chatterjee Department of Economics, University of Calcutta, Kolkata, India
Gouranga Gopal Das Department of Economics, Hanyang University, South Korea
Panchanan Das Department of Economics, University of Calcutta, Kolkata, India
Sukanya Das Department of Policy Studies, TERI School of Advanced Studies, Delhi, India
Krishnendu Ghosh Dastidar Centre for Economic Studies and Planning, Jawaharlal Nehru University, India
Sanjit Dhami School of Business, Economics Division, University of Leicester, UK
Soumyananda Dinda University of Burdwan, West Bengal, India
Huw Dixon Cardiff Business School, Cardiff University, UK
Arijita Dutta Department of Economics, University of Calcutta, Kolkata, India
Ira Gang Department of Economics, Rutgers University, USA
Jyotsna Jalan Centre for Studies in Social Sciences, Kolkata, India
Pushkar Maitra Department of Economics, Monash Business School, Monash University, Australia
Kumarjit Mandal Department of Economics, University of Calcutta, Kolkata, India
Arijit Mukherjee Business School, University of Nottingham, UK
Ishita Mukhopadhyay Department of Economics, University of Calcutta, Kolkata, India
Chiranjib Neogi Emeritus Professor, Economic Research Unit, Indian Statistical Institute, Kolkata, India
Manoranjan Pal Emeritus Professor, Economic Research Unit, Indian Statistical Institute, Kolkata
Priya Ranjan Department of Economics, University of California, Irvine, USA
Ranjan Ray Department of Economics, Monash University, Australia
Anindita Sen Department of Economics, University of Calcutta, Kolkata, India
Partha Sen Centre for Development Economics, Delhi School of Economics, Delhi, India
Pasquale M Sgro Deakin Business School, Deakin University, Australia
Chetan Subramanian Indian Institute of Management Bangalore, India
Anutechia Asongu Simplice University of Cape Town, Cape Town, South Africa
Aviral Kumar Tiwari Rajagiri Business School, India
Review Article Editor
Anirban Mukherjee Department of Economics, University of Calcutta, Kolkata, India
Book Review Editors
Sudakshina Gupta Department of Economics, University of Calcutta, Kolkata, India
Biswajit Ray Department of Economics, University of Calcutta, Kolkata, India
Editorial Advisory Board
Rajat Acharyya Department of Economics, Jadavpur University, Kolkata, India
Dipankar Coondoo Professor of Economics Emeritus, Indian Statistical Institute, Kolkata, India
Manash Ranjan Gupta Indian Statistical Institute, Kolkata, India
Pradip Maiti Professor of Economics Emeritus, Indian Statistical Institute, Kolkata, India
Sugata Marjit Centre for Studies in Social Sciences, Calcutta, India
Prasanta Pattanaik Department of Economics, University of California, Riverside, USA
Shyama V Ramani United Nations University, Maastricht, Netherlands
Ajitava Raychaudhuri Department of Economics, Jadavpur University, Kolkata, India
Jayati Sarkar Indira Gandhi Institute for Development Research, Mumbai, India
Soumyen Sikdar Indian Institute of Management, Kolkata, India
Richard Wolff Professor of Economics Emeritus, University of Massachusetts, Amherst and Visiting Professor in the Graduate Program in International Affairs of the New School University, New York
Shigemi Yabuuchi Aichi University, Japan
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  • Manuscript Submission Guidelines: Arthaniti: Journal of Economic Theory and Practice (henceforth, Arthaniti)

    This Journal is a member of the Committee on Publication Ethics.

    Arthaniti: Journal of Economic Theory and Practice is hosted on SAGE Peer Review; a web based online submission and peer review system. Please read the Manuscript Submission guidelines below, and then visit to login and submit your article online.

    Only manuscripts of sufficient quality that meet the aims and scope of Arthaniti will be reviewed.

    The title page of a paper must be separated from the anonymous manuscript.

    There are no fees payable to submit or publish in this journal.

    As part of the submission will be required to warrant that you are submitting your original work that you have the rights in the work, that you are submitting the work for first publication in the Journal and that it is not being considered for publication elsewhere and has not already been published elsewhere, and that you have obtained and can supply all necessary permissions for the reproduction of any copyright works not owned by you.

    1. What do we publish?

    1.1 Aims & scope
    1.2 Article types
    1.3 Writing your paper

    2. Editorial policies

    2.1 Peer review policy
    2.2 Authorship
    2.3 Acknowledgements
    2.4 Funding
    2.5 Declaration of conflicting interests

    3. Publishing policies

    3.1 Publication ethics
    3.2 Contributor’s publishing agreement
    3.3 Open access and author archiving

    4. Preparing your manuscript

    4.1 Formatting
    4.2 Artwork, figures and other graphics
    4.3 Supplementary material
    4.4 Reference style
    4.5 Book review
    4.6 English language editing services

    5. Submitting your manuscript

    5.1 Information required for completing your submission
    5.2 Permissions

    6. On acceptance and publication

    6.1 SAGE production
    6.2 Online first publication
    6.3 Access to your published article
    6.4 Promoting your article

    7. Further information

    1. What do we publish?

    1.1 Aims & scope
    Before submitting your manuscript to Arthaniti, please ensure you have read the ‘Aims & Scope’ of the journal

    1.2 Article types
    There could be three to five sections in the journal, though remain unchanged.

    Unchanged Sections

    • Research Articles: only the research articles are refereed.
    • Book Reviews: vary from number to number invariably guided by limits to the size of the manuscript

    Changed Sections

    • Communication/Discussion
    • Profession
    • Review Article

    Full-fledged papers may be within 10,000 words, including figures, tables, and Brief write-ups of 1,000 to 2,500 words may also be sent; these will be considered for inclusion in other sections.

    1.3 Writing your paper
    The SAGE Author Gateway has some general advice and on how to get published, plus links to further resources.

    1.3.1 Make your article
    When writing up your paper, think about how you can make it The title, keywords and abstract are key to ensuring readers find your article through search engines such as Google. For information and guidance on how best to title your article, write your abstract and select your keywords, have a look at this page on the Gateway: How to Help Readers Find Your Article Online

    1.3.2 Language requirements
    The manuscript should be structured as follows:

    • Cover page, showing of the paper, name of author, author’s affiliation and institutional address with pin code, email id and a 200-word abstract. In case there are two or more authors, then and address details must be clearly specified on the first page itself.
    • The contributors should provide 5–6 keywords and JEL Codes for online
    • Text should start on a new page, and must not contain the names of authors.
    • Roman numbered headings must be used for Level A headings only.
    • References should come at the end of the manuscript. Important note: There is no limit on the number of references allowed.

    Please Note: For each text citation there must be a corresponding citation in the reference list and for each citation there must be a corresponding text citation.

    • Tables should be provided in Both tables and figures should be referred to in the text by number separately (e.g., Table 1) not by placement (e.g., see Table below).

    Please Note: All figures and tables should be cited in the text and should have the source (a specific URL, a reference or, if it is author’s own work, ‘The author(s)’) mentioned irrespective of whether or not they require permissions.

    • Figures, including maps, graphs and drawings, should not be larger than They should be numbered and arranged as per their references in the text. All photographs and scanned images should have a resolution of minimum 300 dpi and 1,500 pixels and their format should be TIFF or JPEG. Permissions to reprint should be obtained for copyright protected photographs/images.
    • Mathematical formulae, methodological details, etc. given separately as an appendix, unless their mention in the main body of the text becomes essential.
    • Only essential mathematical notations should be used. All equations and statistical formulae should be neatly typed and numbered consecutively throughout the text in Arabic numerals. Equations must provided in the text must be in
    • The language and spellings used should be British (UK), with ‘s’ variant, for example, instead of globalization, instead of labor. For non-English and uncommon words and phrases, use italics throughout the text. Meaning of non-English words should be given in parentheses just after the word when it is used for the first time.
    • Articles should use non-sexist and non-racist language.
    • Spell out numbers from one to nine, 10 and above to remain in figures. However, for exact measurement (e.g., China’s GDP growth rate 9.8 per cent) use numbers. Very large round numbers, especially sums of money, may be expressed by a mixture of numerals and spelled-out numbers (India’s population 1.2 billion).
    • Single quotes should be used throughout. Double quote marks are to be used within single quotes. Spellings of words in quotations should not be changed. Quotations of 45 words or more should be separated from the text.
    • Notes should be numbered serially and presented at the end of each page. Notes must contain more than a mere reference. However, mere URLs may be incorporated in the
    • Use ‘per cent’ instead of % the text. In tables, graphs, etc., % can be used. Use ‘twentieth century’, ‘the 1990s’.
    • Number ranges should not be truncated, for example, 2017–2018.
    • The initials must be separated by dots and should be closed up in case of proper nouns in the text.
    • Abbreviations are spelled out at first occurrence. Very common ones (US, GDP, BBC) need not be spelled out.

    2. Editorial policies
    2.1 Peer review policy
    Arthaniti adheres to a rigorous double-blind reviewing policy in which the identity of both the reviewer and author are always concealed from both parties. The reviewer may at their own discretion opt to reveal their name to the author in their review but our standard policy practice is for both identities to remain concealed.

    The manuscripts submitted for publishing in Arthaniti undergo first the editorial assessment to determine whether these are worthy of consideration for publication following which the manuscripts undergo double blind peer review.

    2.2 Authorship
    All parties who have made a substantive contribution to the article should be listed as authors. Principal authorship, authorship order, and other publication credits should be based on the relative scientific or professional contributions of the individuals involved, regardless of their status. A student is usually listed as principal author on any multiple-authored publication that substantially derives from the student’s dissertation or thesis.

    2.3 Acknowledgements
    All contributors who do not meet the criteria for authorship should be listed in an Acknowledgements section. Examples of those who might be acknowledged include a person who provided purely technical help, or a department chair who provided only general support.

    Any acknowledgements should appear first at the end of your article prior to your Funding, Declaration of Conflicting Interests (if applicable), any Notes and your References.

    Any personal acknowledgements must be supplied separate to the main text, thereby facilitating anonymous peer review.

    2.3.1 Third party submissions
    Where an individual who is not listed as an author submits a manuscript on behalf of the author(s), a statement must be included in the Acknowledgements section of the manuscript and in the accompanying cover letter. The statements must:

    •    Disclose this type of editorial assistance – including the individual’s name, company and level of input 
    •    Identify any entities that paid for this assistance 
    •    Confirm that the listed authors have authorized the submission of their manuscript via third party and approved any statements or declarations, e.g. conflicting interests, funding, etc.

    Where appropriate, SAGE reserves the right to deny consideration to manuscripts submitted by a third party rather than by the authors themselves.

    2.4 Funding
    Arthaniti requires all authors to acknowledge their funding in a consistent fashion under a separate heading.  Please visit the Funding Acknowledgements page the SAGE Journal Author Gateway to confirm the format of the acknowledgment text in the event of funding, or state: ‘This research received no specific grant from any funding agency in the public, commercial, or not-for-profit sectors.’

    2.5 Declaration of conflicting interests
    Arthaniti encourages authors to include a declaration of any conflicting interests and recommends you review the good practice guidelines on the SAGE Journal Author Gateway

    3. Publishing policies

    3.1 Publication ethics
    SAGE is committed to upholding the integrity of the academic record. We encourage authors to refer to the Committee on Publication Ethics’ International Standards for Authors and view the Publication Ethics page on the SAGE Author Gateway

    3.1.1 Plagiarism
    Arthaniti and SAGE take issues of copyright infringement, plagiarism or other breaches of best practice in publication very seriously. We seek to protect the rights of our authors and we always investigate claims of plagiarism or misuse of published articles. Equally, we seek to protect the reputation of the journal against malpractice. Submitted articles may be checked with duplication-checking software. Where an article, for example, is found to have other work or included third-party copyright material without permission or with insufficient acknowledgement, or where the authorship of the article is contested, we reserve the right to take , but not limited to: publishing an erratum or corrigendum (correction); retracting the article; taking up the matter with the head of department or dean of the author's institution and/or relevant academic bodies or societies; or taking appropriate legal action.

    3.1.2 Prior publication
    If material has been previously published it is not generally acceptable for publication in a SAGE journal. However, there are certain circumstances where previously published material can be considered for publication. Please refer to the guidance on the SAGE Author Gateway or if in doubt, contact the Editor at the address given below.

    3.2 Contributor’s publishing agreement
    Before publication, SAGE requires the author as the rights holder to sign a Journal Contributor’s Publishing Agreement. SAGE’s Journal Contributor’s Publishing Agreement is an exclusive agreement which means that the author retains copyright in the work but grants SAGE the sole and exclusive right and to publish for the full legal term of copyright. Exceptions may exist where an assignment of copyright is required or preferred by a proprietor other than SAGE. In this case, copyright in the work will be assigned the author to the society. For more information, please visit the SAGE Author Gateway

    3.3 Open access and author archiving
    Arthaniti offers optional open access publishing via the SAGE Choice . For more information, please visit the SAGE Choice website. For information on funding body compliance, and depositing your article in repositories, please visit SAGE Publishing Policies on our Journal Author Gateway.

    4. Preparing your manuscript for submission

    4.1 Formatting
    The preferred format for your manuscript is . files are also accepted. Word and LaTex templates are available on the Manuscript Submission Guidelines page of our Author Gateway.

    4.2 Artwork, figures and other graphics
    For guidance on the preparation of illustrations, pictures and graphs in electronic format, please visit SAGE’s Manuscript Submission Guidelines

    Figures supplied in will appear in online regardless of whether or not these illustrations are reproduced in in the printed version. For specifically requested reproduction in print, you will receive information regarding the costs from SAGE after receipt of your accepted article.

    4.3 Supplementary material
    This journal is able to host additional materials online (e.g., data sets, podcasts, videos, images, etc.) alongside the full-text of the article. For more information, please refer to our guidelines on submitting supplementary files

    4.4 Reference style
    Arthaniti adheres to the APA reference style. View the APA guidelines to ensure your manuscript conforms to this reference style.

    • References: A consolidated listing of all books, articles, essays, theses and documents referred to (including any referred to in the tables, graphs and maps) should be provided at the end of the article.
    • Arrangement of references: Reference list entries should be alphabetized by the last name of the first author of each work. In each reference, authors’ names are inverted (last name first) for all authors (first, second or subsequent ones); give the last name and initials for all authors of a particular work unless the work has more than six authors. If the work has more than six authors, list the first six authors and then use et al. the sixth author’s name.
    • Chronological listing: If more than one work by the same author(s) is cited, they should be listed in order by the year of publication, starting with the earliest.
    • Sentence case: In references, sentence case (only the first word and any proper noun are capitalized—for example, ‘The software industry in India’) is to be followed the titles of papers, books, articles, etc.
    • Title case: In references, Journal titles are put in title case (first letter of all words except articles and conjunctions are capitalized—eg., Journal of Business Ethics).
    • Italicize: Book and Journal titles are to be italicized.

    In-text citations:

    • One work by one author: (Kessler, 2003, p. 50) or ‘Kessler (2003) found that among the epidemiological samples..’.
    • One work by two authors: (Joreskog & Sorborn, 2007, pp. 50–66) or Joreskog and Sorborn (2007) found that..
    • One work by three or more authors: (Basu, Banerji, & Chatterjee, 2007) [first instance]; Basu et al. 2007) [Second instance onwards]. 
    • Groups or organizations or universities: (University of Pittsburgh, 2007) or University of Pittsburgh (2007).
    • Authors with and different or similar year of publication: Include the initials in all the in-text citations even if the year of publication differs, for example (I. Light, 2006; M. A. Light, 2008).
    • Works with no identified author or anonymous author: Cite the first few words of the reference entry (title) and then the year, for example (‘Study finds’, 2007); (Anonymous, 1998).

    If abbreviations are provided, then the style to be followed is: (National Institute of Mental Health [NIMH], 2003) in the first citation and (NIMH, 2003) in subsequent citations.

    • Two or more works by same author: (Gogel, 1990, 2006, in press)
    • Two or more works different authors: (Gogel, 1996; Miller, 1999)
    • Secondary sources: Allport's diary (as cited in Nicholson, 2003).
    • Films: (Name of the Director, Year of release)
    • Mere URLs can be provided as notes before the references.

    Reference Examples:

    • Books:
      Patnaik, U. (2007). The republic of hunger. New Delhi: Three Essays Collective.
    • Edited Books:
      , K. S., & Moyo, S. Eds.). (2008). Land and sustainable development in Africa. London/New York, NY: Zed Books.
    • Translated books:
      Amin, S. (1976). Unequal development (. B. Pearce). London and New York, NY: Monthly Review Press.
    • Book chapters:
      , S. (2011). The national question in India. In S. Moyo and P. (Eds.), Reclaiming the nation (pp. 67–78). London: Pluto Press.
    • Journal articles:
      Foster, J. B. (2010). The of accumulation. Monthly Review625), 1−17.
    • Newsletter article, no author:
      Six sites meet for comprehensive anti-gang initiative conference. 2006, November/December). OOJDP News @ a Glance. Retrieved from

    [Please do not place a period at the end of an online reference.] 

    • Newspaper article:
      Schwartz, J. 1993, September 30). Obesity affects economic, social status. The Washington Post, pp. A1, A4.

    [Please provide a URL if the page numbers of the article are not available.]

    • Non-English reference book, title translated into English: 
      Real Academia Espanola. (2001). Diccionario de la lengua  [Dictionary of the Spanish Language] (22nd .). Madrid, Spain: Author. 
    • Special issue or section in a journal: 
      Haney, C., & Wiener, R. L. Eds.). (2004). Capital punishment in the United States [Special Issue]. Psychology, Public Policy, and Law104), 1−17.
    • Online article:

    Robert, R. (2018). Egocentric spatial representation in action and perception. Retrieved from
    4.5 Book Reviews

    • The title of these must contain the name of the author and the book being reviewed, the place of publication and the publisher details (name and location), year of publication, number of pages, price and binding (hardbound/paperback) set as follows:

            Mark David Chong and Abraham P. Francis (Eds.), Demystifying Criminal Justice Social Work in India. New Delhi:         SAGE Publications, 2017, + 297 pp., Rs. 950 (hardback). ISBN: 978-93-860-6247-5.

    • Reviewer’s name must be provided at the end of the book review along with the e-mail address and the affiliation.

    4.6 English language editing services
    Authors seeking assistance with English language editing, translation, or figure and manuscript formatting to fit the journal’s specifications should consider using SAGE Language Services. Visit SAGE Language Services on our Journal Author Gateway for further information.

    5. Submitting your manuscript
    Arthaniti: Journal of Economic Theory and Practice is hosted on SAGE Track SAGE, a web-based online submission and peer review system. Visit to login and submit your article online.

    IMPORTANT: Please check whether you already have an account in the system before trying to create a new one. If you have reviewed or authored for the journal in the past year it is likely that you will have had an account created.

    5.1 Information required for completing your submission
    You will be asked to provide contact details and academic affiliations for all co-authors via the submission system and identify who is to be the corresponding author. These details must match what appears on your manuscript. At this ensure you have included all the required statements and declarations and uploaded any additional supplementary files (including reporting guidelines where relevant).

    5.2 Permissions
    Please also ensure that you have obtained any necessary permission from copyright holders for reproducing any illustrations, tables, figures or lengthy quotations previously published elsewhere. For further guidance on fair dealing for criticism and review, please see the Copyright and Permissions page on the SAGE Author Gateway

    6. On acceptance and publication           

    6.1 SAGE Production
    Your SAGE Production Editor will keep you informed as to your article’s progress throughout the production process. Proofs will be sent in PDF to the corresponding author and should be returned promptly.  Authors are reminded to check their proofs carefully to confirm that all author information, including names, affiliations, sequence and contact details are correct, and that Funding and Conflict of Interest statements, if any, are accurate. Please note that if there are any changes to the author list at this stage all authors will be required to complete and sign a form the change.

    6.2 Online First publication
    Online First allows final articles (completed and approved articles awaiting assignment to a future issue) to be published online prior to their inclusion in a journal issue, which significantly reduces the lead time between submission and publication. Visit the SAGE Journals help page for more details, including how to cite Online First articles.

    6.3 Access to your published article
    SAGE provides authors with online access to their final article.

    6.4 Promoting your article
    Publication is not the end of the process! You can help disseminate your paper and ensure it is as widely read and cited as . The SAGE Author Gateway has numerous resources to help you promote your work. Visit the Promote Your Article page on the Gateway for tips and advice.

    7. Further information
    Any correspondence, queries or additional requests for information on the manuscript submission process should be sent to the Arthaniti editorial office at the following address:

    Individual Subscription, Print Only

    Institutional Subscription, E-access

    Institutional Subscription, Print Only

    Institutional Subscription, Combined (Print & E-access)

    Individual, Single Print Issue

    Institutional, Single Print Issue