Seldom do papers in academic journals treat the Marxist and the Liberal approaches to economic analysis, while questioning the validity of both. This is attempted here. The paper also reflects on what went wrong with the socialist experiment in India. To that extent it is a critique of the Left from the Left. The paper fires a shot in the inconclusive debate which pleads for new ground to be broken. There are two alternatives left open to academics and intellectuals who must assume the role of the vanguard. Either they must continue to work in libraries, or through action research be an active part of the economic planning process, and thereby, help improve the quality of human life.
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