The study of fiscal-monetary links in closed and open economics is a new and exciting area of research in Public Finance. It is generally assumed that the market rate of interest is one of the independent variable that determine the quantity of money that individuals with to hold; most quantitative as well as theoretical papers have utilised that rate. But what is interest income is taxed. Should not one then adjust the market rate for the effect of tax? After all the opportunity cost of holding money in that case is the net of tax interest rate. What this means is that tax policy may have an immediate effect on the demand for money. What if the rate of inflation raises the nominal interest rate and thus, the tax payment on interest income, to such an extent that the net-of-tax interest rate falls below the expected rate of inflation? Would not one then witness a substitution between money and real assets or goods?

The impact of government spendings, debt. and taxes is one of the most important public finance issues. There has been revolution recently in the way economists approach such questions and this volume is in the forefront of this new wave. It assimilates the leading work being done in this field while advancing it and offers a united framework that is unique in its ability to analyse the repercussions of changes in fiscal policies. The long-run impact of deficit has been a highly controversial issue in both the public and the professional debate. While this book provide a favour of the variety of conceptual and empirical approaches that have been used to analysed deficits. It is hoped that the papers presented in this book will be seen as a useful contribution.

The economic aspects of Education like the costs, benefits or the rate of return did not sufficiently engage the attention of the classical and neo-classical economists. They accorded only a peripheral importance to economic considerations of educational activity. They also treated educational expenditure as social investment and allowed them to be determined residually. The reasons for indifference towards economics of education on the part of the early economists arise from their feeling that they cannot be impartial and objective in the treatment and analysis of an all embracing subject like education. Economics of education is not merely financing and costing of educational places. It is concerned with the question of the impact of education on such phenomena as the occupational structure of labour force, contents of courses in relation to the recruitment and promotion practices of employers, the migration of skilled labour between regions within a country and between different countries, distribution of personnel and income, the propensity to save out of current income and most general of all prospects of economic development.

The economics of education has contact point with labour economics, public sector economics, welfare, development theory and growth. Education is only one type of investment in human-beings. It covers not only formal education, but out of this in the form of labour training adult education, extensions programmes. Etc. which cannot be left out of account in any discussion of the subject. This book is a significant contribution to the study of education.

The fundamental development economics of the third world countries have not changed as a result of the events of past twenty years, although the relative magnitude and importance of some major factors have. The boom and inflation in the OECD, the increase in the price of oil and other commodities, and the subsequent stagnation in many developing countries was a unique conjuncture that has directly affected the environment in which the underdeveloped countries must operate. Although other underdeveloped countries suffered sharp declines in their immediate barter terms of trade, increased current account deficits, an corresponding increase in foreign borrowing, these countries also suffered internal disruptions including sharoy increased inflation, budgetary deficits, unemployment and declining economic activity. These internal problems resulted from the external crisis itself and from the effects of each country's adjustment policies. The book deals with the key developments prior to the crisis, the impact of the crisis itself, the recovery and readjustment process, and the longer term outlook. Present book represents a modest step toward and attempt to objectively explore the various dimensions of the issue to poverty by the group of scholars representing different backgrounds.

Over the past few years counter trade has become an important feature of contemporary international exchange, its upsurge has coincided with a generalised stringency of foreign exchange and a balance of payment crises in most countries. A very strong presumption can therefore be advanced that its upsurge is a response to the crises of the trading and financial system which has been in evidence over the last few years. The present volume provides a clear overview of the role of counter trade in International Economics.