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This essential volume reflects the continuing and enduring utility of general equilibrium as a framework of analyses. It attempts to reiterate that understanding broad and holistic consequence of economic events and policies go beyond partial equilibrium perspective. Cutting across areas of research, general equilibrium perspectives in terms of small-scale GE models following the theory and perspectives of Ronald Jones can help readers develop informed judgement regarding critical policies. These include but are not limited to several areas of specific interest - the interaction of financial factors with international trade and implications for the 'real sectors' of the economy, the impact of labour market reforms on the unorganised sectors in developing and transition countries, the non-uniform effects of inflation and deflation on internal and external factor flows, and the sought-after relation between foreign investment and skill accumulation.

Equilibrium (Economics) --- Welfare economics. --- International trade. --- External trade --- Foreign commerce --- Foreign trade --- Global commerce --- Global trade --- Trade, International --- World trade --- Commerce --- International economic relations --- Non-traded goods --- Economic policy --- Economics --- Social policy --- DGE (Economics) --- Disequilibrium (Economics) --- DSGE (Economics) --- Dynamic stochastic general equilibrium (Economics) --- Economic equilibrium --- General equilibrium (Economics) --- Partial equilibrium (Economics) --- SDGE (Economic theory) --- Statics and dynamics (Social sciences)

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Distribution neutral fiscal policy refers to a structure of taxes and transfers that keep the income distribution unchanged even after positive or negative shocks to an economy. This is referred to as a Strong Pareto Superior (SPS) allocation which improves the standard Pareto criterion by keeping the degree of inequality, but not the absolute level of income intact. We apply this methodology to India to compute SPS tax rates and determine their proximity to actual tax rates. Limited available data on income and expenditure shows that the official policies so far are close to desired benchmark level. Our methodological contribution will be enriched further with more detailed income tax and transfer data.

Macroeconomics --- Public Finance --- Taxation --- Neoclassical Models of Trade --- Wage Level and Structure --- Wage Differentials --- Equity, Justice, Inequality, and Other Normative Criteria and Measurement --- Taxation, Subsidies, and Revenue: General --- Taxation and Subsidies: Externalities --- Redistributive Effects --- Environmental Taxes and Subsidies --- Aggregate Factor Income Distribution --- Personal Income, Wealth, and Their Distributions --- Fiscal Policy --- Personal Income and Other Nonbusiness Taxes and Subsidies --- Public finance & taxation --- Income inequality --- Personal income --- Income distribution --- Fiscal policy --- Estate tax --- National accounts --- Taxes --- Income --- Inheritance and transfer tax --- India