Eminent Economist and Author Lord Meghnad Desai Passes Away at 85
By Amit Kumar
Lord Meghnad Desai, noted economist, prolific author, and one of the most distinguished voices on Indian public policy and global economics, passed away on Tuesday, July 29, 2025, at the age of 85.
A multifaceted figure, Desai was widely recognised not only for his academic brilliance but also for his enduring contributions to public discourse on India’s political and economic landscape. He was a member of the United Kingdom’s House of Lords and a recipient of the Padma Bhushan, India’s third-highest civilian award, conferred upon him in 2008.
Prime Minister Narendra Modi, in a tribute shared on the social media platform X, expressed deep sorrow over Lord Desai’s passing. “Anguished by the passing away of Shri Meghnad Desai Ji, a distinguished thinker, writer and economist,” the Prime Minister wrote. “He always remained connected to India and Indian culture. He also played a role in deepening India-U.K. ties. Will fondly recall our discussions, where he shared his valuable insights. Condolences to his family and friends.
Om Shanti.”
Born in 1940 in Vadodara, Gujarat, Meghnad Jagdishchandra Desai completed his undergraduate and postgraduate studies in economics at the University of Mumbai. He later secured a scholarship to the University of Pennsylvania, where he earned a PhD in economics in 1963.
Desai began his academic career at the London School of Economics (LSE), where he taught for several decades, establishing himself as a leading scholar in econometrics, development economics, and Marxist economic theory. His teaching career at LSE became one of the cornerstones of his professional life.
A prolific writer, Desai authored or edited over 20 books and published more than 200 articles in academic journals. His early works included Marxian Economic Theory (1973), Applied Econometrics (1976), and Marxian Economics (1979). In 1981, he wrote a critique of monetarism, the economic theory that emphasizes the role of money supply in influencing economic activity and price levels.
His 2002 book Marx’s Revenge: The Resurgence of Capitalism and the Death of Statist Socialism gained significant attention for its bold thesis that globalisation might, paradoxically, pave the way for a revival of socialism. Desai argued that the social security-focused models of European nations and the trend of increasing electoral welfare in India supported his view.
Montek Singh Ahluwalia, in the book Arguing about the World: The Work and Legacy of Meghnad
Desai, wrote, “I have known Meghnad for many years in a staggering variety of avatars: as a one-time Marxist economist, a mainstream economist/econometrician at LSE, a Labour Party activist, a Labour Member of the House of Lords … a keen and surprisingly good cook, an insightful observer of the Indian political scene, a regular columnist … a late-blossoming novelist, and above all a wonderful raconteur and bon vivant.”
Economist Jagdish Bhagwati also hailed Desai as someone who had long stood at the “forefront of discussions on Indian public policy.” Lord Meghnad Desai’s passing marks the end of an era in economic thought and public discourse. His intellectual legacy, contributions to academia, and fearless engagement with challenging ideas will continue to inspire generations of scholars, thinkers, and policymakers.