Late Dr. P.R. Brahmananda has been a professor at the Department of Economics. Mumbai University and is currently an honorary fellow of the Institute for Social and Economical Journal. In 1996 he was nominated for the Financial Express Award for the outstanding economist of the year.    Dr. Brahmanand is known as a pioneer in the early Fifties for studies in Welfare Economics from a classical and Marshallian angle and of researches in development economics from the angle of under-developed Countries. In the mid-fifties, he developed the wage-goods model of development with special accent on employment and income. In sixties he helped to develop modern classical analysis in value, development, money and international trade and related spheres along the lines of the Ricordosraffa tradition. In the late Sixties, he evolved the new classical approach to macroeconomics strictly along classical lines. He also worked out the classical theory of liquidity for the modern per