Bhaskar Chakravorti for The Indian Express – “Even Nobel economists make ignoble mistakes”

Ig-Nobel Mistakes

Wiping out 86 per cent of a country’s currency is rarely a “good start” on anything. In a country where, according to recent analyses of income-tax probes, the cash component of undeclared wealth is estimated to be only about six per cent, leaving an economy virtually cashless is certainly not a good place to end up. If Thaler had studied the data on the Indian economy he might have realized that the policy instrument he had supported was aimed at the wrong target: The currency of corruption is mostly in non-cash assets.

Read the full piece from Dean Chakravorti in The Indian Express