Kaushik Basu is professor of economics and Carl Marks professor at Cornell University; and former chief economist of the World Bank and chief economic adviser to the Indian Government. Basu’s research interest spans development economics, welfare economics, game theory and industrial organization. As a policymaker, he was engaged in macro fiscal policymaking, multilateral policy coordination and development policy work in several continents.
Kaushik Basu is professor of economics and Carl Marks professor at Cornell University; and former chief economist of the World Bank and chief economic adviser to the Indian Government. Basu’s research interest spans development economics, welfare economics, game theory and industrial organization. As a policymaker, he was engaged in macro fiscal policymaking, multilateral policy coordination and development policy work in several continents.
The [Indian] government’s decision to demonetize old Rs 500 and Rs 1,000 currency notes in November of last year was a misplanned, misjudged move and the country is paying a hefty price in terms of its economic growth.
Imposing caps on executive compensation is a blunt instrument for fighting inequality. But more nuanced policymaking—often based on the misguided assumption that companies can be trusted, or induced, to self-regulate—has failed. The time has come for measures that everyone can understand.
