India and the Visible Hand of the Market

Economics

By | Kaushik Basu , The New York Times

Cornell economist Kaushik Basu, the C. Marks Professor of International Studies, professor of economics and chief economist of the World Bank from 2012-16, writes in this New York Times opinion piece, that the Indian government's decision to "demonitize" its currency may have greater long-term side effects than expected.

"India’s economy has enormous strengths — such as high rates of savings and investment — and this crisis will pass," Basu writes. "But just as sailors heading to sea disregard the winds and waves at their peril, economic policy makers cannot ignore the laws of economics, and intervene in the market with a blunt and heavy hand, without risking shipwreck."

Read the entire New York Times piece here. 

More News from A&S

Provost Kavita Bala, with shoulder-length gray hair and a striped shirt, talking with a woman while a man and a woman talk in the background, all dressed in business casual attire
Simon Wheeler, Cornell University Cornell Provost Kavita Bala speaking with Kalaniyot Sabbatical Scholar Naomi Havron at the Kalaniyot reception Oct. 19. In the background, Kalaniyot Fellow Eden Eran Nagar speaks with Fellow Shachar Yerushalmi.

New program enhances Cornell-Israel academic collaboration

Global Collaboration
A&S Communications
View all news
Indian currency