The nobel economists' move comes at a time when academics in the U.S. have expressed growing concern over cuts to research funding and political hostility toward universities under President Donald Trump’s administration.
Economist Abhijit Banerjee on why he reads and writes cookbooks, his new book at the intersection of food and economics, democratizing the social sciences, and presenting new Indian flavour ideas to the world.
Expressing concern over distribution of freebies around elections, Abhijit Banerjee said this needs to be disciplined.
Abhijit Banerjee, who heads West Bengal's Global Advisory Board (GAB) and advises the state government on issues related to the pandemic, said that boosting the state's economy is directly related to the revival of the country's economy as it is under stress due to the ongoing pandemic situation.
On the issue of loan moratorium, Abhijit Banerjee said that country's policymakers, the Reserve Bank of India (RBI) in particular, had worked towards ensuring that the banks don’t collapse.
Banerjee, currently a professor at Massachusetts Institute of Technology (MIT), said he does not think that India's economic stimulus was adequate.
Banerjee added that whosoever needs a ration card should be provided without asking questions such as "are you a citizen, are you this, are you that, are you entitled" in the short run.
The Nobel laureate has voiced hope that the Centre's economic relief package will boost the supply side which will drive economic recovery.
Esther Duflo said India was already in a position to start universal basic income quickly as it had the Jan Dhan accounts-Aadhaar-mobile system in place.
Speaking to a Bengali news channel ABP Ananda on Monday evening, Banerjee said that everyone is blaming China for the COVID-19 outbreak as it has origin there.
The first such dialogue was held last week when Gandhi discussed the coronavirus pandemic and its economic implications with former Reserve Bank of India governor Raghuram Rajan.
In an interview with CNBC-TV18, Nobel Laureate Abhijit Banerjee shared his opinion on the government's initiatives to counter the pandemic and outlined what he thinks needs to be done in an unprecedented crisis like this.
Banerjee and Duflo, along with fellow economist Michael Kremer, brought an experimental approach to economics to focus on poverty, and in particular, how the poor make decisions. This approach,while popular in medical research, is a pioneering effort on part of the Nobel prize winners to use randomized control trials in economic studies.
The nobel laureate, who hails from the city, met the chief minister at the state secretariat along with his mother Nirmala Banerjee, also an economist.
Speaking to the media on the sidelines of the 13th Jaipur Literature Festival, Banerjee said the demand slowdown in the automobile sector also shows that people are lacking confidence in the economy.
Abhijit Banerjee stressed that devolution of power and decentralisation were very important for economic success
The economist suggested the government should consider direct cash incentives to boost demand.
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The former Union minister's remarks came after Banerjee, at a media interaction earlier in the day, termed the banking crisis in the country "frightening" and called for reduction of government stake in public sector banks to deal with the situation.
During a recent interview with News18, Banerjee had said that voters in India had endorsed PM Modi as a “whole package”
The Nobel laureate and the former RBI governor suggest putting more money in the hands of consumers, letting the rupee slide to foster exports growth and privatizing banks and upskilling government as solutions for the economic slowdown.
Striking a note of caution, he said Prime Minister Narendra Modi has more faith in corporates than him.
Here’s the full text of Nobel laureate Abhijit Banerjee’s interview with Network18
The government has not shown any serious intent to undertake major reforms in agriculture sector. Till then, it seems unlikely that the central and state governments will be able to discontinue any of the direct income support schemes.
Their papers combine theory and data in an unmatchable way, turning the traditional worldview on its head