Kaushik Basu – författare

An economist''s perspective on the nuts and bolts of economic policymaking, based on his experience as the Chief Economic Adviser in India.

In December 2009, the economist Kaushik Basu left the rarefied world of academic research for the nuts and bolts of policymaking. Appointed by the then Prime Minister of India, Manmohan Singh, to be chief economic adviser (CEA) to the Government of India, Basu—a theorist, with special interest in development economics, and a professor of economics at Cornell University—discovered the complexity of applying economic models to the real world. Effective policymaking, Basu learned, integrates technical knowledge with political awareness. In this book, Basu describes the art of economic policymaking, viewed through the lens of his two and a half years as CEA.

Basu writes from a unique perspective—neither that of the career bureaucrat nor that of the traditional researcher. Plunged into the deal-making, non-hypothetical world of policymaking, Basu suffers from a kind of culture shock and views himself at first as an anthropologist or scientist, gathering observations of unfamiliar phenomena. He addresses topics that range from the macroeconomic—fiscal and monetary policies—to the granular—designing grain auctions and policies to assure everyone has access to basic food. Basu writes about globalization and India''s period of unprecedented growth, and he reports that at a dinner hosted by Prime Minister Manmohan Singh, President Obama joked to him, “You should give this guy some tips”—“this guy” being Timothy Geithner. Basu describes the mixed success of India''s anti-poverty programs and the problems of corruption, and considers the social norms and institutions necessary for economic development. India is, Basu argues, at an economics crossroad. As CEA from 2009 to 2012, he was present at the creation of a potential economic powerhouse.

Leading economists address the ongoing challenges to economics in theory and practice in a time of political and economic crises.

More than a decade of financial crises, sovereign debt problems, political conflict, and rising xenophobia and protectionism has left the global economy unsettled and the ability of economics as a discipline to account for episodes of volatility uncertain. In this book, leading economists consider the state of their discipline in a world of ongoing economic and political crises.

The book begins with three sweeping essays by Nobel laureates Kenneth Arrow (in one of his last published works), Amartya Sen, and Joseph Stiglitz that offer a summary of the theoretical foundations of modern economics—the twin pillars of general equilibrium theory and welfare economics. Contributors then turn to macroeconomic stabilization and growth and, finally, new areas of research that depart from traditional theory, methodology, and concerns: climate change, behavioral economics, and evolutionary game theory. The 2019 Nobel Prize laureates, Abhijit Banerjee, Esther Duflo, and Michael Kremer, contribute a paper on the use of randomized control trials indevelopment economics.

ContributorsPhilippe Aghion, Ingela Alger, Kenneth Arrow, Abhijit Banerjee, Kaushik Basu, Lawrence Blume, Guillermo Calvo, Francesco Caselli, Asli Demirgüç-Kunt, Shantayanan Devarajan, Esther Duflo, Samuel Fankhauser, James Foster, Varun Gauri, Xavier Gine, Gäel Giraud, Gita Gopinath, Robert Hockett, Karla Hoff, Ravi Kanbur, Aart Kraay, Michael Kremer, David McKenzie, Célestin Monga, Maurice Obstfeld, Hamid Rashid, Martin Ravallion, Amartya Sen, Luis Servén, Hyun Song Shin, Nicholas Stern, Joseph Stiglitz, Cass Sunstein, Michael Toman, Jörgen Weibull

Scholars from countries both in and outside of the EU provide a full stocktake of the political and economic benefits of EU membership. They critically assess monetary integration and the path it has followed in the wake of the global financial crisis. Chapters delineate key comparisons between the EU and other governance models, between EU members and non-EU members, and between euro and non-euro member States of the Union.

Students of law, economics and politics will benefit from this timely book. It should also be of interest to policymakers around the world who interact with EU countries and those who may be contemplating similar forms of economic and monetary integration in their region.

The links between literacy and development have been the focus of research conducted by both economists and anthropologists. Yet researchers from these different disciplines have tended to work in isolation from each other. This book aims to create a space for new interdisciplinary debate in this area, through bringing together contributions on literacy and development from the fields of education, literacy studies, anthropology and economics. The book extends our theoretical understanding on the ways in which people’s acquisition and uses of literacy influence changes in agency, identity, social practice and labour market and other outcomes. The chapters discuss data from diverse cultural contexts (South Africa, Bangladesh, India, Nepal, Peru, and Mexico), and from contrasting research paradigms. The contributors examine the significance of culture and socio-economic contexts in shaping such processes. As such, they contribute to our understanding of the role of literacy in processes of poverty reduction, and its importance to people’s capabilities and wellbeing. The themes covered include: the dynamics of literacy use in the production of agency, the enactment, negotiation and embodiment of new social identities - including gendered and religious identities; the impacts of literate identities and use on institutional relations and social participation; the dynamics of literacy ‘sharing’ and their externalities within and beyond households; formal analysis of the impacts of proximate illiteracy on labour market and health outcomes across men and women and social contexts.

This book was published as a special issue of the Journal of Development Studies.

The links between literacy and development have been the focus of research conducted by both economists and anthropologists. Yet researchers from these different disciplines have tended to work in isolation from each other. This book aims to create a space for new interdisciplinary debate in this area, through bringing together contributions on literacy and development from the fields of education, literacy studies, anthropology and economics. The book extends our theoretical understanding on the ways in which people’s acquisition and uses of literacy influence changes in agency, identity, social practice and labour market and other outcomes. The chapters discuss data from diverse cultural contexts (South Africa, Bangladesh, India, Nepal, Peru, and Mexico), and from contrasting research paradigms. The contributors examine the significance of culture and socio-economic contexts in shaping such processes. As such, they contribute to our understanding of the role of literacy in processes of poverty reduction, and its importance to people’s capabilities and wellbeing. The themes covered include: the dynamics of literacy use in the production of agency, the enactment, negotiation and embodiment of new social identities - including gendered and religious identities; the impacts of literate identities and use on institutional relations and social participation; the dynamics of literacy ‘sharing’ and their externalities within and beyond households; formal analysis of the impacts of proximate illiteracy on labour market and health outcomes across men and women and social contexts.

This book was published as a special issue of the Journal of Development Studies.

Why economics needs to focus on fairness and not just efficiencyOne of the central tenets of mainstream economics is Adam Smith''s proposition that, given certain conditions, self-interested behavior by individuals leads them to the social good, almost as if orchestrated by an invisible hand. This deep insight has, over the past two centuries, been taken out of context, contorted, and used as the cornerstone of free-market orthodoxy. In Beyond the Invisible Hand, Kaushik Basu argues that mainstream economics and its conservative popularizers have misrepresented Smith''s insight and hampered our understanding of how economies function, why some economies fail and some succeed, and what the nature and role of state intervention might be. Comparing this view of the invisible hand with the vision described by Kafka—in which individuals pursuing their atomistic interests, devoid of moral compunction, end up creating a world that is mean and miserable—Basu argues for collective action and the need to shift our focus from the efficient society to one that is also fair.Using analytic tools from mainstream economics, the book challenges some of the precepts and propositions of mainstream economics. It maintains that, by ignoring the role of culture and custom, traditional economics promotes the view that the current system is the only viable one, thereby serving the interests of those who do well by this system. Beyond the Invisible Hand challenges readers to fundamentally rethink the assumptions underlying modern economic thought and proves that a more equitable society is both possible and sustainable, and hence worth striving for.By scrutinizing Adam Smith''s theory, this impassioned critique of contemporary mainstream economics debunks traditional beliefs regarding best economic practices, self-interest, and the social good.