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Richard Thaler Supported Demonetisation, there is More to the Story

Demonetisation is what Richard Thaler had long supported. However, he remarked "Really? Damn," when he was informed about the introduction of Rs. 2,000 notes in place of the discontinued Rs. 500 and 1,000 notes thereby highlighting how his joy of seeing a step towards a cashless economy and reduction of corruption was momentary.

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Richard Thaler
Richard Thaler won the Nobel Prize in Economic Sciences on 9th October.Wikimedia

When Prime Minister Narendra Modi decided to scrape Rs 500 and Rs 1,000 notes last November, Nobel Prize winner Richard Thaler supported demonetization describing it as a policy that he had long supported.

Dr. Richard Thaler, a Professor of Economics and Behavioural Science at the University of Chicago won the Nobel Prize in Economic Sciences on 9th October.

Did Richard Thaler really support demonetization in the way BJP took it? There is more to the story than what meets the eye.

As soon as Thaler was declared the Nobel Prize winner, members of the Bharatiya Janata Party (BJP) started sharing Thaler’s tweet regarding demonetization on social media affirming that the move which was severely criticised by the members of the opposition was actually supported by a Nobel Prize winner. The BJP IT cell head Amit Malviya retweeted the old tweet within a fraction of a second.

However, Richard Thaler remarked “Really? Damn,” when he was informed about the introduction of Rs. 2,000 notes in place of the discontinued Rs. 500 and 1,000 note thereby highlighting how his joy of seeing a step towards a cashless economy and reduction of corruption was momentary.

It was not only the BJP supporters but also a large number of BJP leaders who were flowed away with incomplete picture depicted by Malviya and tweeted about it.‬ This included Union Minister Giriraj Singh, former BJP IT Cell Head Arvind Gupta, and many others.

Soon after, twitterati realized that the full picture of Thaler’s statement on demonetization was rather hidden.

Prime Minister Modi declared that the motivation behind scrapping Rs 500 and Rs 1,000 notes was to promote cashless economy and reduce corruption. This decision was severely criticised by different sections of the society putting on Modi the ultimate responsibility for heralding economic deceleration. Demonetisation pulled down India’s GDP growth rate to a mere 6.1% in 2016-17.

Some highlighted that the introduction of Rs 2000 note was an ephemeral panacea for remonetization and that its printing has been terminated.

-Prepared by Mohima Haque of NewsGram, Twitter: mohimahaque26

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PM Modi Advises Scientists To Use Science to Improve Lives

PM Narendra Modi tells Scientists to use science to improve the lives of citizens

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Modi advises Scientists
Prime Minister Modi tells scientists that science and technology should be used to bettering the lives of citizens. Wikimedia Commons

Prime Minister Narendra Modi on Tuesday called upon scientists to take up challenges in their research for bettering the daily lives of common citizens, especially farmers, help in reaching clean drinking water, solar power to the people, and solving problems such as pollution.

Highlighting the importance of ‘science for society’, Modi said when all “scientists, all citizens, will move forward with this understanding, both the country and mankind will be benefited”.

“To know the connection between science and society, we have to give answers to some questions. Everybody knows the pollution problem due to increased use of plastic. Can our scientists take up the challenge to come up with saleable and cost effective material which can take the place of plastic?” the Prime Minister asked while inaugurating the India International Science Festival through video conferencing from Delhi.

Indian PM Narendra Modi
PM Narendra Modi highlights the importance of ‘Science for Society’. Wikimedia Commons

Modi exhorted scientists assembled from India and abroad for the mega event whether they can take up the challenge to find a better way to store energy or electricity.

“Can we get a solution so that the use of solar power can go up, can we come up with an innovation related to battery and other infrastructure to reach electric mobility to the common man?

“Have we thought of doing something in our lab which can improve the lives of crores of people? Can we find a solution to local drinking water problems and reach clean drinking water to the people?” he asked.

Also Read-Vietnam and Australia to Start Collaborating on Science Initiatives

Modi also urged scientists to ponder over whether they can invent something which would cut down healthcare cost, and benefit peasants by increasing their income.

“We have to think how use of science can help in easing the lives of the people,” he said. (IANS)