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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 Narendra Modi Hails India’s Position in Astronomy in Mann ki Baat

Referring to the contributions of astronomy centres in places like Pune and Ooty, the prime minister commended the strides the nation has taken in the field

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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

Speaking about the last solar eclipse of the year which happened on December 26, the prime minister Narendra Modi recalled India’s mastery over astronomy since ancient times.

In his Mann Ki Baat address to the nation, the Prime Minister mentioned the request from Ripun who hails from the northeast but is staying now in south India because of his job.

The prime minister mentioned Ripun for his request to find ways to popularise astronomy in rural areas of the country.

PM Modi
India’s Prime Minister Narendra Modi speaks to the media inside the parliament premises on the first day of the winter session in New Delhi, India. VOA

Referring to the contributions of astronomy centres in places like Pune and Ooty, the prime minister commended the strides the nation has taken in the field.

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“The eclipse reminds us that that we are travelling in space while residing on the earth…. Friends, India has an ancient and glorious history of astronomy. Our connection with the twinkling stars in the sky is as old as our civilisation. Many of you might be aware that at various places in India, there are magnificent observatories (Jantar Mantars) – which are worth seeing. And these observatories have a deep bond with astronomy. Who doesn’t know about the prodigious talent of the great Aryabhatta,” PM said. (IANS)