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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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Glory to PM Modi and Country Angers Certain Forces

A few months back, the UN as well has crowned him with the Champions of the Earth, the highest environmental honor

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A few months back, the UN as well has crowned him with the Champions of the Earth, the highest environmental honor.

By: Salil Gewali

Many will not disagree that the PM Modi is fairly unpopular among a certain popular elite within the country. However, he has earned an immeasurable number of admirers outside the country. The fact why he is an eyesore for certain groups of people and celebrities while they are bowled over and ever supportive of specific dull-witted and inexperienced leaders is something very weird and contrasting. This phenomenon defies the long-held assumption that “education” makes one rational and free from the psychological shortfall. Nevertheless, PM Modi is least bothered what his smart detractors think and do against him.  He hardly wishes evil upon anyone. He has multiple of reasons to stay buoyed and cheery. The flood of praises coming from outside the country has always swelled PM Modi’s chest. Therefore, even in the foreign soil he goes, without a hitch, shouting at full throttle —‘Bharat Mata Ki Jai’.  

Truly, it’s totally wrong to ignore many achievements associated with PM Modi. Yes, he has been chosen to be honored with the highest civilian award – Order of Zayed by the UAE government.  Not just that, the countries like Saudi Arabia, Afghanistan and Palestine also have come forward to honor the Indian PM with their respective highest awards. A few months back, the UN as well has crowned him with the Champions of the Earth, the highest environmental honor. His unfaltering dedication and devotion to execute formulated policies and planes have yielded positive results, though some section of powerful people try to undermine and demean them all.

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Modi government has been able to pull off many thorny external affairs and issues too quickly.

What is most attractive in PM Modi is that he is smartly clever to strike the personal kinship with any individual foreign leaders and diplomats. Yes, due to his personal touch and warmth, the Modi government has been able to pull off many thorny external affairs and issues too quickly. Of course, this is doubtlessly praiseworthy. Yes, good truths should be not suppressed and falsehood should not be exaggerated.

However, a very strange vibe is noticed in the country. It is nothing but an unenthusiastic silence maintained by the popular media when Modi receives some accolades and appreciation. Many choose not to mention it at all, not even as news-item. This all makes everything all the more conspicuous. Well, this, in fact, only prompts the swarm of netizens to be more active in social media, their battlefields. They are seen furiously vocal. The ranting, raving, and name-calling against the backdrop of the importance given to a certain class of leaders make the situation less pleasant and logical. Not just that people in the social media are quick to throw up contrasting examples citing how media goes gaga over a “less intelligent lot” while keeping deafening silence over things that bring glory and fame to the nation. This is doubtlessly a bizarre development. This way the detractors or opponents always run the risk of losing their own integrity.

ALSO READ: Modi Suggests Pakistan to Stop Exporting Terror for Peace

A business done by sacrificing integrity ends up in disaster. Opposition to ideas and political parties is always welcome, which is democratic, but the biased attitude against the “truth” and positivity can only dilute the sanctity of the enterprise and professionalism. As concerned citizens, should we not first want that the light of glory and joy dispel the gloom of darkness and despair in the country? Let’s not waste our precious life by struggling to call the untruth as truth and vice versa. This exercise only contributes to polluting our mindset and the country becomes less peaceful and more vulnerable.

Salil Gewali is a well-known writer and author of ‘Great Minds on India’.

Twitter:  @SGewali