On the evening of the 19th of November, 2016, I watched a sizable cohort of our demographic dividend at a musical. They were totally immersed in the music of Coldplay. Our honourable Prime Minister, Mr. Narendra Modi also took the time off to address them over a video call. In jest, he tempered his message with something to this effect: I don’t want to stand between you and Coldplay … do not ask me to sing because if I do, you will ask for your money back and that too, in 100 rupee notes! This forced Economics on my mind and I remembered the “Cold Turkey” monetary strategy to curb inflation. This is economics jargon for what everybody is referring to as “shock therapy” It is a hard–hitting, one-time policy to curb inflation. Demonetisation of currency notes is directed towards the curbing of Black money and this is indirectly to result in disinflation. I am wondering why economists are not spewing out this term. I have long lamented that Monetary Economics has been completely overshadowed by Macroeconomics and I can see that a lack of engagement with proper monetary economics is the root cause of the failure of several banking and financial institutions. The endearment credibility of Coldplay in Mumbai is high and so is the efficacy credibility of Cold Turkey.

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