An Economist in the Real World: The art of policymaking in India

by Kaushik Basu

Appointed as the chief economic adviser (CEA) to the Government of India in 2009, 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, he describes the art of economic policymaking, viewed through the lens of his two and a half years as CEA.

Genres: Economics, India, Politics

258 pages, Kindle Edition

Published February 11, 2016

About the author

Kaushik Basu (born 9 January 1952) is an Indian economist who is currently the Chief Economic Adviser to the Government of India and is also the C. Marks Professor of International Studies and Professor of Economics and, till recently, he was Chairman of the Department of Economics and Director, Center for Analytic Economics at Cornell University.


He is Editor of Social Choice and Welfare, Associate Editor of Japanese Economic Review and is on the Board of Editors of the World Bank Economic Review. In 2008, the Government of India awarded him the Padma Bhushan, one of the country's highest civil honors.

Reviews

[Vinod Bishnoi · Rating 3 out of 5]

This book is full of catchy chapter titles and very little of substance, at best you can expect some very interesting titbits, but that’s mostly it. Kaushik Basu’s writing style is really good considering the fact that this is a book on economics, written by an economist; very few economists have been able to attain this quality, for example Joseph Stiglitz.
His solutions I thought were shortsighted, say his suggestion to release the higher education system in India from the clutches of bureaucracy and uniformity- his solution, privatisation. His reasoning behind this suggestion is sound and provision of a strategy of grants and scholarships to deserving students is worth looking at, however he does not consider the education system as a whole- he makes no mention of the abysmal primary education system in India- a proper suggestion would’ve included the whole education system, say a suggestion on how government with the freed up resources could concentrate on improving the quality of primary education system. After all if the government’s strategy were to just grant scholarships, it would lead to a cycle of education that would privilege the minority who could ensure quality private education for themselves.
All I remember from the book apart from his suggestion on higher education is the solution to the Public delivery system and how to deal with corruption that is so rampant in the government offices. These, let’s say, were the highlights and i enjoyed reading them.
Coming from a former Chief economic advisor and Chief economist to the world bank, this book just leaves a lot to be desired.

[Nikhil Kumar · Rating 5 out of 5]

This is a fine book that blends economic theory with policy-making. With new fascinating insights into widely varied aspects of India's development, it tries to ask fundamental questions about the practical aspects of policy-making in the Indian context, hence, challenging the assumptions of neo-classical economic theory while incorporating understandings from game theory, development and behavioural economics.

[Ankit Kumar · Rating 4 out of 5]

Basu talks about his experience in the North block. A good read for someone interested in public policy.