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What The Economy Needs Now
Indias economy is under threat with rising unemployment, banks in crisis, falling GDP and farmers unrest making headlines daily. In this brilliant and urgent book, the countrys most important economists, including Abhijit Banerjee, Gita Gopinath and Raghuram Rajan, bring together their proposals on how to get the country back on track. Collectively the book provides solutions to the key problems that India is currently facing labour reforms, healthcare, education and the environment while also focusing on the vital economic growth of the nation. Rigorously yet accessibly argued, What the Economy Needs Now is a timely and deeply important book.
248 pages, Hardcover
Published April 20, 2019
89 people are currently reading
836 people want to read
About the author
Abhijit V. Banerjee
11 books1,091 followersAbhijit Vinayak Banerjee is an Indian economist. He is currently the Ford Foundation International Professor of Economics at the Massachusetts Institute of Technology. Banerjee is a co-founder of the Abdul Latif Jameel Poverty Action Lab (along with economists Esther Duflo and Sendhil Mullainathan) and a Research Affiliate of Innovations for Poverty Action, a New Haven, Connecticut based research outfit dedicated to creating and evaluating solutions to social and international development problems, and a Member of the Consortium on Financial Systems and Poverty. He was awarded 2019 Nobel Memorial Prize in Economic Sciences for his experimental approach to alleviating global poverty. He is also the recipient of the inaugural Infosys Prize in the category of Social Sciences (Economics).
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Displaying 1 - 25 of 25 reviews
May 3, 2019
What was the target audience for this book ? People who are actually a part of policy-making will find this 100-page book superficial with most articles at hardly 2-3 pages doing a hit-and-run on issues that require depth. For readers like me who are interested in current-affairs, again more depth was expected as this was not the first book on the subject that I have read and I have also read much better over the years.
And ironically, I doubt if casual readers which publisher Juggernaut seems to target will be able to wade through the sea of jargon. I picked up this book as I was attracted by the names - Abhijit Banerjee who wrote the superb Poor Economics: A Radical Rethinking of the Way to Fight Global Poverty, Raghuram Rajan our ex-governor of RBI and Mihir Sharma who is a loony on twitter but wrote the sensible Restart: The Last Chance for the Indian Economy
Some chapters were truly good and learnt a few new things here and there. But, mostly the book described problems. A lot of books will tell you the problems with India's economy - the devil is in the details and finding solutions that truly work. Avoid !
And ironically, I doubt if casual readers which publisher Juggernaut seems to target will be able to wade through the sea of jargon. I picked up this book as I was attracted by the names - Abhijit Banerjee who wrote the superb Poor Economics: A Radical Rethinking of the Way to Fight Global Poverty, Raghuram Rajan our ex-governor of RBI and Mihir Sharma who is a loony on twitter but wrote the sensible Restart: The Last Chance for the Indian Economy
Some chapters were truly good and learnt a few new things here and there. But, mostly the book described problems. A lot of books will tell you the problems with India's economy - the devil is in the details and finding solutions that truly work. Avoid !
June 12, 2019
Had this been a book by any other set of authors, I would have rated this book higher. But, being a book containing notes and writings from some of the best India-associated economists, I had high expectations from the book, which it delivered, only marginally.
For starters, the book does an excellent job of summarising and succinctly doing what its title claims i.e. tell one what the economy needs. However, the brevity of the book is its key problem. The book takes on major issues such as environmental change, land acquisition reforms, financial sector reforms etc, and wraps up the solution in bullet points, ironically doing exactly what it largely criticises the government for - being broad based in policy declaration and ignoring the specifics.
Overall, I would recommend this book to anyone who wants to get up to speed on where India stands vis-a-vis its economic problems, and a special shout out to Karthik Murlidharan's outlier essay on reforming the Indian education system, which is truly a wholesome recommendatory piece backed by ample evidence, quite unlike the generic nature of the other chapters.
The book can be bought here (Amazon)
Read more book reviews by me at my blog www.thestandingcoin.com
For starters, the book does an excellent job of summarising and succinctly doing what its title claims i.e. tell one what the economy needs. However, the brevity of the book is its key problem. The book takes on major issues such as environmental change, land acquisition reforms, financial sector reforms etc, and wraps up the solution in bullet points, ironically doing exactly what it largely criticises the government for - being broad based in policy declaration and ignoring the specifics.
Overall, I would recommend this book to anyone who wants to get up to speed on where India stands vis-a-vis its economic problems, and a special shout out to Karthik Murlidharan's outlier essay on reforming the Indian education system, which is truly a wholesome recommendatory piece backed by ample evidence, quite unlike the generic nature of the other chapters.
The book can be bought here (Amazon)
Read more book reviews by me at my blog www.thestandingcoin.com
May 20, 2020
This book gives a very brief account of the problems ailing the Indian economy, the issues are behemoth, but the discussion is far condensed to limit it to a few pages.
If anyone wants to understand the issues in detail, this might not be the book. One positive point, this being a recent work it gives a view of the current scenario just before the parliamentary elections.
If anyone wants to understand the issues in detail, this might not be the book. One positive point, this being a recent work it gives a view of the current scenario just before the parliamentary elections.
October 2, 2022
Not very insightful
I think most of the proposed solutions have been widely discussed in the media. In some areas, more elaboration was required (reducing bureaucracy... but how?). Infrastructure needs to improve, for example, but beyond providing better funding, what can we do? Would India gain more through rail or road-based transport? Do we really need bullet trains? Should we pursue nuclear power generation? How can we leverage technology to improve health care? Land pooling for land acquisition yes... but has Amravati worked? I felt this could have been a far more detailed exploration of the complex problems facing our economy.
I think most of the proposed solutions have been widely discussed in the media. In some areas, more elaboration was required (reducing bureaucracy... but how?). Infrastructure needs to improve, for example, but beyond providing better funding, what can we do? Would India gain more through rail or road-based transport? Do we really need bullet trains? Should we pursue nuclear power generation? How can we leverage technology to improve health care? Land pooling for land acquisition yes... but has Amravati worked? I felt this could have been a far more detailed exploration of the complex problems facing our economy.
March 22, 2021
Good short read. Gives a glimpse of all major growth/ non-growth sectors that play a primary role in India's economy, the problems they're riddled with and what should be the future course of action to make them robust so that they can contribute to the strengthening of our economic trajectory that seems to be struggling in being on the right track. Some knowledge of basics like fiscal deficit, balance of payments, current account deficits helps understand the crises better.
August 9, 2022
This is an anthology of 14 Essays by thirteen economists, in the context of India, each one addressing one particular economic issue/sector that needs attention from the government. These essays are preceded with an introduction giving an overview of the topics covered and succeeded by an afterward by Abhijit Banerjee and Raghuram Rajan.
The topics covered include healthcare, infrastructure, trade, land market reforms, farming, Energy, Deficit & Debt, Education, Female labor participation, Financial sector, banking, and Environment. For each topic, the authors briefly stated the problems upfront, elaborating them subsequently with their take on the way to solve them, and finally presenting the solutions discussed as itemized bullet points. Though the issues and sectors covered are complex each a field in itself, the authors made them very accessible for lay readers. They adopted a very simple approach of identifying the challenges, discussing them, and presenting their considered solutions without resorting to any technical jargon. The reader can easily relate to the issues at hand and can appreciate the challenges facing the nation. The chapters dealing with infrastructure, Trade including imports, exports & current account deficit, Fiscal deficit & debt, and Energy reforms are particularly interesting.
Basically, their concern is with regard to the role of government in the Economy – its presence where it is not required and its absence where it is actually required. They feel that government takes on too much while delivering too little due mainly to the limitations on its capacity and in many cases due to the limitations in its capabilities. They suggest that the government should be an enabler in creating a level-playing business ecosystem by taking policy initiatives and establishing an independent, empowered regulatory framework that, like an umpire, has the teeth to enforce regulations. Exports have to be the main focus for any country to climb out of poverty as was the case with all Southeast Asian countries. Unfortunately, India not being competitive is not well-positioned to follow the export-led growth path. Despite abundant cheap labor, India is not part of many global supply chains. In times when many countries are opting to exit China considering the political risks involved, India is rarely seen as an alternative destination.
On completing the book, one realizes that economic reforms are complex and cannot be done piecemeal as any action (or inaction) in any sector will have a ripple effect on other aspects of the economy. As an example, if we are aiming for export-oriented growth we need to address all the issues leading up to be most competitive in the international market. Thus, comprehensive reforms should be the policy focus.
The overall impression one gets is of skepticism considering the challenges, required policy response, and the reality one perceives on the ground. If we observe the issues which are of priority to the polity and government and the attention we are required to pay to get out of our economic mess, it doesn’t appear that we are in any great hurry to get out of poverty and better our lives. We can help ourselves only when we realize that development is freedom and gainful employment will relieve us from the indignities of looking up to the government for doles and subsidies. We can redeem ourselves only when we demand sustainable development from the elected government and make them answerable. When this happens any government, which wants to get reelected will start implementing the suggestions made in this book by these thirteen apolitical economists. They are all well placed and have no ambition for Government positions. Their views should be taken as professional advice.
The topics covered include healthcare, infrastructure, trade, land market reforms, farming, Energy, Deficit & Debt, Education, Female labor participation, Financial sector, banking, and Environment. For each topic, the authors briefly stated the problems upfront, elaborating them subsequently with their take on the way to solve them, and finally presenting the solutions discussed as itemized bullet points. Though the issues and sectors covered are complex each a field in itself, the authors made them very accessible for lay readers. They adopted a very simple approach of identifying the challenges, discussing them, and presenting their considered solutions without resorting to any technical jargon. The reader can easily relate to the issues at hand and can appreciate the challenges facing the nation. The chapters dealing with infrastructure, Trade including imports, exports & current account deficit, Fiscal deficit & debt, and Energy reforms are particularly interesting.
Basically, their concern is with regard to the role of government in the Economy – its presence where it is not required and its absence where it is actually required. They feel that government takes on too much while delivering too little due mainly to the limitations on its capacity and in many cases due to the limitations in its capabilities. They suggest that the government should be an enabler in creating a level-playing business ecosystem by taking policy initiatives and establishing an independent, empowered regulatory framework that, like an umpire, has the teeth to enforce regulations. Exports have to be the main focus for any country to climb out of poverty as was the case with all Southeast Asian countries. Unfortunately, India not being competitive is not well-positioned to follow the export-led growth path. Despite abundant cheap labor, India is not part of many global supply chains. In times when many countries are opting to exit China considering the political risks involved, India is rarely seen as an alternative destination.
On completing the book, one realizes that economic reforms are complex and cannot be done piecemeal as any action (or inaction) in any sector will have a ripple effect on other aspects of the economy. As an example, if we are aiming for export-oriented growth we need to address all the issues leading up to be most competitive in the international market. Thus, comprehensive reforms should be the policy focus.
The overall impression one gets is of skepticism considering the challenges, required policy response, and the reality one perceives on the ground. If we observe the issues which are of priority to the polity and government and the attention we are required to pay to get out of our economic mess, it doesn’t appear that we are in any great hurry to get out of poverty and better our lives. We can help ourselves only when we realize that development is freedom and gainful employment will relieve us from the indignities of looking up to the government for doles and subsidies. We can redeem ourselves only when we demand sustainable development from the elected government and make them answerable. When this happens any government, which wants to get reelected will start implementing the suggestions made in this book by these thirteen apolitical economists. They are all well placed and have no ambition for Government positions. Their views should be taken as professional advice.
February 26, 2024
This is a short book that aims to crisply highlight the main issues facing India from an economic perspective and provide guiding suggestions to overcome the issues. The notes under each chapter have been compiled by heavyweight economists from the likes of Abhijit Banerjee, Raghuram Rajan, and Gita Gopinath.
The book covers various verticals like education, health, social security, female labor force participation, banking, sovereign debt management, climate change, and agriculture. Each chapter begins with a list of problems, followed by a small discussion on the issues, and ends with a list of suggestions. I particularly found the education, healthcare, banking, and climate change chapters quite interesting. The solutions are very concise, even though they lack a deeper discussion. I found the solutions intriguing and will be using them as fuel for discussions with my friends.
I found the suggestions listed under the financial sector reforms like the removal of FPI limits and removal of SLR limits slightly unconvincing. I will go back and read more on these radical ideas to build my understanding.
This book is not for you if you are just stepping into the world of economics and policymaking, and want deep intellectual discussions. This book presents the broad contours of problems and solutions, acting as a means to educate the reader about pressing issues without taking too much time. This book is for those who want a refresher on Indian economic troubles and research-backed solutions.
The book covers various verticals like education, health, social security, female labor force participation, banking, sovereign debt management, climate change, and agriculture. Each chapter begins with a list of problems, followed by a small discussion on the issues, and ends with a list of suggestions. I particularly found the education, healthcare, banking, and climate change chapters quite interesting. The solutions are very concise, even though they lack a deeper discussion. I found the solutions intriguing and will be using them as fuel for discussions with my friends.
I found the suggestions listed under the financial sector reforms like the removal of FPI limits and removal of SLR limits slightly unconvincing. I will go back and read more on these radical ideas to build my understanding.
This book is not for you if you are just stepping into the world of economics and policymaking, and want deep intellectual discussions. This book presents the broad contours of problems and solutions, acting as a means to educate the reader about pressing issues without taking too much time. This book is for those who want a refresher on Indian economic troubles and research-backed solutions.
June 18, 2024
“High and variable inflation constitutes a regressive tax, with the poor bearing the biggest brunt, since their incomes are typically least indexed to inflation.” Abhijit V. Banerjee.
An anthology of 14 essays by world known economists including Raghuram Rajan and Nobel laureate Abhjit Banerjee, summing up of the things India has to do to become a force to reckon with, in the coming decades. But unfortunately in India, all the elected governments irrespective of their ideology, exerts undue influence in fields and sectors where it has no business to be in the first place and is conspicuously absent where its presence is sorely needed. For example the government is very happy and willing to invest and run a condom factory (Hindustan Latex) but will hesitate to start a hospital or school in remote villages, citing lack of funds. Some of the essays especially on healthcare, education, banking and sovereign debt management are very interesting and thought provoking. Some may find the writings on some of the most important topics to be too brief and short but nevertheless the authors have succeeded in highlighting the vexing problems India faces and what the future governments need to do to tackle them but will they buckle-up and face the problem head-on and solve them is an altogether different question.
September 10, 2025
I tried reading this book. I really really tried. Dearly thought I would be able to get ideas and learn how esteemed
What I expected were an ensemble of esteemed thinkers sharing their thoughts on what the Indian Economy really needs.
What I instead received was nothing. I derived absolutely nothing relevant from this book worth chiming and opining further. These are professors and thinkers and so called thought leaders, who in my opinion, are regurgitating the same bloody ideas in flowery verbiage garbage leading to this assumption that there’s something worthwhile for the audience to read.
It looks like a string of Economic Times articles strung together for public dissemination. I am lead to assume that this publisher wanted to just make a quick buck using their names, given the repute they enjoy.
But who really needs this book is a better question to consider? and Not what the bloody economy needs.
What I expected were an ensemble of esteemed thinkers sharing their thoughts on what the Indian Economy really needs.
What I instead received was nothing. I derived absolutely nothing relevant from this book worth chiming and opining further. These are professors and thinkers and so called thought leaders, who in my opinion, are regurgitating the same bloody ideas in flowery verbiage garbage leading to this assumption that there’s something worthwhile for the audience to read.
It looks like a string of Economic Times articles strung together for public dissemination. I am lead to assume that this publisher wanted to just make a quick buck using their names, given the repute they enjoy.
But who really needs this book is a better question to consider? and Not what the bloody economy needs.
October 5, 2019
The book correctly addresses all the pertinent issues India is facing standing at 2019.Top economists and social science researchers like Raghuram Rajan,Abhijit Banerjee,Gita Gopinath along with many prominent names contributed articles highlighting different urgent issues affecting sectors like education,healthcare,environment.All the issues mentioned in the book are very apt for the current state of our economy.The articles also proposed solutions to get the economy back on track but some of those solutions are not adequately detailed and I was hoping to see some more data driven analysis and not generic solutions.Overall this book is obviously a good one to understand what is in our top economists' mind.
January 2, 2020
This book is basically a prescription for India for its chief ailments. Presented in a no-non sense and to the point manner, this book enumerates almost all that need to be done right now. One may agree or disagree with the opinions of the authors, yet it is difficult to question the sincerity of the author to the cause he or she tries to address. What wonder it would be if such ideas enter our mainstream political discourses, which are currently bolting around, here and there, but going nowhere.
August 4, 2019
This book covers wonderful articles on public policy and second generation reforms in sectors from healthcare to education, financial markets to banking reforms, power to enviourmental conservation. It talks about existing reforms and new ideas that shall propel us to the next level.
It lacks detailed policy analysis and talks about wider policy reforms in each sector
Education reforms is a must read for every body, the best section of this book.
It lacks detailed policy analysis and talks about wider policy reforms in each sector
Education reforms is a must read for every body, the best section of this book.
September 5, 2020
Contains short chapters concerning different topics related to economy and governance. Chapter on fixing school is interesting. However, the book lacks the indepth knowledge of what looks like brainstorming ideas. With such promising writers, the book is sub-par. I'm not sure what the audience target is for this book. Overall a light read.
December 16, 2021
It's heartening to see some of what was expounded in this book being implemented by GoI. Like farm bills, reform of education sector.
What needs more work is
A. Implementation
B. Focus on gender equality and workforce management
C. Banking and financial sector reforms
Worth revisitng again after a year or so
What needs more work is
A. Implementation
B. Focus on gender equality and workforce management
C. Banking and financial sector reforms
Worth revisitng again after a year or so
August 29, 2020
While it is true that this book only contains short notes on the issues but, I can't deny the preciseness of the content. This book is in my opinion is successful as it initiate your thinking and grabs your attention that too with solutions.
September 15, 2019
Surface level recommendations that would be made available by a little googling. Belies expectations as some of the biggest names have contributed to the book.
May 24, 2020
A good book to understand the fundamental problems with Indian economy and its various sectors like education, health and infrastructure. It complements preparation for UPSC especially GS-3.
June 13, 2020
Apparently the Economy sends a clear message through its shamans: love your leaders, give us more money.
November 4, 2020
must read for Indian investor if you wants to protect your money
February 1, 2022
Good writeups on policy changes needed to aid India's economy
March 13, 2023
A lot of generic things, with less focus on how solutions can be implemented.
July 10, 2023
Exactly what we need in these times (economic growth), should be every party's manifesto
Read
August 2, 2024Useless reading.
June 30, 2020
This book explores the major problem that India faces today. It breaks down the complex problems into simpler smaller subparts and tries to address each of them individually. Most of the solutions related to health and education are implementable at the very grassroots levels.
To ease up the reading process every chapter starts with bullet points of the smaller questions. It then discusses the problems, causes and the solutions with help of relevant supporting arguments and data. Finally, it concludes the chapter by summarizing the solutions discussed in bullet forms.
Though not very comprehensive, it is easy to understand for the beginners who want to understand the Indian economy and the pressing problems in it.
To ease up the reading process every chapter starts with bullet points of the smaller questions. It then discusses the problems, causes and the solutions with help of relevant supporting arguments and data. Finally, it concludes the chapter by summarizing the solutions discussed in bullet forms.
Though not very comprehensive, it is easy to understand for the beginners who want to understand the Indian economy and the pressing problems in it.
August 23, 2021
This is how western trained/influenced Indian intellectuals seem to think & talk to each other in India. If only the economy were more liberalised & the toiling poor could be screwed further, the minimal environmental regulations loosened further, existing almost non existent social protections eroded further, the Indian economy would be right back on track.
If the poor majority in India dislike the proposals, well ..who cares about them.
Almost shit.
If the poor majority in India dislike the proposals, well ..who cares about them.
Almost shit.
Displaying 1 - 25 of 25 reviews