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Policymaker's Journal: From New Delhi to Washington D.C.
This book charts the course of Kaushik Basu’s career over seven years, as he moved out of the cloisters of academe to the frenetic world of policymaking, first in India as Chief Economic Adviser to the Indian Government and after that as Chief Economist at the World Bank in Washington.
The Indian years were a period of high inflation, growth challenges (as the global financial crisis arrived in India), and also a remarkable growth recovery story, with India moving past China’s GDP growth rate. There were corruption scandals breaking, causing widespread street protests, a lot of late-night decision-making, which one knew would rock the stock market the next day, and getting to know politicians who were outstanding as statesmen in the midst of all this, and also many who were not.
The World Bank years weren’t that close to actual policymaking, but nevertheless breath-taking in their scope. They ranged from interacting with policymakers in tiny remote countries like Samoa to gigantic nations with comparable heft, such as China. It entailed sitting down with leading researchers to compute and announce global numbers on extreme poverty and rankings on how easy it is to do business in different countries (fully aware that there would be calls from irate finance ministers as soon as these were published). And there was the handling of politics within the World Bank, which could actually be as enjoyable as any global economic problem!
This book is a revised version of the diary that Kaushik Basu kept for seven years. Revised because he often wrote the diary in a hurry at the day’s or even week’s end. He has now inserted some reflections in retrospect, without altering any descriptions of what actually happened.
The Indian years were a period of high inflation, growth challenges (as the global financial crisis arrived in India), and also a remarkable growth recovery story, with India moving past China’s GDP growth rate. There were corruption scandals breaking, causing widespread street protests, a lot of late-night decision-making, which one knew would rock the stock market the next day, and getting to know politicians who were outstanding as statesmen in the midst of all this, and also many who were not.
The World Bank years weren’t that close to actual policymaking, but nevertheless breath-taking in their scope. They ranged from interacting with policymakers in tiny remote countries like Samoa to gigantic nations with comparable heft, such as China. It entailed sitting down with leading researchers to compute and announce global numbers on extreme poverty and rankings on how easy it is to do business in different countries (fully aware that there would be calls from irate finance ministers as soon as these were published). And there was the handling of politics within the World Bank, which could actually be as enjoyable as any global economic problem!
This book is a revised version of the diary that Kaushik Basu kept for seven years. Revised because he often wrote the diary in a hurry at the day’s or even week’s end. He has now inserted some reflections in retrospect, without altering any descriptions of what actually happened.
435 pages, Kindle Edition
Published July 6, 2021
39 people are currently reading
239 people want to read
About the author
Kaushik Basu
73 books59 followersKaushik 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.
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.
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Displaying 1 - 14 of 14 reviews
August 13, 2021
Fascinating account of decision making in governments and institutions that drive the global economy (and why it is the way it is?). In the heady world of policy-making and the corridors of power where peripatetic economists, finance ministers, central bankers and heads of state keep flitting in and out of half-hour meetings, hopping from state capitals to tourist destinations for conclaves and summits....one can only marvel at how they manage to even give it a semblance of coherence. This is not meant to be a treatise on economics, just a journal that allows a peek behind the scenes. And Basu's wry humour and collection of interesting anecdotes makes it eminently readable. But for all that, it leaves one feeling a little nervous about how thin a thread our lives hang by.
January 23, 2022
I am writing this because this book needs more reviews. I had come across this author sometime ago when a lengthy newspaper article of game-theory in economics caught my eye. And it was so well written that I had look the author up and explore his other works. That is when I came across this journal.
There were many things about this book that I personally disagree with and found ridiculous (especially the back to back talks and meetings and the macroeconomics related conversations), but I won't be mentioning that here since it's just a personal inclination.
Apart from these few aspects, this book was a phenomenal treasure trove for me. Mainly because it is in a diary format and a first-hand account of his day to day life and activities written in a very genuine and frank manner. As a result it is as removed from retrospective bias as is possible. Where else can you find such an unembellished account? Too much of reflection only distorts the reality of the underlying things and circumstances. It shows how life is at one of the topmost tiers of human organisations and shows a clear view of the interactions of the author with some of the most influential people in the world. Getting to know about who they are behind all the images that circulate around in the society and the interactions with them is eye opening. Another great thing about this book is that it covers the details of the author's various travels and journeys as a part of his job through his own eyes. The author is extremely knowledgeable in history in general and the accounts and economic perspective that he lends on countries that we are usually misinformed about is too good. It is the especially the poor and developing ones that we are the most misinformed and ignorant about. He has a nomadic tendency, which he himself mentions and his accounts of the people and their cultural, social and economical realities are a treat to read.The author is very unemotional and unbiased in his observations and his logical deductions are flawless. This is the best kind of person for recording events for others to read about. Another great aspect of this book was his interaction and experience in the midst of the indian political arena and it's unbiased description. The importance of tact, relations between the countries and organisations and diplomatic maneuvers keep getting highlighted throughout. It gives a very unique picture of the political and interpersonal landscape surrounding the places where the author worked (Indian government and World bank mainly). The author never discusses his family dynamics though a bit of it could have helped get another perspective on the author's life.
This book is a total mixed bag with a theme of world and indian economics and the frankness and purity with which this has been written makes it special. There are lots of things that can be just glanced over if not of interest, but there is so much breadth to it that it will still be very much worth reading for any curious person.
There were many things about this book that I personally disagree with and found ridiculous (especially the back to back talks and meetings and the macroeconomics related conversations), but I won't be mentioning that here since it's just a personal inclination.
Apart from these few aspects, this book was a phenomenal treasure trove for me. Mainly because it is in a diary format and a first-hand account of his day to day life and activities written in a very genuine and frank manner. As a result it is as removed from retrospective bias as is possible. Where else can you find such an unembellished account? Too much of reflection only distorts the reality of the underlying things and circumstances. It shows how life is at one of the topmost tiers of human organisations and shows a clear view of the interactions of the author with some of the most influential people in the world. Getting to know about who they are behind all the images that circulate around in the society and the interactions with them is eye opening. Another great thing about this book is that it covers the details of the author's various travels and journeys as a part of his job through his own eyes. The author is extremely knowledgeable in history in general and the accounts and economic perspective that he lends on countries that we are usually misinformed about is too good. It is the especially the poor and developing ones that we are the most misinformed and ignorant about. He has a nomadic tendency, which he himself mentions and his accounts of the people and their cultural, social and economical realities are a treat to read.The author is very unemotional and unbiased in his observations and his logical deductions are flawless. This is the best kind of person for recording events for others to read about. Another great aspect of this book was his interaction and experience in the midst of the indian political arena and it's unbiased description. The importance of tact, relations between the countries and organisations and diplomatic maneuvers keep getting highlighted throughout. It gives a very unique picture of the political and interpersonal landscape surrounding the places where the author worked (Indian government and World bank mainly). The author never discusses his family dynamics though a bit of it could have helped get another perspective on the author's life.
This book is a total mixed bag with a theme of world and indian economics and the frankness and purity with which this has been written makes it special. There are lots of things that can be just glanced over if not of interest, but there is so much breadth to it that it will still be very much worth reading for any curious person.
May 6, 2022
I'd give it 3.5 tbh.
It is a journal. You don't expect much.
But there are biases in the book that make me not give it 4 stars..
Otherwise to see the Indian Government and World Bank bureaucracy from the eyes of an Indian academic who made it big in the world is definitely a treat.
It is a journal. You don't expect much.
But there are biases in the book that make me not give it 4 stars..
Otherwise to see the Indian Government and World Bank bureaucracy from the eyes of an Indian academic who made it big in the world is definitely a treat.
June 24, 2022
The book, as the title suggests, is a journal that the author kept during his roles as Chief Economic Advisor to the government of India and later Chief Economist at World Bank
I suspect he has left out everything which could create controversy of any kind and thus what's left is mostly mundane interspersed with interesting thoughts and facts.
If nothing else, book is a lesson in journalkeeping as well as how such practice can help brood over past, and if things recorded are exciting enough, convert them into a book
I suspect he has left out everything which could create controversy of any kind and thus what's left is mostly mundane interspersed with interesting thoughts and facts.
If nothing else, book is a lesson in journalkeeping as well as how such practice can help brood over past, and if things recorded are exciting enough, convert them into a book
November 9, 2021
Journal of several years Basu spent at the helm of very senior assignments - Chief Economic Advisor to the Govt. of India, and Chief Economist World Bank. Insights into the punishing work load, the constant travel, lectures, the workings of a bureaucracy as dense as India's and as globalised as the Bank's. The India entries offer more analysis, the World Bank ones are mostly travel and meetings.
March 5, 2023
Intellectual voyeurism into the life of one of the most influential Indian economist of our time. This book is a memoir split between Professor Basu's time as Chief Economic Advisor of India from 2010-2012 and then as the Chief Economist of the World Bank from 2012-2016.
His thoughts as CEA are often insightful, vulnerable and open. They provide the reader with a remarkable insight into the realities of life. The writing from his time in the World Bank is sadly a tough read, packed with names and job titles and little original insights or thoughts. If the book stopped at the end of the CEA time, I would have rated this with 4 stars.
His thoughts as CEA are often insightful, vulnerable and open. They provide the reader with a remarkable insight into the realities of life. The writing from his time in the World Bank is sadly a tough read, packed with names and job titles and little original insights or thoughts. If the book stopped at the end of the CEA time, I would have rated this with 4 stars.
December 31, 2021
this book is a journal without a reflection and I didn’t like that it is written with no honesty. I was not interested in reading what CEA did on day x and y. i was interested in how he reflected on his experiences. He only covers a very superficial layer, perhaps to play safe. i only read 20% of it before abandoning it. i couldn’t read it until the end.
two stars- may be because some jokes are funny and i had a good laugh and it was a light read.
two stars- may be because some jokes are funny and i had a good laugh and it was a light read.
December 4, 2021
This is cocktail of 'Who's who' and sketchy itinerary. When you pick book written by CEA of India & WB, you expect some detailing on policy positioning , some sneak into mind of policy maker, how theory and practice converges or never they do...
Why 3 star - as i couldnt stop reading till the end...
Why 3 star - as i couldnt stop reading till the end...
September 12, 2021
Kaushik Basu has an amazing sense of humor. This book is not about economics, but about policymaking. Does give you an insight on what is it to shift from research to policy making. His time in Government of India are diary entries, his time in World Bank is a little more autobiography in nature.
January 2, 2022
A very interesting personal insight into the dynamic life of an economist+policymaker. It literally is what the title says, a daily journal of his tenures as the Chief Economic Advisor and Chief Economist.
December 18, 2021
I loved the book and the author. Wish there were more people like him in policy making - knowledgeable yet simple and down to earth.
August 21, 2022
Amazing read! Gives a nice peep into the political corridors.
July 12, 2022
The book was more an experience of Kaushik Basu while he was at office,the writing style is more of a journaling style.This book is worth a read for anyone transitioning from academia to government style of working l.The assumptions one must remove once you work under the bureaucratic style.
January 6, 2025
A wonderful account of Kaushik Basu, years as the Chief Economic adviser, Govt of India and later as the Chief economist of World Bank.
Displaying 1 - 14 of 14 reviews