What RBI policymakers should be mindful of this fiscal
Live MintRecently, I read a paper, titled Overcoming the Tragedy of Super Wicked Problems: Constraining our Future Selves to Ameliorate Global Climate Change, that presented a framework for tackling climate change. Separately, the authors of the first paper referred to here note that big questions in social science involve contingent and complex causality, and that the search for ‘laws’ and invariant causal relationships can be frustrating. Given the extreme monetary and fiscal stimuli that pass for economic policy in the developed world, his observations will be useful for RBI policymakers as they look ahead to a new financial year. Examining the Evidence by a group of distinguished policy economists had established that India’s inflation rate was coming down even before flexible inflation targeting was introduced.