The case of demonetisation in India
Popular narratives play a much bigger role in economic policymaking than economists and policymakers acknowledge. The demonetisation story in India is also based on popular myth, the folklore of black money and its association with physical cash. Very little of its declared objectives — of eliminating black money, corruption, moving towards a “less cash and more digital economy”, or increased tax compliance — were achieved. Although income from corruption or criminal activities is by definition black money, most black money is earned through perfectly legal activities though not declared to the tax authorities. When it became clear that the cancelled currency was being returned to the banks in larger numbers than expected, the narrative changed focus from black money and fake currency to digital/cashless payments, the latter being elevated to some higher purpose than what it actually is, a mere technological change.
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