Economists should reskill themselves for the age of AI
The poor placement record of India’s top engineering schools this year has received much attention. To improve the accuracy of economic observations, Morgenstern advocated deeper engagement between data producers and users, openness in acknowledging errors of economic measurement, and careful reviews to bring down errors over time. In his foreword to Mukherjee’s 1969 book on national accounting in India, Nobel laureate Simon Kuznets noted that the problems in adapting international standards to a poor and diverse economy ran like a “red thread through the volume" and reflected “a proper concern with this problem." Some of the most prominent economic studies of that era, including Bhagwati’s 1971 critique of India’s ‘licence raj’ regime and Raj’s 1975 report of Kerala’s human development model were essentially case studies. If tomorrow’s practitioners understand economic statistics better, it will enable us to have saner debates on the economy.
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