While evaluating demonetisation, one must account for any associated economic losses to the public
In their recent defence of the Narendra Modi government’s demonetisation and subsequent remonetisation programme, Jagdish Bhagwati, Vivek Dehejia, and Pravin Krishna (hereafter BDK) rebut many of the smaller criticisms levelled against the programme. We agree with BDK that demonetisation by itself cannot be expected to remedy counterfeiting, corruption, and future flows of black money. Other reforms will be needed. Disappointingly, however, BDK disregard the short-term and long-terms costs of the programme. A more balanced evaluation is called for.
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