Back to the worst forms of central planning
The main criterion by which to judge economic policies and institutions is whether they advance human freedom. On this standard, demonetisation is an unarguably regressive move
Among the many curious things about demonetisation is the ardent defence of this exercise by economists and economic commentators sympathetic to the government. It is as though the currency swap is being accompanied by an ideology swap. These economists had for years railed against the planned economy and had called for cutting back the state’s role in the management of the economy. They applauded this government’s decision to abolish the Planning Commission and replace it with the NITI Aayog. Yet, they would now have us enthusiastically embrace this massively statist policy. What’s more, they proclaim this as bold reform.
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