Shiny GDP data masks anxieties of a silent population
SummaryA nationwide poll by C-Voter finds that people largely remain nervous and uncertain about their families’ financial prospects
Richard Thaler, who won the Nobel Prize for Economics in 2017, once famously said: “In the 1940s, economics started getting highly mathematical. It was basically because economists weren’t smart enough to write down models of real behaviour that they started writing down models of highly rational behaviour—and they kind of forgot about humans." Now that India’s gross domestic product (GDP) figures for the second quarter of 2021-22 ending 30 September are out, economists, analysts and pundits appear to have gone into paroxysms of number-crunching. Every decimal point is being fought over, as if the future of Indian civilization revolves around the axis of 10 basis points up or down.