An extract from ‘Demonetisation Decoded’ by Jayati Ghosh, C.P. Chandrasekhar and Prabhat Patnaik, talking about what explains the government’s decision and popular support for it.
The professional consensus is that demonetisation will have many undesirable impacts – and may not succeed in its aims either.
Elaborate tax frauds are committed by corporate giants in a squeaky clean, cashless financial environment – why isn’t the government going after those?
More than 150 eminent citizens have issued a statement against demonetisation today, questioning the efficacy of the measure in eliminating black money.