PM Modi meets Nobel Laureate whose tweet BJP cited to justify demonetisation

PM Modi meets Nobel Laureate whose tweet BJP cited to justify demonetisation

Prime Minister Narendra Modi on Thursday took to Twitter to share news of his interaction with Nobel laureate Richard Thaler

FPJ Web DeskUpdated: Thursday, January 09, 2020, 10:24 PM IST
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Photo: Narendra Modi/Twitter

Prime Minister Narendra Modi on Thursday took to Twitter to share news of his interaction with Nobel laureate Richard Thaler.

"Got to know interesting aspects of his work. We also discussed aspects relating to Nudge Theory and how nudging on cleanliness, ‘Give It Up’ and digital transactions has led to immense transformations in India," he wrote.

But while Modi did make mention of "digital transactions" many might have forgotten that this is the same economist who many had thought supported demonetisation.

But did he really?

When news broke that Rs. 500 and Rs. 1000 notes had been rendered defunct, Thaler reacted favourably to the news, writing, "This is a policy I have long supported. First step toward cashless and good start on reducing corruption."

However, when another Twitter user how the introduction of a Rs. 2000 note was a step in the aforementioned direction, Thaler was not so enamoured.

His initial tweet was touted by BJP leaders including Amit Malviya as being a sign of support from an expert, award-winning economist.

Thaler's colleague from the University of Chicago, and former Reserve Bank of India governor Raghuram Rajan incidentally, had been strongly against demonetisation.

Thaler was awarded the Nobel prize for his contributions to behavioural economics.

Nudge is a concept in behavioral science, political theory and behavioral economics which proposes positive reinforcement and indirect suggestions as ways to influence the behaviour and decision making of groups or individuals.

(With inputs from agencies)

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