Kaushik Basu is an Indian economist whose work delves into fundamental questions of economic theory and its societal implications. His analyses often explore how institutions and social norms shape economic outcomes and human behavior. Basu emphasizes understanding the intricate interplay between individual choices and broader societal structures, aiming to illuminate paths toward a more equitable and effective world. Through his writing, he offers profound insights into the mechanisms that govern economic reality.
The book delves into the theoretical frameworks of development economics, highlighting key concepts and methodologies that can guide future empirical research. It emphasizes the importance of integrating theory with practical applications to enhance understanding of economic development. By analyzing existing theories, it aims to inspire new investigations and approaches in the field, ultimately contributing to more effective economic strategies and policies.
"[This book] argues that the traditional economic analysis of the law has significant flaws and has failed to answer certain critical questions satisfactorily. Why are good laws drafted but never implemented? When laws are unenforced, is it a failure of the law or the enforcers? And, most important, considering that laws are simply words on paper, why are they effective? Basu offers a provocative alternative to how the relationship between economics and real-world law enforcement should be understood. Basu summarizes standard, neoclassical law and economics before looking at the weaknesses underlying the discipline. Bringing modern game theory to bear, he develops a 'focal point' approach, modeling not just the self-interested actions of the citizens who must follow laws but also the functionaries of the state: the politicians, judges, and bureaucrats enforcing them. He demonstrates the connections between social norms and the law and shows how well conceived ideas can change and benefit human behavior. For example, bribe givers and takers will collude when they are treated equally under the law. And in food support programs, vouchers should be given directly to the poor to prevent shop owners from selling subsidized rations on the open market. Basu provides a new paradigm for the ways that law and economics interact: a framework applicable to both less developed countries and the developed world"--Jacket.
This is the story of Bandhan, the only bank that emerged in eastern India after Independence. Founded by the son of a sweet vendor, with a mere Rs 2 lakh, the sum total of his life savings.On 17 June, 2015, Chandra Shekhar Ghosh stepped out of the Reserve Bank of India building in Mumbai with the much-coveted banking licence, beating some of the country's top corporate houses. This moment compensated for all the frustrations that had come along the way. A year later, Bandhan Bank was launched with 6.7 million small borrowers.So, how did Ghosh build India's biggest MFI from scratch and then, along with his team, transform it into a universal bank? Bandhan: The Making of a Bank chronicles that journey.This is also Ghosh's personal story-of a boy growing up in small-town Agartala struggling with poverty, but relentless in his ambition to make it big. He battles competition, hostile moneylenders, a tough economic climate and the perpetual lack of resources. Nobody in India perhaps knows better than him the psyche of a small borrower and the alchemy of doing business with the poor, profitably.This is one of India's biggest entrepreneurial stories.
Why do our friends have more friends than we do? How do you book the best available seats on a plane? And if jogging for ten minutes adds eight minutes to our life expectancy, should we still go jogging? The ability to reason is one of our most undervalued skills. In everyday life, the key is to put yourself in the shoes of a clever competitor and think about how they might respond. Whether you are dealing with events on the scale of the Cuban missile crisis or letting go of anger, leading economist Professor Kaushik Basu shows how game theory - the logic of social situations - can help us achieve better outcomes and lasting happiness. Full of fascinating thought experiments and puzzles, Reason to Be Happy is a paean to the power of rationality. If you want to have a good life and even make the world a better place, you can start by thinking clearly.
In this thought-provoking book, Basu urges us to think in new and better ways about pressing problems at the intersection of economics and the law. His masterful command of the economist's toolbox and broad understanding of the legal-economic nexus combine to generate a road map for exploring important questions left unaddressed by the traditional law and economics paradigm.-- Steven G. Medema, author of The Hesitant Hand
An economist's perspective on the nuts and bolts of economic policymaking, based on his experience as the Chief Economic Adviser in India.
Focusing on political and economic themes, this collection features an expanded selection of Basu's impactful journalistic writings from the late 1990s onward. It examines the complexities and challenges facing democracy, providing insightful analysis and commentary on contemporary issues. Through these reworked pieces, readers gain a deeper understanding of the evolving political landscape and the factors contributing to the retreat of democratic ideals.