Showing papers by "Kaushik Basu published in 2018"
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12 Jun 2018TL;DR: In this paper, the authors argue that there is an intimate connection between human beliefs and expectations and the effectiveness of the law, and propose a new approach to law and economics that is rooted in game theory and rectifies the flaw.
Abstract: The discipline of law and economics deals with wide-ranging topics, from competition and environmental policy to crime control, and has been instrumental in determining how an economy performs. Yet its success has fallen short of its potential. The discipline’s shortcomings are nowhere as visible as in developing economies, where a common refrain is how the law looks good on paper but does not get implemented. This paper articulates a methodological flaw that underlies much of contemporary law and economics, and argues that there is an intimate connection between human beliefs and expectations, on the one hand, and the effectiveness of the law, on the other. I propose a new approach to law and economics that is rooted in game theory and rectifies the flaw. It is argued that this approach can open up new areas of research and be marshalled to address some of the more pressing policy challenges of our time.
15 citations
TL;DR: A short history of the Indian economy since 1968 is presented in this paper, where the authors analyse the economic policies and the politics behind this transformation and use that as a backdrop to take stock of the huge challenges that lie ahead.
Abstract: This paper is a short history of the Indian economy since 1968. India today is a changed country from what it was half a century ago, when Myrdal published his Asian Drama. The stranglehold of low growth has been broken, its population below the poverty line has fallen markedly, and India has joined the pantheon of major players globally. This paper analyses the economic policies and the politics behind this transformation; and uses that as a backdrop to take stock of the huge challenges that lie ahead.
10 citations
TL;DR: In this article, the authors argue that the arrival of Donald Trump in the White House does not augur well for the long-run prospects of the US economy, and they make the case for revoking the older antitrust laws and replacing them with some simple profit-sharing rules at the level of the firm, and the economy.
6 citations
TL;DR: The paper argues that, when it comes to average treatment effects (the adjective, average, is important), RCTs cannot be bettered and takes on the larger question of when to use the RCT results and how.
3 citations