Richard Thaler, 2017 Economics Nobel Prize winner, praised PM Modi’s note ban move, but with a ‘rider’


When Prime Minister Narendra Modi had announced the note ban on Novemeber 8, 2016, some of the nation’s economists had raised questions on the government’s move. However, among those who had favoured the decision at that time included none other than 2017 Economics Nobel Prize winner Richard Thaler.

“This is a policy I have long supported. First step toward cashless and good start on reducing corruption,” Thaler had tweeted soon after PM Modi announced the scrapping of notes of denomination 500 and 1,000.

While Thaler’s account is not verified, it does have a link to his page on the website of Chicago’s Booth School of Business.

And when the official announcement of the 2017 Prize in Economic Sciences was made on Twitter, the account @R_Thaler was tagged.

Now, while Richard Thaler appeared to favour the demonetisation, his two-word response seemed to oppose the move government’s move to introduce Rs 2,000 notes. “Really? Damn.”, he had said.

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