Money for nothing?

Demonetisation is not a tool for curbing inflation because India did not have an inflation that high

Demonetisation Decoded
A critique of India’s currency experiment
Jayati Ghosh, C P Chandrasekhar and Prabhat Patnaik
Routledge
104 pages; Rs 350
 
Prime Minister Narendra Modi’s November 8 decision to demonetise 86 per cent of India’s currency — extinguishing legal tenders of Rs 500 and Rs 1,000 — was akin to that moment in cricket when a player, possibly a less-fancied one (Dougie Marillier of Zimbabwe comes to mind), does something so stunning that the rest of observers, including other players and former players, are stunned into asking, “Can he do that?”
 
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