Central banks need self-awareness

'The Reserve Bank of India has a lot of experience in trying (and failing) to guide fiscal policy', says the author

Economics, though it’s called the “dismal science”, can be a source of endless entertainment. This is because it is only in economics that some very good people come up with some very bad ideas, very consistently.

Having written about this phenomenon quite often, I shall refrain from listing all such instances. But if you are interested, please google funny research in economics. You will wonder why you are not an economist.

So let me confine myself to a new bad idea being propagated by the tribe. It must surely be in the top 10 of the “Worst Ideas” category. The idea is