Business Standard

Economics and good intentions

Good intentions are best left to political parties, governments and religious establishments

8% annual growth needed for GDP to touch $5 trn by FY25: Economic Survey
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T C A Srinivasa-Raghavan New Delhi
Here’s a problem: If economics is a science, then intentions, good or bad, must not be a part of it. If, on the other hand, and at the very least, good intentions simply must underlie it, it cannot be a science. Indeed, it ceases to be economics even. 

This, to my mind, is the main problem with randomised controlled trials (RCT) in development economics — though not in the other branches of the subject like, say, mechanism design. In fact, I have never understood what development economics is other than being an atonement for a bad conscience.

As a result of it,
Disclaimer: These are personal views of the writer. They do not necessarily reflect the opinion of www.business-standard.com or the Business Standard newspaper

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