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Kaushik Basu

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Kaushik Basu
11th Chief Economist of the World Bank
In office
October 2012 – October 2016
PresidentJim Yong Kim
Preceded byMartin Ravallion (Acting)
Succeeded byPaul Romer
14th Chief Economic Advisor to the Government of India
In office
2009–2012
Prime MinisterManmohan Singh
Preceded byArvind Virmani
Succeeded byRaghuram Rajan
Personal details
Born (1952-01-09) 9 January 1952 (age 72)
Kolkata, India
SpouseAlaka Malwade
EducationUniversity of Delhi (BA)
London School of Economics (MSc, PhD)
WebsiteOfficial website
Academic career
FieldMacroeconomics
AwardsPadma Bhushan (2008)
Humboldt Prize (2021)
Information at IDEAS / RePEc

Kaushik Basu (born 9 January 1952) is an Indian economist who was Chief Economist of the World Bank from 2012 to 2016.[1][2] He is the C. Marks Professor of International Studies and Professor of Economics at Cornell University, and academic advisory board member of upcoming Plaksha University.[3] He began a three-year term as President of the International Economic Association in June 2017. From 2009 to 2012, during the United Progressive Alliance's second term, Basu served as the Chief Economic Adviser to the Government of India.[4] Kaushik Basu is winner of the Humboldt Research Award 2021.

Early life and education

Kaushik Basu was born in Kolkata, India, where he attended St. Xavier's Collegiate School. In an autobiographical essay he noted that finishing school in 1969 he was caught in a dilemma. His father wanted him to study physics. But those were revolutionary times and he wanted to study nothing. They settled on economics as half-way compromise between physics and nothing.[citation needed] In 1969 he moved to Delhi to do his undergraduate studies in Economics, from St. Stephen's College, Delhi. He then attended London School of Economics and was awarded MSc in economics from University of London in 1974. After earning his master's degree, Basu was supposed to move to England to study law and take over his father's legal practice, but he had fallen in love with the concept of logic and deductive reasoning and became fascinated by Amartya Sen's work.[5] He remained at the London School of Economics, University of London for his PhD, from 1974 to 1976.[6] He completed his PhD at University of London under the tutelage of Amartya Sen. He has received honorary doctorates from Lucknow University, Lucknow, in 2011, Assam University, Silchar, in 2012, Fordham University, New York, in 2013, Indian Institute of Technology Bombay, in 2013, University of Bath, U.K., in 2016, on the occasion of the university's fiftieth anniversary, and the Jadavpur University Kolkata in 2018.[7] His childhood interest in Euclidean geometry found expression and drew attention when he was Chief Economist of the World Bank and published a paper giving a new proof of the Pythagoras theorem, via a property of isosceles triangles.[8][9]

Personal life and beliefs

Kaushik Basu is married to Alaka Malwade Basu with two children, Karna and Diksha. Alaka is a professor at Cornell's Department of Development Sociology and has been a visiting professor at the Centre for the Study of Regional Development at Jawaharlal Nehru University in New Delhi.

Economic and political views

Kaushik Basu has written on the importance of Adam Smith’s discovery of the invisible hand of the market and how that helps coordinating the self-interested behavior of individuals to achieve order and optimality in an economy. He feels that this is such an unexpected finding that it led many traditional economists to overlook and then forget that moral qualities, like honesty, fairness, and integrity are critical for an economy to flourish. They are the nuts and bolts that enable the invisible hand to be effective. These are important qualities that need to be inculcated in an individual for personal development as well as within the society for development. Basu also feels the need to promote quality thinking in government and public debate.[10]

He has written in favor of Marx’s ideal of a society where each person gets according to their need and gives according to their ability. He argues in his book, Beyond the Invisible Hand, that the fault lies not in the Marxist aspiration but in using the wrong blue print to get to such an ideal. Some of the biggest blunders in history have been made from attempting to get to this ideal without a scientific roadmap. This is the reason why radical movements such as the one in the USSR began trying to build a humane, socialist society and ended up with crony capitalism. Kaushik Basu has recently worked on our collective moral responsibility and the role that individuals play in fulfilling them.[11]

Views on bribery

In his paper, 'Why, for a class of Bribes, the act of Giving Bribes should be treated as legal", Basu refers to certain bribes as 'Harassment Bribes' that are given to get what a person is legally entitled to such as a ration card or a passport. In such cases, only the act of taking a bribe should be illegal. This will cause a divergence in the interests of the bribe giver and taker and the bribe giver will be willing to co-operate to help the bribe taker get caught. This view has been under a lot of public debate.[12]

Career

Over the years Basu has held visiting professorships at the Massachusetts Institute of Technology, Harvard University, the Institute for Advanced Study in Princeton, New Jersey, the Université catholique de Louvain's Center for Operations Research and Econometrics (CORE) in Louvain-la-Neuve, Belgium, and the London School of Economics, where he was a distinguished visitor in 1993. Additionally, he was a visiting scientist at the Indian Statistical Institute, a public university in Kolkata, India.

Before his appointment as the World Bank's Chief Economist, Basu was the Chief Economic Adviser to India's Ministry of Finance while on leave from Cornell University where he is Professor of Economics and the C. Marks Professor of International Studies. A Fellow of the Econometric Society and recipient of the Mahalanobis Memorial Medal, Basu has published scientific papers in development economics, game theory, industrial organisation, political economy, the economics of child labour,[13] and crafted the traveller's dilemma.[14]

In 1992 he founded the Centre for Development Economics at the Delhi School of Economics, and served as its first executive director until 1996.[15]

His entry into government in 2009 was a new experience. In an interview with the Bengali magazine Desh, he said his earlier experience of government, when he was setting up CDE, was not a happy one. Letters and phone calls were met with no response. In desperation he went to see the then Finance Minister, Manmohan Singh. Many bureaucrats saw him waiting to meet the Minister. Thereafter their behaviour changed so markedly that he toyed with the idea of writing to the Minister to visit him periodically but not to disturb the Minister, just to sit in his waiting area for a while and go away.

Kaushik Basu is a columnist for BBC News Online, the Hindustan Times, Business Standard and is the author of several books on economics and a play, Crossings at Benaras Junction, which was published in The Little Magazine (vol. 6, 2005). He is the editor of the Oxford Companion to Economics in India, published by Oxford University Press (February 2007), which is a compendium on the Indian economy.

On 5 September 2012, he was appointed Chief Economist at the World Bank.[2]

Kaushik Basu was the president of the Human Development and capabilities association founded by Amartya Sen which promotes high quality research in areas of human development and capability. He is the Editor of Social Choice and Welfare, Associate Editor of Japanese Economic Review, and is on the Board of Editors of the World Bank Economic Review. He has been elected to take over as president of the International Economic Association in June 2017, and to serve a three-year term thereafter.

Kaushik Basu is the motivation behind Arthapedia, an online portal that provide explanations to the concepts used in Indian public policy to assist its understanding among citizens.[16]

He created Dui-doku, a competitive two-player version of Sudoku.[17]

While working at the World Bank, Basu also taught courses on game theory at the George Washington University in Washington, D.C.[18] He writes monthly columns for Project Syndicate.[19]

He has been the on the Social Sciences jury for the Infosys Prize from 2011, serving as Jury Chair from 2012.[20]

Basu currently teaches at Cornell University, where he has a joint appointment as an economics professor in the Department of Economics and the SC Johnson College of Business.

Awards and honours

Selected bibliography

Books

  • Basu, Kaushik (1980). Revealed preference of government. Cambridge University Press.
  • Basu, Kaushik The Less Developed Economy: A Critique of Contemporary Theory, Basil Blackwell, 1984.
  • Basu, Kaushik Agrarian Structure and Economic Development, Harwood Academic Publishers, 1990. This book is part of the series Fundamentals of Pure and Applied Economics edited by J. Lesourne and H. Sonnenschein.
  • Basu, Kaushik. Economic Graffiti: Essays for Everyone. Oxford University Press. 1991
  • Basu, Kaushik. Lectures in Industrial Organization Theory. Blackwell Publishers. 1992
  • Basu, Kaushik; Nayak, Pulin Development Policy and Economic Theory, Oxford University Press, 1992.
  • Basu, Kaushik; Majumdar, Mukul; Mitra, Tapan Capital, Investment and Development, Basil Blackwell, 1993.
  • Basu, Kaushik Agrarian Questions, Oxford University Press, 1994.
  • Basu, Kaushik; Suzumura, Kotaro; Pattanaik, Prasanta (1995). Choice, welfare, and development: a festschrift in honour of Amartya K. Sen. Oxford New York: Clarendon Press Oxford University Press. ISBN 9780198287896.
  • Basu, Kaushik. Of People, Of Places: Sketches from an Economist's Notebook. Oxford University Press. 1994.
  • Basu, Kaushik; Subrahmanyam, Sanjay Unravelling the Nation: Sectarian Conflict and India's Secular Identity, Penguin paperback, New Delhi, 1996.
  • Basu, Kaushik Analytical Development Economics, The MIT Press, 1997, ISBN 0-262-02423-3.
  • Basu, Kaushik. Prelude to Political Economy: A Study of the Social and Political Foundations of Economics. Oxford University Press. 2000.
  • Basu, Kaushik Readings in Political Economy, Blackwell Publishing, 2003.
  • Basu, Kaushik; Horn, Henrik; Roman, Lisa; Shapiro, Judith International Labor Standards, Blackwell Publishing, 2003.
  • Basu, Kaushik India's Emerging Economy: Performance and Prospects in the 1990s and Beyond, The MIT Press, 2004, ISBN 0-262-02556-6.
  • Basu, Kaushik (2005). Collected Papers in Theoretical Economics, Volume 1: Development, Markets, And Institutions. Oxford University Press. ISBN 0-19-566761-1.
  • Basu, Kaushik. Collected Papers in Theoretical Economics, Volume 2: Rationality, Games And Strategic Behaviour. Oxford University Press. 2005.
  • Basu, Kaushik Oxford Companion to Economics in India, Oxford University Press, forthcoming.
  • Basu, Kaushik Beyond the Invisible Hand. Groundwork for a New Economics, Princeton University Press, 2010, Paperback, 2016. (French edition, 2017.)
  • Basu, Kaushik An Economist's Miscellany, Oxford University Press, 2011
  • The Republic of Beliefs. Princeton University Press. 2018. ISBN 9780691177687.
  • Basu, Kaushik Policymaker's Journal: From New Delhi to Washington, D.C., Simon and Schuster, 2021

References

  1. ^ "Basu, Kaushik". Library of Congress. Retrieved 17 July 2014. CIP t.p. (Kaushik Basu) data sheet (b. Jan. 9, 1952)
  2. ^ a b "World Bank Appoints Kaushik Basu Chief Economist" (Press release). World Bank. 5 September 2012. Retrieved 7 September 2012.
  3. ^ "Plaksha | Reimagining Technology Education and Research". plaksha.org. Retrieved 19 November 2020.
  4. ^ "Business Financial, Economy, Market, Stock - News & Updates". www.thehindubusinessline.com. Archived from the original on 8 July 2010.
  5. ^ Rasheeda Bhagat. "Business Line : Features / Life : Kaushik gets candid". Thehindubusinessline.com. Retrieved 26 March 2012.
  6. ^ Business Standard (17 September 2009). "Kaushik Basu tipped for CEA's post". Business Standard India. Business-standard.com. Retrieved 26 March 2012. {{cite news}}: |author= has generic name (help)
  7. ^ "Ex-CEA Kaushik Basu says slowing GDP growth cause for concern". The Economic Times. 25 December 2018. Retrieved 25 December 2018.
  8. ^ Coy, Peter (18 September 2015). "World Bank Economist Proves Pythagorean Theorem (2,600 Years Late)". Bloomberg. Retrieved 18 April 2022.
  9. ^ Basu, Kaushik (2016). "A New and Rather Long Proof of the Pythagorean Theorem by Way of a Proposition on Isosceles Triangles". The College Mathematics Journal. 47 (5): 356–360. doi:10.4169/college.math.j.47.5.356. S2CID 125424426.
  10. ^ Business Standard (3 May 2011). "Lunch with BS: Kaushik Basu". Business Standard India. Business-standard.com. Retrieved 26 March 2012. {{cite news}}: |author= has generic name (help)
  11. ^ Basu, Kaushik (28 April 2021). "The Samaritan's Curse: Moral Individuals and Immoral Groups". Cambridge University Press. 38 (1): 132–151. doi:10.1017/S0266267121000067. S2CID 235568992. Retrieved 28 February 2022.
  12. ^ "Request Rejected" (PDF).
  13. ^ Kaushik Basu and Pham Hoang Van (June 1998). "The Economics of Child Labor". American Economic Review. 88 (3): 412–427. Bibcode:2003SciAm.289d..84B. doi:10.1038/scientificamerican1003-84. PMID 14513522.
  14. ^ Kaushik Basu (May 1994). "The Traveler's Dilemma: Paradoxes of Rationality in Game Theory". American Economic Review. 84 (2): 391–395.
  15. ^ "Kaushik Basu appointed eco advisor to FM". The Times of India. 9 December 2009.
  16. ^ "Site Under Construction". www.arthapedia.in. Archived from the original on 5 May 2012.
  17. ^ Goldstein, Jacob (6 September 2012). "Two-Player Sudoku, Invented by the World Bank's New Chief Economist". NPR's Planet Money. Retrieved 7 September 2012.
  18. ^ Lopez, Julyssa (27 March 2013). "World Bank Chief Economist Gives Students Lessons on 'Game Theory'". GW Today. Retrieved 1 March 2016.
  19. ^ "Kaushik Basu - Project Syndicate". Project Syndicate. Retrieved 13 October 2017.
  20. ^ "Infosys Prize - Jury 2020". www.infosys-science-foundation.com. Retrieved 9 December 2020.
  21. ^ "Kaushik Basu receives Humboldt Research Award". Cornell Chronicle. Retrieved 21 November 2021.
  22. ^ "Indian economist Kaushik Basu awarded prestigious Humboldt Research Award". India Today. 6 July 2021. Retrieved 21 November 2021.
  23. ^ Business Standard (8 December 2009). "Kaushik Basu assumes office as CEA". Business-standard.com. Retrieved 26 March 2012. {{cite web}}: |author= has generic name (help)
  24. ^ "Archived copy" (PDF). Archived from the original (PDF) on 3 December 2011. Retrieved 14 January 2012.{{cite web}}: CS1 maint: archived copy as title (link)
  25. ^ Blog, News (22 May 2013). "Fordham Notes: Kaushik Basu's GBA Commencement Address". {{cite web}}: |first= has generic name (help)
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Non-profit organization positions
Preceded by President of the Human Development and Capability Association
2010–2012 		Succeeded by
Diplomatic posts
Preceded by Chief Economist of the World Bank
2012–2016 		Succeeded by
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