A new lens on India's law and economics

Indian Chamber of Commerce organised an interactive session with Dr Kaushik Basu, Professor of Economics and Carl Marks Professor of International Studies, Cornell University, Ithaca, New York on January 14. In this event, which was held at Terrace Garden, Taj Bengal, Kolkata, ICC also released Dr Basu's recent book titled 'The Republic of Beliefs: A new approach to Law and Economics.'

While talking about the book Dr Basu informed the gathering that in his book he argues that the traditional economic analysis of the law has significant flaws and has failed to answer certain critical questions satisfactorily.

He further added that in his book he brought in modern game theory and developed a "focal point" approach. In the book, he has also demonstrated the connections between social norms and the law and showed how well-conceived ideas can change and benefit human behavior. The book provided a new paradigm for the ways that law and economics interact—a framework applicable to both less-developed countries and the developed world.

Rudra Chatterjee, President, ICC during the conversation with Dr Kaushik Basu discussed some of the recent policies such as demonetisation, GST, Indian agriculture and IBC.

While delivering the welcome address Mayank Jalan, Senior Vice President, ICC, said that India remains extremely proud and indebted to Basu for his contribution to the development of nation, for founding two premier educational bodies – namely Centre for Development Economics in Delhi and Madras School of Economics, and bringing on board theories and studies that aim at the broader benefits of the society. While introducing Basu, he also added that currently Basu is holding the prestigious position of the President of the International Economic Association and was the fourth President of Human Development and Capabilities Association, founded by Amartya Sen.

Vikash Agarwal, Vice President, ICC while delivering the formal vote of thanks said that the chamber feels extremely honored to have been able to interact with Dr Basu, a stalwart in the arena of economics and a name that our nation is proud of. He further added that the gathering is enlightened by the discussions and deliberations definitely taking home some important insights.