So the chief economist of the govt. is saying that people are not "so desparate" and not "so distressed" - sometimes you just need to apply a little logic rather than 'economics' to a problem. Troll me for being a twitter economist. Thread. @narendramodi https://twitter.com/SandeepParekh/status/1259534465426210816?s=20
So our expert economist is saying he doesn't believe in biases and anecdotal evidence. He says that the Pradhan Mantri Jan Dhan Yojna grew from 1.18 lac crores to 1.28 lac crs, and therefore people were not "so desparate" or "so distressed". Else wouldn't they be emptying a/cs?
First of all, when anecdotal evidence is all around - from billionaires to the 325 million households who live just at or below the poverty limit - YOU SHOULD look at anecdotal evidence. Outside of Lutyens Delhi - there is economic pain everywhere. Everywhere.
Actually even in Lutyen's Delhi there is some pain. Since when did economics entail ignoring the blindingly obvious because of some theory? But I'll ignore anecdotal, I'll ignore the massive fall in growth in GDP for this thread. I'll just address the hypothesis here.