A very thought provoking article in the Times Of India claims that events so far have proved the opponents of the note ban entirely wrong. Our own analysis suggests that the jury is still out on this, and we will need to wait until 2018 and maybe even longer, before we can pronounce a verdict on how the note ban has turned out.
The article was written by a “Columbia team”, led by the great Jagdish Bhagwati, University Professor at Columbia, along with two alums, Vivek Dehejia and Praveen Krishna (BDK from here on). These scholars, along with my old friend Suresh Sundaresan of the Columbia Business School, have been at the forefront of people who have defended the note ban from its many critics. However, I will attempt here to rise above my institutional loyalties and judge these claims in a factual way.