The Kerala Model: The Stories Within

Kerala in Map of India

The Kerala State’s Economic Review 2020 blandly claims that the State’s development outcomes are comparable with the most developed countries. Is this true? Has Kerala’s progress in economic indicators since independence been superior to that of other States? To what extent are the State’s historical, geographical, social, and cultural factors responsible for its superior outcomes? Didn’t countries and regions with similar characteristics have similar and perhaps better outcomes? We examine these questions and are led to conclude that the ‘Kerala Model’ is less a model and more an experience. Continue reading “The Kerala Model: The Stories Within”

Are we Goodhart-ed? Some questions for pandemic times

In monetary theory, Goodhart’s Law states that “when a measure becomes a target, it ceases to be a good measure.” That is because people, and even governments and other organizations start gaming the target. Known after Charles Goodhart, Emeritus Professor at the London School of Economics, and a former Chief Adviser and External Member of the Monetary Policy Committee at the Bank of England, who had propounded it, Goodhart’s Law was originally formulated in the context of monetary policy during the Thatcher years. But its utility goes beyond monetary policy in explaining various phenomena where targets are met, but underlying performance is poor. Continue reading “Are we Goodhart-ed? Some questions for pandemic times”

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