Prime Minister Manmohan Singh, who himself is an economist of repute, came out strongly in support of the economists at the opening session of the 92nd annual conference of the Indian Economic Association (IEA) here on Sunday.
“Non-economists often describe economics as a ‘dismal science.’ But I think this is a misleading description. Economics appears dismal only because economists often focus on problems which seem difficult to solve and very often, these problems relate to the living conditions of those who are not making sufficient progress, or whose progress could be threatened in future,” Dr. Singh said while inaugurating the meet.
“Malthus’s original prediction about population running out of sustenance is perhaps the most famous dismal forecast. Similarly, forecasts about climate change in future and its likely effects will qualify as dismal in the extreme,” he said.
“And yet, such analyses perform a very essential function. They draw attention to basic problems which, if not addressed in time, will snowball to unmanageable levels. Our critics should remember that we economists focus on problems not to revel on them, but to draw public attention to these issues and their possible solutions, in the hope that the attention they receive will lead to a resolution,” he observed.
This was well reflected in the experience in India with the evolution of perceptions on key issues and on how to design public policy to achieve the key socio-economic goals.
Dr. Singh said the economists had been at the forefront of thinking on these difficult issues and taken the lead in getting new ideas accepted.
“However, we should recognise that once the new ideas get established, they get transformed into orthodoxy, and orthodoxy typically doesn’t change when circumstances change. It is then left to other economists to enter the fray and challenge established beliefs and argue for new approaches,” he observed.
Dr. Singh, who is a life member of IEA, was the president of the organisation way back in 1985.
He had many happy memories of the Association and its activities, he said.