1. Introduction -- 2. The purported logic of demonetisation -- 3. Design and implementation of demonetisation -- 4. Initial outcomes -- 5. Macroeconomic consequences -- 6. Inventing a new Utopia -- 7. Conclusion.

This paper examines myopic, populist policies that guarantee short-term financial protection of the people from the elite without regard for long-term fiscal or monetary distortions. Assuming that citizens are financially heterogeneous, this paper shows that inefficient outcomes can arise when...

Followers of law, politics and business commonly relate stories of individuals who appear to predict an expected self-performance level below what they believe likely. Candidates, attorneys and firms sometimes seem to under-predict their own capacities. Insofar as individuals typically construct...