This refers to the article, “From one economist to another” (December 1) by Shreya Kedia. We, as post graduates students of economics, were taught about the great depression of the 1920s and the 1930s, which dominated our academic discourse. It was attributed to John Maynard Keynes that, to end depression of that magnitude, it would revive the economy even if big earth-holes are first made and then filled up. This would not generate any asset but employment and monetary wages.
This was purely an academic discussion on the great depressions’ context, which was a short-term phenomenon in terms of Keynes’ remedies. This phrase, ‘In the long run we are all dead”, was, therefore, used to emphasise short-term remedies of monetary policies to meet the calamity of great depression. Hence, the use of ‘long run’, appeared to be irrelevant in the context as of now, in Manmohanomics. Noted economist Bibek Debroy is more relevant in the current context of demonetisation.