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How demonetisation hampers economic activity

Most bankers, it seems, are not aware that discretion is the better part of valour

Rahul Khullar 

Most bankers, it seems, are not aware that discretion is the better part of valour. Which is why we have a non-performing assets-induced mess that is holding back economic recovery. Which is also why some bankers aver that economists talk nonsense.

Many years ago, Irving Fisher formulated the quantity theory of money, the fount of monetarism. The simple identity of exchange was that the value of transactions that a given stock of money could support would depend on the velocity of money, viz the number of times money changes hands in the process of completing transactions. What this means is ...

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First Published: Wed, December 07 2016. 22:33 IST