The Institute for New Economic Thinking (INET) along with the Department of Economics, Indian Institute of Technology Bombay (IITB) organised the Young Scholar Initiative (YSI) Festival at the IITB. The festival was themed ‘Meeting of Young Minds (MYM) in Frontiers of Economics,’ and showcased cutting-edge research on economics by nearly 50 young PhD scholars from India and around the globe.
The INET delegation included renowned American political philosopher Michael Sandel. He was joined by Dr Rohinton Medhora, Chairman, Board of Directors, INET, Dr Robert Johnson, President, INET and Sunanda Nair Bidkar, Director, Strategic Planning, South Asia, INET.
“Economics is closely connected to other fields and humanity, with a shift towards an intangible economy where services outweigh agriculture in GDP. While initial costs and risks are high, advantages include agglomeration and geopolitics. The US and China dominate the fourth industrial revolution, but India has demonstrated remarkable innovation and potential, especially following the G20 Summit’s success”, Rohinton P Medhora, Chairman of the Board, The Institute for New Economic Thinking, said.
The YSI Festival attendees explored research in macroeconomics, microeconomics, behavioural economics and other key domains, making it a pivotal gathering for all those passionate about the future of economic thought. At the festival, presentations, panel discussions and interactive sessions were held featuring panel discussions by many senior scholars. The festival promoted collaboration and knowledge exchange among participants and scholars from diverse backgrounds.
“The current approach often taught in many places assumes economics is a value-neutral science of human behaviour and social choice, which is a mistake that hinders its connection with a long tradition of economic thought. The author believes that economics should be taught with a focus on these subjects”, Michael Sandel, Professor, Harvard University and Author of ‘Justice’, said.
