Lecture by Senior Vice President of the World Bank Kaushik Basu "Human behavior and economic development”


At the IIRPS Mr Kaushik Basu, Senior Vice President (Development Economics) and Chief Economist of the World Bank, delivered the lecture on the topic "Human behavior and economic development” (2014).

The phrase "Economic development depends on economic policy," sounds like an obvious axiom.  And that has been the mainstay of development policy for a long time. But research and mounting evidence over the last two decades or so have alerted us to the fact that economic development also depends on human psychology, culture and social norms. This does not detract from the importance of long-standing wisdom about economic policies. It simply means that growth and development have other drivers that can play a powerful role but have languished unused in the sidelines. This is the theme of the upcoming World Development Report 2015  of the World Bank Group, which draws on the growing literature to broaden the policy space for economic development. At the lecture at Institute of International Relations and Political Science (Vilnius University), the Chief Economist and Sr. Vice President of the World Bank, Kaushik Basu will speak about the Report and go beyond it to discuss the role of multi-disciplinary methods for development and growth.