Member of planning commission and noted economics professor Abhijit Sen inaugurated the School of Economics at the University of Hyderabad campus here on Monday.
Addressing the students and faculty members, the economist at Jawaharlal Nehru University, Delhi, pointed out at the internal conflicts faced by economics as a discipline.
“A collaboration between experts from different sectors is required for a multi-dimensional approach to a problem, keeping the interest of the society at large,” said Professor Sen.
As a member of planning commission and his expertise in the field of agriculture and economic reforms, the economist demonstrated that a particular issue can be addressed through varied approaches and there is no one size that fits all.
Delivering the foundation day lecture, Professor Sen shared an example of how fundamental assumptions need to be questioned in today’s parlance. “While advising farmers about the potential benefits of optimizing their farm inputs and labour time, economists are often guided by the subtle assumption that all economic agents are rational decision makers and know their interests best.
However, this is contrary to the supposition that farmers are unaware of opportunities and benefits of optimization mechanics themselves,” observed Dr. Sen.
At the inaugural of the eleventh school on the UoH campus, vice chancellor professor Ramakrishna Ramaswamy urged the faculty and students to aspire for the best standards. The school will be headed by Professor G. Nancharaiah of UoH.