The "India and Global Economy Forum" opened with a reminder that economics is less a set of memorized facts than, as economist Tyler Cowen puts it, a way of thinking that helps people make better decisions and lead happier lives. The session traced the discipline's evolution through Adam Smith's Wealth of Nations (1776), Alfred Marshall's Principles of Economics (1890), and Paul Samuelson's landmark 1948 textbook, before turning to Richard Thaler's behavioural economics — the study of how emotion, not just logic, shapes financial decisions. Speaker also distinguished microeconomics from macroeconomics, and economic growth (measurable) from economic development (broader and harder to quantify). The discussion closed with a look at global institutions such as the World Bank and IMF, India's own Liberalization-Privatization-Globalization (LPG) reforms, and the twelve pillars — from institutions and infrastructure to innovation — that define a competitive modern economy.
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