Meghnad Desai Academy of Economics

On August 12th, 2023, a momentous day unfolded at the Meghnad Desai Academy of Economics (MDAE) as we celebrated our seventh Convocation, where the exceptional Class of 2023 was proudly awarded their PG Diplomas in Economics and Data Science & Finance.

Our hearts swelled with pride as we welcomed the Chief Economic Advisor (CEA) to the Government of India, Dr V Anantha Nageswaran, as our distinguished chief guest. Mr. Nageswaran, the chief economist to the Prime Minister of India, graced us with his presence and delivered a mesmerizing speech. Drawing from the realms of economics and beyond, he offered profound insights into the role of irrationality and emotions in the economic choices made by individuals, corporations, governments, and other stakeholders. A few of his illuminating remarks are shared below to give you a glimpse of his awe-inspiring address.

"The laws of physics are deterministic, unyielding to time and place. However, the laws of economics are far more nuanced, shaped by the social, political, and cultural context. They are path-dependent, heavily influenced by history. Why did economists embrace mathematics so fervently in the 1970s? Many believed that by aligning economics with rational expectations, it could become as deterministic as physics. They saw economics as a reliable, self-correcting mechanism for economic agents like us - precise, scientific, mathematical machine. Yet, we know, or rather, we should know better. Humans are inherently irrational. Factors beyond expected value, net present value, or costs and benefits shape our decisions. By embracing the complexity of human behaviour in economic thinking, we stand a better chance of thriving in the age of Artificial Intelligence, a challenge to the way of life we've long taken for granted."

Interestingly, Mr. Nageswaran's insights resonate profoundly with MDAE's core philosophy. While we equip our students with mathematical models, we also instill in them the understanding that human behaviour is inherently irrational and asymmetric. It defies neat mathematical models. We teach our students to navigate this complexity, offering a real-world-based education that sets us apart from conventional institutions. We firmly believe that this pedagogical approach, focused on teaching students how to think rather than what to think, positions them well to confront the challenges posed by Artificial Intelligence.

Alongside Mr. Nageswaran, we were honoured by the presence of Lord Meghnad Desai, Emeritus Professor of Economics at the London School of Economics and Chairman of the MDAE Board, who delivered a captivating address to our Convocation, inspiring our graduating students to reach for the stars.

On this special day, we also had esteemed guests on stage, including Dr. Ajit Ranade, Vice Chancellor of the Gokhale Institute of Politics and Economics; Professor Abhinay Muthoo, Dean of MDAE; and Amlesh Kanekar, Director of MDAE's Academic Programs.

In addition to our exceptional Class of 2023 and their cherished family and friends, we were honoured by the presence of MDAE Board members, dedicated faculty, proud alumni, and our enthusiastic new students.

The 7th MDAE Convocation was a day of celebration, inspiration, and reflection. As we look ahead, we are confident that our graduates, armed with a deep understanding of economics and human complexity, are well-prepared to face the challenges of the future, including the formidable presence of Artificial Intelligence. Here's to the next generation of economists and change-makers!

#MDAEConvocation2023 #EconomicsEducation #AIandHumanComplexity"