New Delhi: Former prime minister Manmohan Singh speaks at a book release function in New Delhi on Saturday. PTI Photo New Delhi: Former prime minister Manmohan Singh speaks at a book release function in New Delhi on Saturday. PTI Photo

Economics should be studied not to find settled answers to unsettled questions but to warn on how not to be deceived by clever economists, former Prime Minister Manmohan Singh said quoting economist Joan Robinson. “When we study economics, what is the purpose of the study of the economics? It is not to find settled answers to unsettled questions but to warn us how not to be deceived by clever economists,” Singh said at launch of the book ‘Evolution of Economic Ideas – Smith to Sen and beyond’ by DCM Limited’s Chairman Vinay Bharat Ram.

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Speaking further about studying economics, Singh quoted economist AC Pigou to say that when economics is studied, the impulse is not the philosopher’s impulse, knowledge for the sake of knowledge but for the healing that knowledge may help to bring.

Though the former Prime Minister has been critical of the government’s decision to scrap high-denomination currency notes, he refused to comment on demonetisation and its impact on India’s economy.

Last week, during the Jan Vedna Sammelan called by the Congress, Singh had said that the impact of demonetisation was being felt across the country but the worst was yet to come. “Demonetisation has hurt the country. Things have gone from bad to worse, but the worse is yet to come…Modi ji keeps saying he’s out to transform the economy. We now know the beginning of the end has come. His claims are hollow,” he had said.

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