Global Journal for Aspiring Economists

Introducing the Issue's Theme & Letters from the Editors

Anshika Bhatt — 2024-12-01

This inaugural issue of GAEE India Magazine focuses on Global Economic Challenges & Opportunities, exploring the complex interconnections that shape today’s global economy. In a time of rapid technological change, geopolitical shifts, and evolving economic models, this edition examines key topics such as supply chain disruptions, the emergence of alternative economic frameworks, and the role of artificial intelligence in financial markets.

With contributions from our members, scholars, and practitioners, the magazine aims to provide valuable insights for economists, entrepreneurs, and students alike. It highlights how global trade can drive growth while also revealing vulnerabilities, and stresses the importance of resilience and sustainability in tackling urgent issues like climate change.

By engaging with these critical themes, GAEE India Magazine seeks to inspire innovative thinking and proactive approaches to navigating the global economic landscape, helping readers effectively address both opportunities and challenges in their endeavors.

A quick note on our college chapters in India

Members of the Global Association of Economics Education — 2024-12-01

Let's hear from the various college chapters of the Global Association for Economics Education (GAEE) in India as they share their journeys, initiatives, and achievements in promoting economic literacy and innovation within their respective communities.

GAEE DRC has established itself as a vibrant community since its inception in 2021, empowering students through a range of activities including Project Vittalaya, which teaches financial concepts to underprivileged children, and engaging masterclasses that attracted over 500 participants. The chapter's notable achievements include winning GAEE India’s ‘Policy Showdown’ for innovative ideas on economic resilience, showcasing its commitment to social upliftment and skill development.

GAEE IIFT, recognized as the largest student society at the Indian Institute of Foreign Trade in Kakinada, has fostered a dynamic learning environment through events like Think Tank discussions and the Strategy Codex case competition. Their collaboration with organizations such as Zerodha Varsity has enriched member experiences, culminating in the chapter receiving the best chapter award for the academic session 2023-24, reflecting their dedication to personal and professional growth.

GAEE JMC has expanded its membership significantly while connecting theoretical economics with practical applications. The chapter hosted discussions on important global issues like climate change and secured second place in GAEE India’s Niti Tantra Policy Showdown. Their vision includes achieving formal recognition and enhancing outreach to further their impact.

GAEE St. Stephen’s has aimed to make economics accessible through diverse activities such as podcasts and quizzes. The chapter has experienced remarkable growth in participation, indicating a strong interest in its initiatives, and is committed to nurturing a culture of curiosity and collaboration among students.

GAEE Hansraj, although relatively new, is building a foundation through workshops and webinars aimed at promoting knowledge in finance and entrepreneurship. Future plans include flagship events that combine case competitions with guest speaker sessions to solidify its presence within the college ecosystem.

GAEE LSR focuses on fostering intellectual growth through engaging activities across its finance, entrepreneurship, and economics verticals. The chapter celebrates diversity and aims to create an inclusive environment where all members can thrive while continuing to push boundaries in economic education.

GAEE DTU has made significant strides in cultivating economic awareness through interactive orientation programs and social media initiatives. The chapter reflects on its transformative journey toward bridging theoretical knowledge with practical application, empowering members to take ownership of their learning.

GAEE India

Members of the Global Association of Economics Education — 2024-12-01

GAEE India has had a dynamic 2024, launching with its first full-team meeting on February 8, where new members were introduced and the organization's vision was shared. Key events included an orientation for chapter presidents, a seminar by industry practitioners working at the G20 and the Ministry of External Affairs, and the GAEE Championship, which featured competitions in policy-making, finance, and entrepreneurship. These initiatives aimed to enhance skills and foster collaboration among members of the Indian chapters.

Additionally, GAEE India organized workshops such as an investment masterclass and a research workshop on writing economic papers. The "Pathfinders" interview series showcased influential scholars and business leaders who shared their career insights, emphasizing the importance of interdisciplinary approaches and networking. These activities reflect GAEE India's commitment to professional development and community building within the fields of economics and policy and staying true to the spirit of the global GAEE network.

Reflections & Acknowledgement

Members of the Global Association of Economics Education — 2024-12-01

The last few pages of the magazine provide a space to reflect on the experiences of alumni and current members of GAEE India, highlighting their personal journeys and the impact of their involvement with the organization. Members share stories of growth, teamwork, and the meaningful projects they undertook, such as organizing the GAEE Championship and engaging in community service initiatives. Their narratives emphasize the friendships formed, skills developed, and the sense of purpose derived from contributing to economic education and social impact through GAEE.

Through their reflections, members express gratitude for the supportive environment at GAEE, which fostered collaboration and resilience. They recount memorable moments that shaped their experiences, illustrating how GAEE became more than just a college society—it evolved into a significant part of their lives.

In Conversations with Industry Experts

Amarnath Tripathi — 2025-01-12

GAEE India Magazine editors sat down with three industry experts—Dr. Amarnath Tripathi, Mr. Amitabh Tiwari, and Prof. Subrato Banerjee—who share their insights on the intersection of economics, public policy, and societal development in India.

Dr. Amarnath Tripathi, an Associate Professor at the Jaipuria Institute of Management, discusses his extensive academic journey and contributions to policy advocacy in agriculture and economic planning. He emphasizes the importance of research in shaping national programs and offers advice for aspiring economists, highlighting the significance of determination and self-learning in pursuing a Ph.D.

Mr. Amitabh Tiwari, a seasoned political strategist and former corporate banker, reflects on his transition from finance to public policy. He shares valuable lessons from his career, stressing the importance of following one’s passion and embracing challenges as opportunities for growth. Tiwari also addresses pressing global issues such as inequality, climate change, and misinformation, advocating for informed public discourse.

Mr. Subrato Banerjee, an Assistant Professor at IIT Bombay and a Behavioral Scientist, explores the role of behavioral economics in policymaking. He discusses the significance of experimental economics and interdisciplinary approaches in addressing societal challenges. Banerjee encourages young learners to embrace curiosity and persistence while navigating complex fields like economics.

The Circular Economy

Mannath Kaur — 2025-01-12

In this topical imprint, we explore the intersection of ancient Indian wisdom and modern business practices within the framework of the circular economy. The three articles in this imprint emphasize the urgent need for a shift from the traditional linear economic model, characterized by a “take-make-dispose” approach, to a more sustainable circular model that minimizes waste and optimizes resource use.

The first article, authored by Mannath Kaur, discusses the pressing need to transition from the traditional linear economic model—characterized by a “take-make-dispose” approach—to a sustainable circular economy that minimizes waste and optimizes resource use. Kaur emphasizes how ancient Indian philosophies, particularly the Chakra system, can inform contemporary business models by promoting interconnectedness, cyclical flow, and holistic resource management.

The second article, authored by Ananya Gupta, Ankita Kushwah, and Navya Raizada, focuses on practical applications of circular economy principles in India. It showcases successful case studies of businesses like Goonj and Tata Steel that effectively integrate sustainability into their operations. The authors illustrate how leveraging traditional practices can lead to innovative solutions that address environmental challenges while fulfilling social needs.

The third article, authored by Surender Singh Rathore, discusses the broader implications of adopting a circular economy in India. Rathore highlights its potential to create economic resilience, reduce dependency on finite resources, and foster job creation. The article underscores the importance of merging ancient practices with modern technologies to enhance sustainability efforts.

The final article, authored by Subhranjan Padhy, explores how ancient Indian wisdom can inform sustainable practices in various sectors. Padhy emphasizes that principles derived from traditional Indian practices can guide modern sustainability efforts and contribute to addressing contemporary environmental challenges. The article argues for a return to these time-tested methods as a means to foster ecological balance and resource efficiency in today’s rapidly changing world.

Ripple Effects of War on the Indian Economy

Bhavani Bhalla — 2025-01-12

This topical imprint analyzes the multifaceted impacts of war on the Indian economy, exploring historical and contemporary conflicts and their economic repercussions.

The first article, authored by Bhavani Bhalla and Sejal Goyal, explores the historical context of warfare in India, tracing its effects from the Vedic period through the Maurya and Gupta empires, the medieval period, colonial rule, and into the post-independence era. The authors illustrate how wars have historically disrupted trade routes, altered economic exchanges, and strained local economies. They highlight significant conflicts such as the Kalinga War and the Anglo-Mysore Wars, emphasizing that warfare has often led to increased taxation on agrarian communities and profound economic transformations.

The second article, authored by Tharun K M, focuses on the economic shockwaves caused by modern conflicts, particularly the Russia-Ukraine war. K M discusses how supply chain disruptions and rising energy costs from such conflicts disproportionately affect developing nations like India. The article outlines how these wars lead to inflationary pressures, infrastructure damage, and food security concerns, ultimately exacerbating vulnerabilities in India’s economy.

The third article, authored by Janvi Allawadhi, Aanya Jain, and Sneha Verma, examines the ongoing geopolitical tensions and their implications for India’s economic stability. The authors argue that modern conflicts have imposed significant costs on India’s economy by diverting resources towards defense spending at the expense of social welfare investments. They analyze how contemporary issues such as terrorism and border tensions with neighboring countries further strain trade relationships and energy security while impacting inflation.

Global Supply Chain Disruption

Samridhi Gupta — 2025-01-12

From the Economic Vertical of GAEE India, this series of articles explores the complexities and challenges of global supply chains, highlighting the multifaceted causes of disruptions and their economic consequences.

Samridhi Gupta, Jhanvi Kapoor, Hazel Avasthiey, and Shereen John discuss the various factors contributing to supply chain disruptions, including natural disasters, geopolitical tensions, and operational inefficiencies. They emphasize the significant impact these disruptions have on businesses and economies, leading to increased costs, production delays, and inventory management challenges.

Sanvi Aggarwal elaborates on the importance of resilience in supply chains, advocating for robust strategies that foster innovation and adaptability in an unpredictable global landscape.

Sharvesh Bhaskaran provides insights into the recent shocks faced by supply chains due to pandemics and geopolitical conflicts, analyzing how these events have revealed vulnerabilities in global production networks.

Economic Nationalism vs. Globalization

Mukta — 2024-12-01

From GAEE's Economic Vertical, this series of articles examines the relationship between globalization and economic nationalism, exploring their definitions, historical contexts, and impacts on the global economy.

Mukta introduces the concept of globalization, highlighting its role in fostering interconnectedness among nations while also addressing the backlash of nationalism that has emerged in response to perceived threats to sovereignty and local economies. Priyanshi Joshi explores economic nationalism, defining it as an ideology that prioritizes government intervention to protect domestic industries and promote national interests. The author discusses how this approach contrasts with globalization’s focus on free trade and international cooperation.

The articles further explore the dynamics of globalization, detailing its types—economic, political, and cultural—and their effects on individuals, communities, and institutions. They highlight both the benefits of globalization, such as increased access to markets and innovation, and its drawbacks, including environmental degradation and cultural homogenization.

Kanika Kabbar, Harshita Vats, Suhani Sharma, and Priya Kumari analyze how economic nationalism can coexist with globalization, advocating for a balanced approach that integrates protective policies with global market engagement. They argue that such a dual strategy can enhance economic resilience while ensuring that national interests are safeguarded.

The Shadow Economy

Alubiya Saji — 2024-12-30

In this series of articles from the Economic Vertical, we explore the multifaceted nature of the shadow economy, its implications, and the various forms it takes across different contexts.

The first article, by Alubiya Saji and Yashashwini Rathore, examines the concept of the shadow economy, defining its scope and examining its significant impact on social and economic structures. They highlight the various types of dark economies, including the illegal, unreported, unrecorded, and informal economies, and discuss the illicit markets that thrive within these frameworks.

The second article, authored by Govind Menon, focuses on the global context of illicit markets, exploring their classification and characteristics. Menon argues that black markets arise from regulatory constraints and high taxation, leading individuals to engage in illegal activities. He emphasizes the need for understanding these markets to develop effective counter-strategies.

The third article, written by Ayushi Ladda, Harshini Sakireddy, Kanak Sharma, and Sukriti, investigates the dynamics of illicit trade, particularly in sectors such as drug trafficking and human trafficking. They analyze how these activities exploit regulatory loopholes and contribute to societal issues like corruption and violence.

The fourth article by Bhavika Jain, Aashna Dhingra, and Radhika Kukreja examines the phenomenon of black marketing in India, using recent events in concert ticket sales as a case study. They discuss how black markets operate outside legal frameworks and the implications for consumers and society.

Finally, Kavya Bhatia's article addresses the socio-economic impact of illicit markets globally, providing case studies on drug trafficking in Latin America, cybercrime in Eastern Europe, and wildlife trade in Southeast Asia. Bhatia emphasizes the need for coordinated international efforts to combat these pervasive issues while acknowledging the complexities involved.

The Gig Economy

Names of the authors are being added. We appreciate your patience. — 2024-12-30

In this series of articles, we examine the gig economy's impact on labor markets, highlighting its transformative nature and the challenges it presents.

The first article, authored by Akhila S, Simran, and Himadri, explores the foundational aspects of the gig economy, defining its characteristics and contrasting it with traditional employment models. They discuss how digital platforms facilitate gig work and the implications for job security and worker protections.

The second article, written by Diksha, focuses on the global rise of the gig economy, analyzing technological advancements and changing consumer needs that have fueled this trend. Diksha emphasizes the flexibility and autonomy offered by gig work while also addressing concerns regarding job stability and benefits.

The third article by Sachika Jha examines the economic precarity associated with gig work, detailing how the gig economy erodes traditional employer-employee relationships. Jha highlights the commodification of labor and its implications for workers' rights and social security.

The fourth article, authored by Vanya Goel, Anya Arora, and Aditi Tuli, investigates the opportunities and risks within the gig economy, particularly for marginalized groups. They emphasize the democratization of entrepreneurship while acknowledging the vulnerabilities faced by gig workers in terms of income instability and lack of protections.

The fifth article by Ananya Syngal discusses the future of work in India, analyzing how the gig economy is reshaping employment landscapes. Syngal highlights the potential for increased inclusivity but warns of the need for regulatory frameworks to protect gig workers' rights.

Neuroscience & Entrepreneurship

Names of the authors are being added. We appreciate your patience. — 2024-12-30

In this series of articles, we explore the emerging field of neuro-entrepreneurship, which integrates insights from neuroscience with entrepreneurial practices to enhance decision-making, creativity, and innovation in business.

The first article, by Riya Gupta, examines how understanding cognitive processes such as memory and emotional responses can empower entrepreneurs to refine their decision-making skills and foster innovative thinking. Gupta highlights the importance of emotional regulation and cognitive flexibility in navigating the complexities of entrepreneurship.

The second article, authored by Kavya Suri, delves into the historical evolution of neuro-entrepreneurship, focusing on key concepts such as risk-taking and decision-making processes. Suri emphasizes the relevance of neuroscience in shaping entrepreneurial behavior and enhancing training programs aimed at fostering cognitive flexibility among aspiring entrepreneurs.

The third article, written by Niharika, discusses the practical applications of neuroscience in business, particularly in marketing and consumer behavior. Niharika illustrates how techniques like fMRI and EEG can provide deep insights into consumer decision-making processes, ultimately leading to improved customer satisfaction and business success.

Culture & Entrepreneurship

Names of the authors are being added. We appreciate your patience. — 2024-12-01

In this series of articles from the Entrepreneurship Vertical, we examine the concept of leveraging local culture for global impact, particularly focusing on India's diverse cultural heritage and its potential in various industries.

The first article, by Srijeeta Modak, Janiya Shijan, Varshika Jain, and Zaerah Iqbal, explores how India can celebrate its unique cultural identity amidst globalization. The authors discuss the significance of local elements in art, food, fashion, and wellness as tools for cultural diplomacy and economic growth, emphasizing that India's rich traditions can resonate with global audiences seeking authenticity.

The second article, authored by Suhani Goel, investigates the role of cultural entrepreneurship as a powerful economic driver. Goel highlights how local cultures can be transformed into profitable businesses while promoting community identities. The article employs SWOT analysis to identify the strengths and opportunities within cultural entrepreneurship, showcasing successful examples that bridge local traditions with global markets.

The third article, written by Navya Raizada, delves into the intersection of cultural entrepreneurship and digital innovation. Raizada discusses how technology can enhance the reach of local products and services on a global scale. The article emphasizes the importance of sustainability and ethical practices in cultural entrepreneurship, arguing that these elements are crucial for preserving cultural heritage while meeting contemporary market demands.

Behavioral Finance

Names of the authors are being added. We appreciate your patience. — 2024-12-30

In this series of articles from the Finance Vertical, we explore the intricate relationship between psychological factors and financial decision-making, emphasizing the principles of behavioral finance.

The first article, by Ananya Goel, Sanskriti Gupta, and Srilekha, examines how emotions, biases, and social influences shape financial decisions. It highlights key psychological principles such as prospect theory and loss aversion, illustrating how these factors lead to economic behaviors that deviate from traditional rational models.

The second article, authored by Saanvi Pathak, delves into the significance of behavioral finance in understanding market dynamics. It discusses how cognitive biases like overconfidence and herd behavior contribute to irrational investor actions, resulting in market anomalies and inefficiencies.

The third article, written by Kanishk Sinha, focuses on the impact of behavioral biases on investment strategies. It emphasizes the necessity for investors to recognize these biases to make informed decisions and mitigate risks associated with emotional influences in financial markets.

The Role of AI in Finance

Names of the authors are being added. We appreciate your patience. — 2024-12-20

In this series of articles by the Finance Vertical, we explore the transformative role of Artificial Intelligence (AI) in predictive analysis across various sectors, emphasizing its methodologies, applications, and associated challenges.

The first article, by Yash Aryan, delves into the foundational aspects of predictive analysis, explaining how AI enhances decision-making through data-driven insights. It outlines key components such as data collection, model selection, and the importance of continuous learning in improving prediction accuracy.

The second article, authored by Sumati Gauniyal and colleagues, focuses on the integration of AI in finance, highlighting its impact on credit risk assessment and market trend predictions. This piece discusses the evolution from traditional methods to AI-driven approaches that enhance accuracy and efficiency in financial decision-making.

Studying the Financial Crisis

Names of the authors are being added. We appreciate your patience. — 2024-12-01

In this series of articles, we examine the intricate dynamics of financial crises, their causes, impacts, and lessons learned from historical events.

The first article, by Riya, Mehak Jindal, and Kayana Agarwal, explores the 2008 Global Financial Crisis, detailing its origins in the U.S. housing market collapse and the subsequent global economic repercussions. The authors analyze key events such as the bankruptcy of Lehman Brothers and the resulting credit freeze that led to widespread unemployment and government interventions.

The second article, authored by Manya Mudgil, Radhika Goyal, Soni Kumari, and Jessica Jawa, focuses on the 1991 Indian Economic Crisis. It discusses how excessive imports and fiscal mismanagement precipitated a balance of payments crisis that forced India to adopt significant economic reforms. The authors highlight the transformative impact of these reforms on India's economy and its shift towards liberalization.

The third article, edited by Devananda S, examines the COVID-19 pandemic's economic fallout. It analyzes how this health crisis triggered a global recession akin to previous financial downturns while emphasizing the unique challenges posed by supply chain disruptions and rising public debt.