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India: Nothing Short of Incredible!

Mohamad Al-Arief's picture

You’ve seen those tourism ads: Incredible India. Since I first arrived in this country a month back, it’s been nothing short of incredible. India can fascinate and overwhelm you at the same time. It is incredible in many ways: its size, its development challenges, its diversity, and its rich cultural heritage.

Luckily for me, I have had the good fortune to experience the latter. India’s cultural heritage dates back thousands of years. And India has managed to preserve it while many others have failed. You don’t need to go deep into the hinterland to experience it. A drive through Delhi alone will take you through several phases of its history. And a four-hour drive out of the capital to Agra will take you back 400 years to the Mughal Empire. Everything is well preserved. And everyone seems to be passionate about preserving this heritage, as evident in the JIYO Exhibition that I’ve just attended.

Incentives and Values in Conflict-Prone Countries

Eliana Cardoso's picture

One of the most extraordinary examples of the use of economic principles comes from the beginning of the 19th century, when England used to send a huge number of prisoners to Australia. The government originally paid the ship captain a pre-determined amount for each prisoner that boarded the ship, but half of them would die during the journey. In 1862, Edwin Chadwik, knowing that people respond to incentives, told the U.K. government to pay captains according to the number of prisoners that actually disembarked in Australia. With this adjustment, the survival rate increased from 50% to 98.5%.

This example illustrates how incentives can do wonders in some circumstances. Yet, human actions are not always guided by the same calculations made by a profit maximizing ship captain. Behavioral economists have emphasized that we respond to a deep ingrained sense of fairness. Culture and values are crucial in understanding human behavior and promoting healthy and stable societies.