[Opening Remarks at the ABCDE 2014, Washington, D.C.]
It gives me great pleasure to welcome all of you to the Annual Bank Conference on Development Economics (ABCDE) 2014.
The first time I attended an ABCDE was when Stanley Fischer used to do my job. A letter arrived, quite unexpectedly, in my Delhi mailbox inviting me to attend the ABCDE in Washington. The World Bank would cover all my expenses and, not just that, I was not given any specific task, like that of writing a paper or commenting on one. Several members of the eminences grises of the profession were at the conference and I remember feeling rather tongue tied. So, taking advantage of the fact that I did not have a specific brief, I hardly spoke during the two days. I later figured that if you measured the World Bank’s expenditure on different participants in terms of the amount spent for each word uttered, I was the most highly-paid person at that conference.
I made up for that a little in 1992, when Larry Summers was the Chief Economist, and I was invited once again from Delhi, this time to comment on Paul Romer’s paper (Romer, 1993). And I will make up for this today, since the Bank did not have to spend on my travel and I do intend to say a few things.