Kaushik Basu — an Indian economist — has received the prestigious Humboldt Research Award for Economics. The announcement was made in Cornell Chronicle in June. The award honours excellence throughout one's entire career and offers research collaboration opportunities. Professor Dr Hans-Bernd Schäfer of Bucerius Law School in Hamburg, Germany, conferred the award to him.
On Tuesday, former Congress president Rahul Gandhi congratulated Basu on Twitter for receiving the honour. In March this year, the economist had held a virtual meeting with Rahul Gandhi. Reportedly, they had discussed several issues concerning India, ranging from unemployment to smart cities.
Commenting on how he will utilise his prize money, the professor has expressed his desire to use it to research moral philosophy and game theory, and on law and economics, reported Cornell Chronicle.
Who is Kaushik Basu?
Kaushik Basu is currently a professor of Economics and the Carl Marks Professor of International Studies in the College of Arts and Sciences and SC Johnson College of Business at Cornell University. He has also been serving as the president of the International Economic Association since 2017. He had received the Padma Bhushan, which is the third-highest civilian award in India.
Earlier, he has served as the Senior Vice President and Chief Economist of the World Bank (2012-2016) and Chief Economic Adviser to the Indian Government (2009-2012).
Basu was born in Kolkata, and he attended St. Xavier's Collegiate School. He then completed his undergraduate studies in Economics from St. Stephens College in Delhi and M. Sc. from the University of London.
The economist has published his works chiefly in development economics, game theory, industrial organisation, and law and economics. His recent-most book is 'The Republic of Beliefs: A New Approach to Law and Economics'.
His upcoming book 'Policymaker's Journal: New Delhi to Washington DC' is supposed to get published by Simon and Schuster this month.
What is the Humboldt Research Award?
Germany-based Alexander von Humboldt Foundation sponsors the Humboldt Research Award. Each year, it recognises as many as 100 economists and scientists globally for their work.
The recipients of this award get prize money of 60,000 euros. They also get an opportunity to conduct a research project of their choice at any research institute in Germany in collaboration with specialist colleagues there. The award enables the recipient to stay for a total period of 6-12 months, which the recipients can split into multiple stays.
Earlier recipients of these awards include Francis Diebold, Gerard Debreu, and Hal Varian.