ch ▁which ▁would ▁deal ▁with ▁cases ▁related ▁to ▁demon et isation . ▁ ▁Re actions ▁ ▁Re actions ▁of ▁econom ists ▁Most ▁econom ists ▁across ▁the ▁ide ological ▁spectrum , ▁except ▁some ▁prominent ▁ones , ▁were ▁broad ly ▁critical ▁of ▁the ▁demon et isation ▁as ▁an ▁economic ▁policy . ▁ ▁Indian - American ▁econom ist ▁Jag d ish ▁Bh ag w ati ▁pra ised ▁the ▁demon et isation . ▁Nobel ▁la ure ate ▁Am art ya ▁Sen , ▁sever ely ▁critic ised ▁the ▁demon et isation ▁move , ▁calling ▁it ▁a ▁" des p otic ▁action " ▁among ▁other ▁things . ▁Form er ▁Senior ▁Vice - Pres ident ▁and ▁Chief ▁Econom ist ▁of ▁the ▁World ▁Bank ▁K aus h ik ▁Bas u , ▁called ▁it ▁a ▁' major ▁mistake ' ▁and ▁said ▁that ▁the ▁' dam age ' ▁is ▁likely ▁to ▁be ▁much ▁greater ▁than ▁any ▁possible ▁benefits . ▁Pr on ab ▁Sen , ▁former ▁Chief ▁Stat istic ian ▁and ▁Pl anning ▁Commission ▁of ▁India ▁member , ▁called ▁it ▁a ▁" h ollow ▁move " ▁since ▁it ▁did ▁not ▁really ▁address ▁any ▁of ▁the ▁pur port ed ▁goals ▁of ▁tack ling ▁black ▁money ▁or ▁fake ▁currency . ▁P rab hat ▁Pat na ik , ▁a ▁former ▁professor ▁of ▁econom ics ▁at ▁the ▁J aw ah ar l al ▁Ne h ru ▁University , ▁Del hi ▁called ▁the ▁move ▁' w it less ' ▁and ▁' anti - people '. ▁He ▁critic ised ▁the ▁simple ▁way ▁in ▁which ▁black ▁money ▁was ▁assumed ▁as ▁"