Farm loan waiver is a price for demonetisation

I’m happy that there is now sufficient evidence to nail the anticipated yet unintended consequences of demonetisation.

However, the evidence provided in the ‘Ideas for India’ article for the claim that loan waivers do not cause a moral hazard is extremely poor. I know you may call it 101 economics but to disprove a concept from 101 economics, one will need far more conclusive evidence than what Pronab Sen provides.