![]() First edition cover (UK/India) | |
Author | Abhijit V. Banerjee Esther Duflo |
---|---|
Audio read by | James Lurie [1] |
Working title | Good Economics, Bad Economics: Six Ways We Get the World Wrong and How to Set It Right [2] |
Language | English |
Subject | Economics |
Publisher | PublicAffairs |
Publication date | November 12, 2019 |
Publication place | United States |
Media type | Print (hardback) |
Pages | 432 pp |
ISBN | 978-1-61039-950-0 (US) |
Website | goodeconomicsforhardtimes |
Good Economics for Hard Times: Better Answers to Our Biggest Problems is a 2019 nonfiction book by Abhijit V. Banerjee and Esther Duflo, both professors of economics at MIT. It was published on November 12, 2019 by PublicAffairs (US), Juggernaut Books (India), and Allen Lane (UK). The book draws from recent developments in economics research to argue solutions to the issues facing modern economies and societies around the world, including slowing economic growth, immigration, income inequality, climate change, globalization and technological unemployment. [3] It is their second collaborative book since the publication of their book Poor Economics: A Radical Rethinking of the Way to Fight Global Poverty (2011) and their first since becoming a married couple in 2015. The book's publication comes a month after Banerjee and Duflo were jointly awarded the Nobel Prize in Economics, shared with Harvard University professor Michael Kremer. [4] [5]
Banerjee and Duflo draw from recent developments in economics research to argue solutions to the issues facing modern economies and societies around the world, including slowing economic growth, immigration, income inequality, climate change, globalization and technological unemployment. The book argues against the idea that immigrants lower wages and take jobs from native workers. They also argue that people in poverty often make more sound financial decisions than is normally attributed to them. [6]
In October 2019, Banerjee traveled to India to promote the book, with speaking engagements in the capital of New Delhi and his hometown of Kolkata. [7] [8] The trip included a meeting with Prime Minister Narendra Modi at his official residence, 7, Lok Kalyan Marg, in New Delhi. [9] Duflo spoke about the book at the London School of Economics on November 5, 2019. [10]
Publishers Weekly praised the book, writing, "Banerjee and Duflo's arguments are original and open-minded and their evidence is clearly presented. Policy makers and lay readers looking for fresh insights into contemporary economic matters will savor this illuminating book." [6]
Kirkus Reviews gave the book a positive review, calling it "Occasionally wonky but overall a good case for how the dismal science can make the world less—well, dismal." [11]
In his review for The Guardian , Greek economist and politician Yanis Varoufakis praised the book and called it a "methodical deconstruction of fake facts" and an "excellent antidote to the most dangerous forms of economics bashing." [12]
Nicholas Kristof wrote that Banerjee and Duflo "demolish the traditional arguments against higher taxes on the wealthy in an incisive book." [13]
The book has received praise from economists such as William Easterly, [14] Thomas Piketty, Emmanuel Saez, Robert Solow, Daron Acemoglu, Pinelopi Goldberg and Raghuram Rajan as well as from legal scholar Cass Sunstein. [3]
Amartya Kumar Sen is an Indian economist and philosopher. Sen has taught and worked in England and the United States since 1972. In 1998, Sen received the Nobel Memorial Prize in Economic Sciences for his contributions to welfare economics. He has also made major scholarly contributions to social choice theory, economic and social justice, economic theories of famines, decision theory, development economics, public health, and the measures of well-being of countries.
Michael Robert Kremer is an American development economist currently serving as University Professor in Economics at the University of Chicago and Director of the Development Innovation Lab at the Becker Friedman Institute for Research in Economics. Kremer formerly served as the Gates Professor of Developing Societies at Harvard University, a role he held from 2003 to 2020. In 2019, Kremer was jointly awarded the Nobel Memorial Prize in Economic Sciences, together with Esther Duflo and Abhijit Banerjee, "for their experimental approach to alleviating global poverty."
George Jesus Borjas is a Cuban-American economist and the Robert W. Scrivner Professor of Economics and Social Policy at the Harvard Kennedy School. He has been described as "America’s leading immigration economist" and "the leading sceptic of immigration among economists". Borjas has published a number of studies that conclude that low-skilled immigration adversely affects low-skilled natives, a proposition that is debated among economists.
PublicAffairs is a book publishing company located in New York City and has been a part of the Hachette Book Group since 2016.
Esther Duflo, FBA is a French–American economist currently serving as the Abdul Latif Jameel Professor of Poverty Alleviation and Development Economics at the Massachusetts Institute of Technology (MIT). In 2019, she was jointly awarded the Nobel Memorial Prize in Economic Sciences alongside Abhijit Banerjee and Michael Kremer "for their experimental approach to alleviating global poverty".
Trickle Up is a nonprofit international development organization that helps women living in extreme poverty by offering programs rooted in the Graduation Approach to support sustainable livelihoods and pathways out of poverty. Trickle Up's programs include seed capital grants, technical skills training, life skills training, coaching, and other linkages to existing government programs or services relevant to the participants' livelihood activity.
Abhijit Vinayak Banerjee is an Indian-born American economist who is currently the Ford Foundation International Professor of Economics at the Massachusetts Institute of Technology. He is co-founder and co-director of the Abdul Latif Jameel Poverty Action Lab (J-PAL), an MIT based global research center promoting the use of scientific evidence to inform poverty alleviation strategies. In 2019, Banerjee shared the Nobel Memorial Prize in Economic Sciences with Esther Duflo and Michael Kremer, "for their experimental approach to alleviating global poverty." He and Esther Duflo are married, and became the sixth married couple to jointly win a Nobel or Nobel Memorial Prize.
Seva Mandir is an Indian grassroot NGO based in Udaipur, in Rajasthan state, founded by Dr. Mohan Sinha Mehta in 1968. Seva Mandir works mainly in natural resource development and sustainability, village development, women empowerment, education and health care, continuing education, and children's welfare.
The Abdul Latif Jameel Poverty Action Lab (J-PAL) is a global research center based at the Massachusetts Institute of Technology aimed to reducing poverty by ensuring that policy is informed by rigorous, scientific evidence. J-PAL funds, provides technical support to, and disseminates the results of randomized controlled trials evaluating the efficacy of social interventions in health, education, agriculture, and a range of other fields. As of 2020, the J-PAL network consisted of 500 researchers and 400 staff, and the organization's programs had impacted over 400 million people globally. The organization has regional offices in seven countries around the world, and is headquartered near the Massachusetts Institute of Technology in Cambridge, Massachusetts.
Dean Karlan is an American development economist and social entrepreneur currently serving as chief economist of the United States Agency for International Development. Alongside his role at USAID, he is the Frederic Esser Nemmers Distinguished Professor of Economics and Finance at Northwestern University where, alongside Christopher Udry, he co-directs the Globe Poverty Research Lab at the Kellogg School of Management.
Joe Madiath is an Indian social entrepreneur. He is the founder and former executive director of Gram Vikas, a non-governmental organisation based in Odisha, India. Gram Vikas uses common concerns for water and sanitation to unite and empower rural communities, including adivasi communities.
Poor Economics: A Radical Rethinking of the Way to Fight Global Poverty (2011) is a non-fiction book by Abhijit V. Banerjee and Esther Duflo, both professors of Economics at Massachusetts Institute of Technology (MIT) and Nobel Memorial Prize in Economic Sciences laureates. The book reports on the effectiveness of solutions to global poverty using an evidence-based randomized control trial approach. It won the 2011 Financial Times and Goldman Sachs Business Book of the Year Award.
The Elusive Quest For Growth: Economists’ Adventures and Misadventures in the Tropics is a 2001 book by World Bank development economist William Easterly. Upon its release, the book received acclaim from such figures as Bruce Bartlett, Robert Solow, and Paul Romer, and has since become widely cited in the Economic Development literature.
The impact of microcredit is the study of microcredit and its impact on poverty reduction which is a subject of much controversy. Proponents state that it reduces poverty through higher employment and higher incomes. This is expected to lead to improved nutrition and improved education of the borrowers' children. Some argue that microcredit empowers women. In the US and Canada, it is argued that microcredit helps recipients to graduate from welfare programs. Critics say that microcredit has not increased incomes, but has driven poor households into a debt trap, in some cases even leading to suicide. They add that the money from loans is often used for durable consumer goods or consumption instead of being used for productive investments, that it fails to empower women, and that it has not improved health or education.
Juggernaut Books is digital book publishing house headquartered in New Delhi, India. The publisher emphasizes on short length books written by new writers. It also allows writers to self-publish their books through their digital platform. The digital books are distributed via their website and mobile apps. They also power the content library of the Airtel Books app by Airtel. They also publish physical books, which are distributed and warehoused by Hachette India. The App has been discontinued since 2020.
Rema Hanna is an economist and is the Jeffrey Cheah Professor of South East Asia Studies at Harvard University's Kennedy School of Government. Moreover, she currently serves as co-director of the Evidence for Policy Design (EPoD) research programme at Harvard's Center for International Development and a scientific co-director for Southeast Asia at the Abdul Latif Jameel Poverty Action Lab (J-PAL). Her research focuses on the efficiency and effectiveness of public services in developing countries, with specific focus on service delivery and the impacts of corruption. She is also the co-chair of the editorial board for the academic journal Review of Economics and Statistics.
Jeanne Lafortune is a Canadian economist who currently works as an Full Professor in Economics and Director of Research at the Pontifical Catholic University of Chile. She is also a researcher at the Abdul Latif Jameel Poverty Action Lab, which is a global research center that aims to reduce poverty and improve life quality of people in the Caribbean and Latin America. Lafortune holds a Ph.D. in economics from the Massachusetts Institute of Technology (MIT), Cambridge, Massachusetts. Her research interests focus on three main fields, including economic history, family and development economics.
The 2019 Nobel Memorial Prize in Economic Sciences was awarded jointly to the economist couple Abhijit Banerjee, Esther Duflo-Banerjee and their colleague Michael Kremer "for their experimental approach to alleviating global poverty". Banerjee and Duflo are the sixth married couple to jointly win a Nobel Prize. The press release of the Royal Swedish Academy of Sciences noted:
"The research conducted by this year's Laureates has considerably improved our ability to fight global poverty. In just two decades, their new experiment-based approach has transformed development economics, which is now a flourishing field of research. They have laid the foundations of the best way to design measures that reduce global poverty"
Emily Louise Breza is an American development economist currently serving as the Frederic E. Abbe Professor of Economics at Harvard University. She is a board member at the Abdul Latif Jameel Poverty Action Lab, and an affiliated researcher at the International Growth Centre and National Bureau of Economic Research. Breza's primary research interests are in development economics, in particular the interplay between social networks and household finance. She is the recipient of a Sloan Research Fellowship.
Good Economics for Hard Times lives up to its authors' reputations, giving a masterly tour of the current evidence on critical policy questions facing less-than-perfect markets in both developed and developing countries, from migration to trade to postindustrial blight.