Poverty-traps keep people poor not because they do not work hard, but because the obstacles they face are too great to overcome alone - Abhijeet Banerjee, Esther Duflo
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@Riyaz, it is ideal to have institutional reform but likelihood of that happening is lower, so we shouldn’t rule out the importance and impact of small changes to make difference in people’s life.
Without institution reform and curbing corruption, Economic condition of poor will not improve! In that sense the institution theory might be more accurate than that proposed by JPAL.
It is ideal to have institutional reform but likelihood of that happening is lower, so we shouldn’t rule out the importance and impact of small changes to make difference in people’s life.
No matter how we bake it, it is at best redistribution of wealth into pockets of poor. But the net total income of a country or a society remains the same.
Debate between “Why nation fail?” Vs “Poor Economics”. The debate between two nobel laureates from MIT.
https://www.project-syndicate.org/blog/the--poor-economics--in--why-nations-fail
Other book of Banerjee and Duflo which is worth reading is "Good Economics for Hard Times".
I read the Poor Economics book a few years ago & it's now kept on my Special Books shelf.
A really enlightening & enjoyable read.
Indeed, a special book (`Poor Economics`). Very pragmatic and objective description of the problem and potential solutions.
I’ve shared about this recently too :)
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@Riyaz, it is ideal to have institutional reform but likelihood of that happening is lower, so we shouldn’t rule out the importance and impact of small changes to make difference in people’s life.
At best there will be a subsistence level improvement with these measures.
Even that means a lot, check the note attached in reference. A growth above subsistence (point P) is also a great achievement if we can do it.
Without institution reform and curbing corruption, Economic condition of poor will not improve! In that sense the institution theory might be more accurate than that proposed by JPAL.
It is ideal to have institutional reform but likelihood of that happening is lower, so we shouldn’t rule out the importance and impact of small changes to make difference in people’s life.
No matter how we bake it, it is at best redistribution of wealth into pockets of poor. But the net total income of a country or a society remains the same.
Something is better than nothing till the institutional changes take place! Appreciate your comment. Thanks.