Good Economics for Hard Times

Abhijit V. Banerjee , Esther Duflo

Good Economics for Hard Times

22min

22min

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Immigration, inequality, slowdown in economic growth, acceleration in technological advancement and climate change are among the major socio-economic problems we face today. In this book, Nobel laureate economists Abhijit V. Banerjee and Esther Duflo take stock of the situation and offer some possible solutions, underlining the role of a good economy, while recognising the need for intelligent political intervention, and a society built on compassion and respect.

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Analysis and key concepts

01.

The polarization of ideas and the mistrust towards economists

02.

The significant matter of immigration and why it does not reflect the classic law of supply and demand

03.

The “contact hypothesis” as an antidote to prejudice

04.

Why free trade is more complicated than we think

05.

Exponential economic growth is not necessarily the best solution for people

06.

The necessity for new consumption habits to save the planet

07.

Governments need to create legitimate and generous assistance programs, which make people’s dignity a priority

08.

Quotes

09.

Take-home message

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Many useful tips to:

  • Clarify the role of economics and politics in the possible resolution of social problems.
  • Recognise that global economic dynamics often don’t reflect the supply and demand rule.
  • Understand the importance of the theme of migration.
  • Creatw some distance from the usual stereotypes and blinkered views on complex social issues.
  • Help understand how exponential economic growth has had disastrous environmental consequences and identify new parametres to measure peoples’ wellbeing.

Abhijit V. Banerjee is an Indian born American citizen. He is the Ford Foundation International Professor of Economics at MIT, has received numerous honours and awards, and has been named one of the 100 Best Global Thinkers by Foreign Policy magazine. He was also part of the UN Secretary General’s panel on the post-2015 development agenda.

Esther Duflo is a French economist. She was on the Global Development Council under President Barack Obama and has received numerous academic accolades and prizes, among which are the John Bates Clark Medal and a MacArthur Genius Grant Fellowship. Abhijit V. Banerjee and Esther Duflo are married and are co-founders of Abdul Latif Jameel Poverty Action Lab (J-PAL). Together they also wrote the book Poor Economics: A Radical Rethinking of the Way to Fight Global Poverty. In 2019, they were awarded the Nobel Prize for Economics, along with Michael Kremer, for their experimental approach to the fight against global poverty.

Publishing house:

Public Affairs

Year:

2021

Pages:

432

ISBN:

978-1541788947