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Good Economics for Hard Times: Better Answers to Our Biggest Problems Paperback – 3 Sept. 2020
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FROM THE WINNERS OF THE 2019 NOBEL PRIZE IN ECONOMICS
'Wonderfully refreshing . . . A must read' Thomas Piketty
In this revolutionary book, prize-winning economists Abhijit V. Banerjee and Esther Duflo show how economics, when done right, can help us solve the thorniest social and political problems of our day. From immigration to inequality, slowing growth to accelerating climate change, we have the resources to address the challenges we face but we are so often blinded by ideology.
Original, provocative and urgent, Good Economics for Hard Times offers the new thinking that we need. It builds on cutting-edge research in economics - and years of exploring the most effective solutions to alleviate extreme poverty - to make a persuasive case for an intelligent interventionism and a society built on compassion and respect. A much-needed antidote to polarized discourse, this book shines a light to help us appreciate and understand our precariously balanced world.
- Length
416
Pages
- Language
EN
English
- PublisherPenguin
- Publication date
2020
September 3
- Dimensions
12.9 x 2.3 x 19.8
cm
- ISBN-100141986190
- ISBN-13978-0141986197
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Review
Not all economists wear ties and think like bankers. In their wonderfully refreshing book, Banerjee and Duflo delve into impressive areas of new research questioning conventional views about issues ranging fromtrade to top income taxation and mobility, and offer their own powerful vision of how we can grapple with them. A must-read. -- Thomas Piketty, author of Capital in the Twenty-First Century
Compelling, useful, relevant ... Banerjee and Duflo use extensive data to zoom out and show us a wider view of these human dynamics -- Bill Gates
Excellent ... Few have grappled as energetically with the complexity of real life as Esther Duflo and Abhijit Banerjee, or got their boots as dirty in the process ... Readers will be captivated ― The Economist
A canard-slaying, unconventional take on economics ... invigorating ... a treasure trove of facts and findings about the biggest economic issues of the day ― The Times
A magnificent achievement, and the perfect book for our time. Banerjee and Duflo brilliantly illuminate the largest issues of the day, including immigration, trade, climate change, and inequality. -- Cass R. Sunstein, author of How Change Happens
Banerjee and Duflo are masters of this terrain . . . Their book is as stimulating as it gets
From the Back Cover
Original, provocative and urgent, Good Economics for Hard Times offers the new thinking that we need. It builds on cutting-edge research in economics - and years of exploring the most effective solutions to alleviate extreme poverty - to make a persuasive case for an intelligent interventionism and a society built on compassion and respect. A much-needed antidote to polarized discourse, this book shines a light to help us appreciate and understand our precariously balanced world.
About the Author
Esther Duflo is the Abdul Latif Jameel Professor of Poverty Alleviation and Development Economics at MIT and the author of Poor Economics. Duflo is a member of the American Academy of Arts and Science, and has received numerous academic honors and prizes including the Infosys Prize, the Dan David Prize, a John Bates Clark Medal, and a MacArthur "Genius Grant" Fellowship.
Product details
- Publisher : Penguin; 1st edition (3 Sept. 2020)
- Language : English
- Paperback : 416 pages
- ISBN-10 : 0141986190
- ISBN-13 : 978-0141986197
- Dimensions : 12.9 x 2.3 x 19.8 cm
- Best Sellers Rank: 60,277 in Books (See Top 100 in Books)
- 26 in Internationalization
- 50 in International Business & Investing
- 59 in International Management
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Das Wissenschaftler-Ehepaar hat den Wirtschaftsnobelpreis 2019 für ihre Armutsforschung bekommen (siehe ihr Buch "Poor Economics"), in der sie ungewöhnliche Methoden angewandt hatten - nämlich statistisch auszuwerten, wie gut verschiedene Maßnahmen tatsächlich wirken. Darauf kommen sie auch in diesem Buch oft zurück. Weitere Beispiele stammen zumeist aus den USA und Indien (Banerjee), in Europa hauptsächlich aus Frankreich (Duflo). Das behandelte Spektrum ist aber durchaus umfassend, wie man anhand der Kapitel erkennen kann: Einleitung - Migration (national und international) - Handel - Wahrnehmung und Entscheidungen - Wachstum - Umweltverschmutzung und Klimawandel - Automatisierung und Ungleichheit (auch ein bedingungsloses Grundeinkommen wird diskutiert) - Gesetze und Steuern (mit interessanten Gedanken zu Korruption) - Sozialleistungen - Schlusswort. Das macht vier Kapitel zu den Grundpfeilern der Wirtschaftstheorie und vier Kapitel zu aktuellen Herausforderungen.
[NACHTRAG und Randbemerkung: "Migration" alias "Mobilität", also dass die Arbeiter zur Arbeit ziehen (oder umgekehrt), ist bekanntlich eine Voraussetzung dafür, dass der Arbeits"markt" überhaupt wie ein Markt funktionieren kann. Dieses Kapitel steht daher im Basisteil des Buchs ganz am Anfang, nicht unter den aktuellen Themen, und zieht Folgerungen in allen späteren Kapiteln nach sich.]
Ich wünsche mir mehr Bücher wie dieses; Themen gäbe es sicherlich noch genug. Wäre es nicht schön, wenn die Wirtschaftswissenschaften zu einem Berater der Politik werden könnten anstatt zu einem Teil von ihr?
Top reviews from other countries
The authors discuss whether free trade is the solution for poor economic growth, or is free trade the problem? They study countries (such as India) that have gone through different approaches and arrived at uncertain conclusions. After opening up to trade – in return for IMF money – it took India more than a decade after 1991 to see economic growth. They discuss the economic benefits of tariffs versus free trade. The conclusions are far from clear, because trade and growth are a complex mix, but it seems that tariffs often backfire.
Economic growth id not entirely dependent on trade, and even in trade, one factor stands out in contrast to capital – labour. Once the authors launch into the supply of labour, we see the problems of immigration and racism. The authors point out that the traditional bias against immigrant workers is mistaken. People do not move just because the pay is better elsewhere. In fact, we are blinded into not seeing that people generally do not like to move, and there are many strong reasons for that. There is the issue of connection. People are more likely to move if they have connections in their intended destination. Then there are family ties back home, in contrast to the poor living conditions elsewhere, and so on. The authors also point out that anti-immigrant sentiments have existed from time immemorial, only the subject changes. First people were against Jewish immigrants, then Italian immigrants, then African immigrants, and now, it is Muslim ones. Eventually, the authors say, the immigrants get assimilated, and the nation’s attention (or prejudice) turn to others.
The authors examine and analyse the factors that lead to growth and those that do not. The question whether using GDP is the accurate way to measure growth. In the history of modern times, there has only been one growth spurt, and that ended on 16 October 1973 with the Arab oil embargo – a spurt never to return, say the authors.
The authors presented a detailed and persuasive argument that taxation is beneficial and useful in lowering the inequality gap. They explain that when people get poor, they tend to blame the wrong factors, for example, immigrants for taking away their jobs. Lowering the income inequality is thus a important priority. Unfortunately, politicians do not have the will to impose or increase taxes. The authors further explain that taxing the rich helps but not enough. There should be a wealth tax on the assets of the rich. They present powerful arguments as to why that is so.
This is a remarkable book that covers a wide range of economic topics with an aim of making the dots connect, and disabusing us of seeing magic dots that don’t connect. It is a book worth reading even if one is sceptical about some of its claims – after all, the Messiah of Economics has yet to come.
The authors tackle such perplexing issues as the economic impacts of immigration and refugee migration, trade wars, the widening income gap, the pros and cons of universal basic income, how the increasing presence of artificial intelligence will affect the job prospects of present and future generations, what to make of slowing rates of growth in developed nations and even the economics of climate change. It is apparent that the authors have researched these topics extensively as this book cites studies and projects from around the globe, providing examples of early indicators of successes in other nations, as well as looking at some historical failures.
While not overtly political, the authors are academically disparaging of the economic policies of the 1980s and 90s which presumed that a welfare state was the cause of global economic woes. They are critical of those who promote the belief that welfare programs only serve to promote laziness and kill a desire for self-betterment. They also argue that the notion that those who receive such benefits will only "drink it away" in unsupported by data, while at the same time noting that how a program is framed and delivered can impact its effectiveness. The authors also challenge the generic portrayal of free trade as a rising tide that raises all boats, noting that free trade improved the lives of many, but it also left many adrift and worse off. They cite the success of Donald Trump, the Brexit vote and other populist-themed world events as examples of those who were tuned into this message. Conversely, they mention Hillary Clinton's promise to "put a lot of coal miners out of work" as an example of those who were oblivious to the pain suffered by those left in the wake of globalization. While the candidate's remark may have been intended as a promise to deliver cleaner air, what was lost was empathy for those in the losing column of recent economic change.
The authors acknowledge that there are no easy answers to preventing the casualties of economic change. While they are not generally against tariffs or even trade wars in the appropriate case, they argue that the consequences of such action must be carefully thought out. Specifically, it must be considered who the winners will be and who will lose, and a plan must be put in place for how to help those whose jobs are displaced by cheaper products from abroad and by technological disruption.
One area where the authors are clear in their criticism is in their conclusion that tax breaks for the wealthiest do not create the economic growth that politicians promise. They argue that rates of taxation, especially on those in the highest income percentiles are unduly low and the growing gap in income disparity contributes to a host of social problems. While raising taxes on these groups will not fund programs such as a universal basic income by themselves, the authors are confident that this is part of the solution.
Portions of the book require great concentration for those of us without a formal background in economics. The micro-economics are often as interesting as the macro-economics such as when the authors describe smaller experimental programs in different locations. The book does not offer a panacea for the economic challenges which now present themselves. But if elections ever become about policy and not personalities, this is a great source for intelligent discussion of how to face the economic future with compassionate and empathy.
Sound economic theories have taken a backseat in such a scenario. This book debates key policy issues, slicing and dicing every topic from historical, social, political, and economic perspectives, with deep insights. It is an intellectual pursuit of making our planet a better place to live in.
Unfortunately, Economics is not a perfect science either. It operates in a constant flux of diverse social, political, and cultural scenarios. Hence, when one policy succeeds in one nation, it fails miserably elsewhere. It is in this context that the authors’ randomized control trials won them the Nobel Prize in Economics 2019.
Public perception of different professions differs widely. It is not surprising that politicians end up at the bottom of the pack, while nurses top the list in terms of whom we can trust. Surprisingly, economists too are at the bottom, slightly above politicians.
Populist nationalism overrides sound economic principles as seen in recent times. In the USA, there is now a public perception that is averse to immigration. The land of immigrants has forgotten the greatness of the land created by the melting pot of global cultures. It is this unique character that has created a land of opportunities and a great nation. Immigrants are hardworking and entrepreneurs at heart. It is shown that migrant labour does not depress wages as widely feared. In fact, their work frees up higher paid professionals to work more, on more productive pursuits, thereby raising all boats. Immigrants top the list of all professionals and Silicon Valley billionaires. Yet, this fact was recently trumped by political campaigns creating fear about immigration, and resentment in society.
Global trade is another example. While self-reliance is a great objective, it often narrows down into inward looking protectionist policies that shun imports and raise tariffs. This makes good politics in the short term, protects local businesses but eventually hurts consumers, blunts the nation’s global competitiveness and stunts economic growth. In fact, labour working in poorer nations are bigger beneficiaries of free trade, as amply demonstrated by the IT and ITES companies in India. It also brings in better technologies, creates a talent pool, attracts foreign investments, and leads to export led growth, as in the case of South Korea. The Stolper-Samuelson theorem is a brilliant academic work in this area.
The chapters on concepts on economic growth, global warming and automation are equally interesting. Rich in content, unbiased, bold, and brilliant, this book is unputdownable.
Ultimately, sound reason and good economics prevail, as we have seen recently. Let us unite, and not divide. ‘There are no blue states or red states, but only Unites States of America.’ Let us not build walls but spread love. Let us strive to make this most beautiful planet a better home for all.