Posted on 12 March, 2020
Mukul Gulati, Managing Partner, Zephyr Peacock writes about the Nobel Laureates Esther Duflo’s and Abhijit Banerjee’s recent book ‘Good Economics for Hard Times.’ “Economic theory often fails when facing the reality of human behaviour. The authors use their real-world experience derived from hundreds of field trials to help us understand the challenges of migration, trade, and climate change,” writes Mukul.
Below are excerpts from the post that first appeared on Your Story on 12 March 2020:
Since the fall of the Berlin Wall, the world has experienced a remarkable period of economic growth driven by globalisation of capital and supply chains. Over the last 30 years, hundreds of millions of Chinese and Indian citizens have escaped the clutches of poverty while the Western world has experienced rising prosperity and improved living standards. However, this prosperity has been accompanied by rising levels of inequality across the world, leading to the rise of nationalism and the decline of liberal democracy. Governments and societies across the globe are searching for answers.
Economic theory often fails when facing the reality of human behaviour. The authors use their real-world experience derived from hundreds of field trials to help us understand the challenges of migration, trade, and climate change. Duflo and Banerjee are world-class empiricists. The book is a reminder that they are also remarkable theorists and powerful storytellers.
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