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Mukul Gulati reviews ‘Good Economics for Hard Times’

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.

 

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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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Zephyr Management is a global emerging markets investment manager, specializing in the creation and management of highly focused private equity funds

Since its inception in 1994, Zephyr has sponsored 22 investment funds in both public and private securities markets representing approximately $1.2 billion in combined commitments and assets under management

Emerging Markets Focus

The firm has initiated several private equity funds investing in several African countries, South Korea, Mexico, India, and Sri Lanka since its founding. Zephyr's funds serve medium size enterprises that are often ignored by larger private equity players. Zephyr funds provide growth capital to established companies with proven business models and sustainable competitive advantages.

Investment activities are currently focused on India, Sri Lanka and Africa.

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Zephyr Peacock India provides equity financing for fast growing, small to medium sized companies led by strong entrepreneurs and management teams.

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Emerald Fund provides equity financing for fast growing, small to medium sized (SME) Sri Lankan companies led by strong entrepreneurs & management teams.

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Zephyr Acorn provides equity financing and business support to innovative early-stage companies in East Africa.

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The firm's special expertise lies in bringing global best practices to medium-sized growing companies by assisting them in conceptualizing sustainable business strategy, management development, compensation, ESG, expansion outside of their home country, capital structure and positioning for stock exchange listing or trade sale.