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Review
"In an engrossing new book, (Abhijit Banerjee and Esther Duflo) draw on some intrepid research and a store of personal anecdotes to illuminate the lives of the 865m people who, at the last count, live on less than $0.99 a day". --The Economist
"(A) new book by Duflo and co-author Abhijit Banerjee, Poor Economics: A Radical Rethinking of the Way to Fight Global Poverty, will once more turn the spotlight on actions to tackle poverty. The book aims to make 2011 the year that the "economics of poverty" become a key part of international political discussions." --The Guardian Online
"(W)onderfully insightful and compassionate..."
--The Guardian Online
"(A) new book by Duflo and co-author Abhijit Banerjee, Poor Economics: A Radical Rethinking of the Way to Fight Global Poverty, will once more turn the spotlight on actions to tackle poverty. The book aims to make 2011 the year that the "economics of poverty" become a key part of international political discussions." --The Guardian Online
"(W)onderfully insightful and compassionate..."
--The Guardian Online
Review
"A marvellously insightful book by two outstanding researchers on the real nature of poverty." Amartya Sen, Professor of Economics and Philosophy at Harvard University, and winner of the Nobel Prize for Economics"
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Most Helpful Customer Reviews
11 of 11 people found the following review helpful
Format:Paperback
Why is there still so much confusion and debate about how best to reduce poverty and improve the life chances of the global poor? This book takes a very bright spotlight to that large, mushy question.
The authors refuse to provide sweeping answers but take on issues one by one -- food, disease, education, work, saving, entrepreneurship -- revealing what works and what doesn't and explaining why.
It is a compelling read because the authors combine years of academic rigour with on-the-ground observation and a dogged use of controlled trials to create transparency about what works. They are also talented writers in their own right and have put together a fascinating and readable narrative.
Although they steer away from sweeping conclusions, there are two clear ingredients needed:
- really understanding human behaviour, to avoid wasted effort and unintended consequences, and
- creating transparency about the facts based on controlled trials, in a world in which many institutions (charities, micro-finance groups, governments) have vested interests to push their preferred but unproven solutions
I hope this book gets the audience it deserves since it has the potential to bring about a quiet revolution in the types of interventions used in developing countries and significantly increase their impact.
The authors refuse to provide sweeping answers but take on issues one by one -- food, disease, education, work, saving, entrepreneurship -- revealing what works and what doesn't and explaining why.
It is a compelling read because the authors combine years of academic rigour with on-the-ground observation and a dogged use of controlled trials to create transparency about what works. They are also talented writers in their own right and have put together a fascinating and readable narrative.
Although they steer away from sweeping conclusions, there are two clear ingredients needed:
- really understanding human behaviour, to avoid wasted effort and unintended consequences, and
- creating transparency about the facts based on controlled trials, in a world in which many institutions (charities, micro-finance groups, governments) have vested interests to push their preferred but unproven solutions
I hope this book gets the audience it deserves since it has the potential to bring about a quiet revolution in the types of interventions used in developing countries and significantly increase their impact.
9 of 9 people found the following review helpful
Format:Paperback|Amazon Verified Purchase
This is an excellent book, that brings their research - and that of others - to the intelligent but not expert reader. (Think: broadsheet newspaper reader)
I am an economist (I teach at LSE), but I am not a development economist. I have no vested interested in the area. I found this a straightforward read - 2 days worth of holiday reading. I think it spot on for the target market - my wife is currently reading it.
The conclusion are broad: poor people are rational, but often ill informed, and that becoming well-informed takes time and effort. As a result, unless everyone understands what the poor think, and why they think it, policies may not work. If poor people don't believe immunisation works, they won't want it whether it is free or not. If poor people think that education is only worthwhile for the brightest, they won't send their kids to school unless they think that they are bright. And if teachers have the same views, their efforts in teaching weaker students will be weak, and universal education will not achieve much. In contrast if schools and parents believe in education, universal education will work much better, for any given level of staffing, funding, etc. We therefore need to understand - and sometimes work to change - beliefs.
The authors are great fans of "random controlled experiments" whereby policy is applied to one group and not to another, and the results compared. This is obviously a good idea, but it would be nice to know a bit more about whether the results are replicable. After all, if beliefs matter, results from one place in India may not travel to another in India, let alone to Africa, etc.
I make two mild criticisms. The books intellectual "straw men" (Jeff Sachs and Bill Easterly) are very American. British academic Paul Collier (Bottom Billion - a great book) gets the odd mention, but Sachs and Easterly are the reference points. I am not sure that they are the best reference points, although they are big names people are likely to have heard of.
Finally, some historical awareness would make this a better book still. For example, the authors argue that human capital, laws, etc are useful when the growth spark arrives - which sounds like a lot of the "why england, why not France?" and "Why Europe, why not China?" economic history literature. Similarly their (surely correct) argument that micro businesses and self employment are what poor people do when they can't get steady employment is matched by studies of the Great Depression (or street vendors in Greece today, for that matter). Such parallels would also make us understand that poor economics has a lot in common with the economics of poor people in history, and the economics of poor people in rich countries.
I am an economist (I teach at LSE), but I am not a development economist. I have no vested interested in the area. I found this a straightforward read - 2 days worth of holiday reading. I think it spot on for the target market - my wife is currently reading it.
The conclusion are broad: poor people are rational, but often ill informed, and that becoming well-informed takes time and effort. As a result, unless everyone understands what the poor think, and why they think it, policies may not work. If poor people don't believe immunisation works, they won't want it whether it is free or not. If poor people think that education is only worthwhile for the brightest, they won't send their kids to school unless they think that they are bright. And if teachers have the same views, their efforts in teaching weaker students will be weak, and universal education will not achieve much. In contrast if schools and parents believe in education, universal education will work much better, for any given level of staffing, funding, etc. We therefore need to understand - and sometimes work to change - beliefs.
The authors are great fans of "random controlled experiments" whereby policy is applied to one group and not to another, and the results compared. This is obviously a good idea, but it would be nice to know a bit more about whether the results are replicable. After all, if beliefs matter, results from one place in India may not travel to another in India, let alone to Africa, etc.
I make two mild criticisms. The books intellectual "straw men" (Jeff Sachs and Bill Easterly) are very American. British academic Paul Collier (Bottom Billion - a great book) gets the odd mention, but Sachs and Easterly are the reference points. I am not sure that they are the best reference points, although they are big names people are likely to have heard of.
Finally, some historical awareness would make this a better book still. For example, the authors argue that human capital, laws, etc are useful when the growth spark arrives - which sounds like a lot of the "why england, why not France?" and "Why Europe, why not China?" economic history literature. Similarly their (surely correct) argument that micro businesses and self employment are what poor people do when they can't get steady employment is matched by studies of the Great Depression (or street vendors in Greece today, for that matter). Such parallels would also make us understand that poor economics has a lot in common with the economics of poor people in history, and the economics of poor people in rich countries.
18 of 20 people found the following review helpful
Format:Hardcover
Professors Banarjee and Duflo have produced a stream of high quality papers over the years using the most innovative and illuminating empirical techniques to show us how the world's poor can benefit greatly from small changes in current policy administration.
This book is not simply a summary of their seminal work, although their previous research applied appropriately. Rather, it shows how the status quo approaches are not working effectively yet are still used despite obvious flaws.
For example, various aid packages do not have the structuring incentives to encourage entrepreneurship and innovation.
Concurrently, the failure of the market to support some of the mechanisms for development is also discussed. A prominent example of this is the lack of insurance provision for the activities that generate output in poorer economies. Insurance is extremely helpful for farming when weather variation is crucial to the success of failure of the product, yet it is rarely found in such countries.
Definitely a top work, from 2 top economists.
I just hope politicans have the guts to implement it!
This book is not simply a summary of their seminal work, although their previous research applied appropriately. Rather, it shows how the status quo approaches are not working effectively yet are still used despite obvious flaws.
For example, various aid packages do not have the structuring incentives to encourage entrepreneurship and innovation.
Concurrently, the failure of the market to support some of the mechanisms for development is also discussed. A prominent example of this is the lack of insurance provision for the activities that generate output in poorer economies. Insurance is extremely helpful for farming when weather variation is crucial to the success of failure of the product, yet it is rarely found in such countries.
Definitely a top work, from 2 top economists.
I just hope politicans have the guts to implement it!
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Most Recent Customer Reviews
Really interesting perspective
Really interesting book from an Economic perspective. Similar to previous papers by Banerjee and Duflo. Well suited for those studying Development Economics, and very readable.
Published 7 days ago by CKluyver
employment of last rersort entreprenurs
I found sveral things in this book to be quite an eye opener. One particular thing is that when you go to different regions think that people are more entreprenuraial , this book... Read more
Published 17 days ago by edward
Changes perceptions and an excellent read
This is an excleelent and very readable book that has some real pearls of wisdom based on hard won experience on the field. Read more
Published 1 month ago by Magnus Johnson
Poor Economics
After decades of effort, billions of dollars, thousands of aid workers and hundreds of antipoverty programs, 865 million people still barely survive on the equivalent of less than... Read more
Published 1 month ago by Rolf Dobelli
A rather wonderful book
A great non-fiction book. The authors cast new light on the lives of the poor, and of us all.
Early chapters discuss individual rationality. Read more
Early chapters discuss individual rationality. Read more
Published 1 month ago by William Jordan
Brilliant and humane
This is one of the best public policy books I have ever read. By painstakingly piecing together rigorous evidence from research Banerjee and Duflo step behind the aid good/bad... Read more
Published 4 months ago by Jill Rutter
Brilliant
I found this book extremely well written, very informative and logical. However, I doubt any politicians will change their ways!
Published 5 months ago by Patrickinator
poor economics
This is one of the most fascinating books I have read particularly because of their careful new approach to research into what is really going on in the lives of those living in... Read more
Published 8 months ago by cynthia r milligan
Excellent book!
An excellent read - combining orthodox economic theory with real life complications based on carefully observed behavioural patterns. Read more
Published 8 months ago by Mzungu74
Study Closely, Test and Measure Potential Solutions . . . and Do More...
"So the poor have hope,
And injustice shuts her mouth." -- Job 5:16 (NKJV)
If a pharmaceutical company wants to improve health, it begins by studying what goes... Read more
And injustice shuts her mouth." -- Job 5:16 (NKJV)
If a pharmaceutical company wants to improve health, it begins by studying what goes... Read more
Published 9 months ago by Donald Mitchell
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