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Good Economics for Hard Times: Better Answers to Our Biggest Problems Kindle Edition
Audio CD, Audiobook, CD, Unabridged
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An invigorating ride through 21st-century economics and a treasure trove of facts and findings, The Times
Refreshingly original, wonderfully insightful . . . an entirely new perspective, Guardian
The real meaning of this book by a Nobel-prizewinning duo of economists lies in its method - a patient attempt to take on tough problems through empirical evidence. ...The pair offer insights into thorny global issues ranging from inequality to corruption, all with refreshing humility., The Economist --This text refers to an out of print or unavailable edition of this title.
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. --This text refers to an out of print or unavailable edition of this title.
- File Size : 967 KB
- Print Length : 418 pages
- Publisher : Juggernaut (19 October 2019)
- ASIN : B081SWRL2W
- Word Wise : Enabled
- Language: : English
- Text-to-Speech : Enabled
- Screen Reader : Supported
- Enhanced Typesetting : Enabled
- X-Ray : Not Enabled
- Best Sellers Rank: #124 in Kindle Store (See Top 100 in Kindle Store)
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Top reviews from India
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Haters will hate because they will never grow above caste and religion and won't understand actual problems of the country and will try to defame any responsible economist, scholars and JNU people who are questioning Modi for his useless government policies.
Book poor economics is book of everyone. Everyone can easily grasped what author want to say in that.
But this is book for professional economist. Issues and arguments are not easy to grasp. They are very acedemic in nature.
Even if you do not know much about economics you can go for the books.
The book basically tackles the popular economic ideas and after testing them on thr envils of reality tries to modify the ideas so that it can be more effective when implemented.
The most important aspect of the book is that it is total based on field experiments and rooted on ideological leanings of the authors. They have tried their best to do justice to both Laissez-faire and conservative ideas of economics.
I have come to this book after reading their old book Poor Economics and believe me both are as good as they can be.
Just go for it. If you are really interested in economics and poverty problems you will not regret it.
Top reviews from other countries
Firstly the edition of this book is one of the nicest I’ve held recently, it’s a really nice paper bound hardback, the paper is high gsm and feels really nice to touch.
This is the second book I’ve read on economics from someone who had no real understanding beforehand, I bought it as it was one of the bill gates summer reading list books, really glad I bought it!
The book starts off with talking about the public perception of economists and how there is a large distrust, usually pedalled by ‘bad economics’ and politicians.
Some fascinating things I’ve learned since reading:
- Economics is not a perfect science, it’s hard to compare data between countries and periods in time, however most often things improve because we learn from past mistakes (e.g. the Great Depression).
- Immigration IS a good thing, the argument that the more people arrive to our developed countries the more people are out of work as the supply demand model would indicate, though this isn’t true as when people move to a new location for work, they earn a wage, pay tax and then spend their money on the local economy which boosts growth. Though remittance has a negative effect on the economy.
- Interesting points about the efficiency wage, generally most employers won’t pay minimum wage and there is no evidence that most of them do due to the fact that it’s often costlier to keep re-hiring new people and they would rather pay a better wage and keep the employee.
- Fascinating comparisons between western economics (mostly focusing on France the U.K. and the states) vs China and India’s economies.
- Lower paid workers in SE and developing countries aren’t necessarily worse off, i.e if you stop buying cheap goods for moral reasons you’re reducing the income to these countries and families. Actually the more we spend having products manufactured in the developing world the more the inflow of cash and so the higher the standard of living for the residents. This is seen in China which less than 100 years ago experienced extreme famine under the Mao regime, now the huge growth (The China Shock) is seeing China moving away from large scale cheap labour manufacturing and more into new growth areas in tech (think Huwawie, Zoom and TikTok).
- Interesting reads on automation and the replacement of humans in the workforce. As someone that works in the tech sector this really made me revaluate things. Simply put, some jobs can be replaced by machines but it’s not necessarily a good thing to do so. Companies would opt to do this for cost saving reasons, however doing this would cause a huge slump in the labour market. I.e poorer people would be out of work and therefore not paying tax, or claiming welfare and not spending much on the local economy. The results being the companies get bigger and richer but the people don’t. Some predictions actually say large scale automation would have a negative effect on GDP. Fascinating chapter.
Last chapter (and I’ve not mentioned them all such as likes wants and needs, climate change and trade) was about universal basic income. This is relatively new turf but I think we’ll see a lot more of it in the future. Essentially people would get a guaranteed income regardless of their employment status. This is fascinating as it eliminates the survival instinct for work, meaning people would be less risk averse in their job often coming up with newer riskier ideas etc. Which is essential for growth (as shown by the Solow model). An interesting concept exists in Denmark called Flexicurity, whereby workers don’t have job security and companies can fire people without legal protection but they automatically receive UBI if they are found out of work. This in essence allows businesses to refine and streamline their business models and allows workers to move onto other work. In essence it’s the complete opposite of a ‘job for life’ mentality which Japan proved doesn’t work that well in the 1990s.
I’m going to end this review here but thanks for reading all this if you have!! I’ve actually been inspired to start studying economics with the open university as a result of reading this book. Thanks very much to Abhijit and Esther for their work on this!!
Politicians, journalists and leaders. Insights into the current challenges and opportunities to help solve societies real not perceived problems. Short on solutions but it’s difficult so they did the best they could. Ranks up there with Factfulness by Hans Rosling as a must read for anyone wanting answers and inspiration to contribute to making the world a better place for all - not just the few who are manipulating us all.
Spanning sociology, anthropology and psychology with economics isn't new. Money exists as a function of human activity; all economists must factor humanity into their algorithms. What's changed in recent decades is improved travel & communications, giving theorists real-world access to the full range of human conditions, and the technology to evaluate these new oceans of disparate data as interacting currents. The authors won a Nobel prize each for this work - although the press reported it as "Economist and wife"!
If Keynes & Friedman had had access to the same data a century ago, their work may have looked very similar. Severe wealth inequality is a problem, even for the super-rich - fresh insights cast a brighter light on its causes and possible solutions. Banerjee & Duplo's 2012 book, Poor Economics , highlights that drastic reforms are not always necessary or desirable. Small adjustments, slight method changes, can achieve great results. Capitalism isn't in crisis - only in need of a service.
Can we follow Poor Economics with Good Economics? Yes, quite easily, but I don't know if we will. This wide-ranging discussion gives multiple real-life examples of what works. It analyses why they work, why other things don't, and suggests global improvements. It's essential reading for today's economics students and will also provide crucial perspective to sociologists, students of politics, and the aid sector.