Good Economics for Hard Times explained

Good Economics for Hard Times: Better Answers to Our Biggest Problems
Author:Abhijit V. Banerjee
Esther Duflo
Audio Read By:James Lurie[1]
Title Working:Good Economics, Bad Economics: Six Ways We Get the World Wrong and How to Set It Right[2]
Country:United States
Language:English
Subject:Economics
Publisher:PublicAffairs
Pub Date:November 12, 2019
Media Type:Print (hardback)
Pages:432 pp
Isbn:978-1-61039-950-0
Isbn Note:(US)

Good Economics for Hard Times: Better Answers to Our Biggest Problems is a 2019 nonfiction book by Abhijit V. Banerjee and Esther Duflo, both professors of economics at MIT. It was published on November 12, 2019 by PublicAffairs (US), Juggernaut Books (India), and Allen Lane (UK). The book draws from recent developments in economics research to argue solutions to the issues facing modern economies and societies around the world, including slowing economic growth, immigration, income inequality, climate change, globalization and technological unemployment.[3] It is their second collaborative book since the publication of their book Poor Economics: A Radical Rethinking of the Way to Fight Global Poverty (2011) and their first since becoming a married couple in 2015. The book's publication comes a month after Banerjee and Duflo were jointly awarded the Nobel Prize in Economics, shared with Harvard University professor Michael Kremer.[4] [5]

Summary

Banerjee and Duflo draw from recent developments in economics research to argue solutions to the issues facing modern economies and societies around the world, including slowing economic growth, immigration, income inequality, climate change, globalization and technological unemployment. The book argues against the idea that immigrants lower wages and take jobs from native workers. They also argue that people in poverty often make more sound financial decisions than is normally attributed to them.

Publication and promotion

In October 2019, Banerjee traveled to India to promote the book, with speaking engagements in the capital of New Delhi and his hometown of Kolkata.[6] [7] The trip included a meeting with Prime Minister Narendra Modi at his official residence, 7, Lok Kalyan Marg, in New Delhi.[8] Duflo spoke about the book at the London School of Economics on November 5, 2019.[9]

Reception

Publishers Weekly praised the book, writing, "Banerjee and Duflo's arguments are original and open-minded and their evidence is clearly presented. Policy makers and lay readers looking for fresh insights into contemporary economic matters will savor this illuminating book."[10]

Kirkus Reviews gave the book a positive review, calling it "Occasionally wonky but overall a good case for how the dismal science can make the world less—well, dismal."[11]

In his review for The Guardian, Greek economist and politician Yanis Varoufakis praised the book and called it a "methodical deconstruction of fake facts" and an "excellent antidote to the most dangerous forms of economics bashing."[12]

Nicholas Kristof wrote that Banerjee and Duflo "demolish the traditional arguments against higher taxes on the wealthy in an incisive book."[13]

The book has received praise from economists such as William Easterly,[14] Thomas Piketty, Emmanuel Saez, Robert Solow, Daron Acemoglu, Pinelopi Goldberg and Raghuram Rajan as well as from legal scholar Cass Sunstein.[3]

Publication history

Notes and References

  1. Web site: Good Economics for Hard Times: Better Answers to Our Biggest Problems by Abhijit V. Banerjee by Esther Duflo Read by James Lurie . . October 21, 2019.
  2. Web site: Good Economics, Bad Economics: Six Ways We Get the World Wrong and How to Set It Right by Abhijit V. Banerjee, Esther Duflo . . October 21, 2019.
  3. Web site: Good Economics for Hard Times: Better Answers to Our Biggest Problems by Abhijit V. Banerjee by Esther Duflo . . October 21, 2019.
  4. Web site: Nobel Economics Prize Goes to Pioneers in Reducing Poverty . Smialek . Jeanna . October 14, 2019 . . October 21, 2019.
  5. Web site: Poverty-busting woman wins economics Nobel for only the second time in 50 years . Lynch . Russell . October 14, 2019 . . October 21, 2019 . subscription.
  6. Web site: Abhijit Banerjee to launch his book in Delhi this weekend . Banerjee . Tamaghna . October 16, 2019 . . October 22, 2019.
  7. Web site: Tax cuts for the rich is necessary for growth is a mantra that needs to be questioned: Nobel laureate Abhijit Banerjee . October 21, 2019 . . October 22, 2019.
  8. Web site: Modi has an 'excellent' meeting with Nobel laureate Abhijit Banerjee . Raghavan . T.C.A. Sharad . October 22, 2019 . . October 22, 2019.
  9. Web site: Good Economics for Hard Times . . October 22, 2019.
  10. Web site: Nonfiction Book Review: Good Economics for Hard Times by Abhijit V. Banerjee and Esther Duflo . October 17, 2019 . . October 21, 2019.
  11. Web site: Good Economics for Hard Times by Abhijit V. Banerjee & Esther Duflo . August 29, 2019 . . October 21, 2019.
  12. Web site: Good Economics for Hard Times by Abhijit V Banerjee and Esther Duflo review – methodical deconstruction of fake facts . Varoufakis . Yanis . Yanis Varoufakis . November 11, 2019 . . November 11, 2019.
  13. Web site: Opinion Should We Soak the Rich? You Bet! . Kristof . Nicholas . Nicholas Kristof . October 12, 2019 . . October 22, 2019.
  14. News: Easterly . William . William Easterly . 17 Nov 2019 . ‘Good Economics for Hard Times’ Review: Sticky Markets, Tricky Solutions . The Wall Street Journal . subscription . 13 April 2023 . "Good Economics for Hard Times lives up to its authors' reputations, giving a masterly tour of the current evidence on critical policy questions facing less-than-perfect markets in both developed and developing countries, from migration to trade to postindustrial blight.".
  15. Web site: Good Economics for Hard Times . . October 22, 2019 . October 22, 2019 . https://web.archive.org/web/20191022205614/https://www.juggernaut.in/books/good-economics-hard-times . dead .
  16. Web site: Good Economics for Hard Times . . October 22, 2019.