Here's to you, Professors Banerjee, Duflo and Kremer. Congratulations! Now tell me whether we should increase or decrease aid to developing nations. Using very short words, please.
In 2005, Stephen J. Dubner and Steven Levitt wrote"Freakonomics." It was a layman's version of Levitt's economic research. The book was sufficiently fascinating that one of my colleagues, who has a PhD in math from Michigan, was compelled to buy some of Levitt's original papers on which the book was based. My colleague couldn't get through the first page. The complexity of the math lost him.
What made those ideas so very powerful was that they were understandable. ) Normal people could argue them over a cup of coffee. Those days are long gone. Mathematical economics is more complex than rocket science. In astrophysics, bodies move in predictable ways. Economics is the study of human behavior. All of us who've had teenage kids know how predictable that is.
Perhaps it's like electromagnetism. I don't really understand it, but I benefit from the research that has gone into the laws of electromagnetism because that knowledge is embedded into devices that I can use. Perhaps the work done by Banerjee, Duflo and Kremer will become embedded into economic models used by the IMF and World Bank and will shape the way more developed nations try to help less developed ones.
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