Esther Duflo, joint winner of 2019 Nobel Prize for Economics, wants to make it clear that economics is not just about people in suits and ties and discussions about macro economic trend, but it is also about reflecting on the social issues that challenge everyone today. In a Skype chat from the US with BusinessLine, Duflo, a self-proclaimed sportsperson, points out, “When we were writing the book (Good Economics for Hard Times) India was growing very fast, but if you notice we say that it is going to slow down. We exactly ask this question then that what should India do? You cannot allow growth slowdown to affect you.” Duflo was the joint winner along with her husband Abhijit V Banerjee and Michael Kremer for their experimental approach to alleviate global poverty. She believes that empowering the less beneficial will help protect to some extent from the after effects of global economic externalities. Excerpts:
You think that with this award the direction that the Nobel Academy has taken is to put the conversation towards issues that are affecting us right now?
You never know how they think, but it could be that in today’s world it is important to shed spotlight on issues that are affecting the majority. They chose to acknowledge that the fight against poverty is one of the fights, which has been going on for last three decades.
Many things have not gone too well in the world in the last decades, but one thing that has got recognised is lives of the poor mainly in India and China has improved.
Today, the concept of welfare state is being debated. What is your view particularly in the context of India?
This story is from the October 30, 2019 edition of The Hindu Business Line.
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This story is from the October 30, 2019 edition of The Hindu Business Line.
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