“Poor Economics” Wins FT Best Book Award

4 November 2011 at 11:40 am 1 comment

| Peter Klein |

The Financial Times has named Abhijit Banerjee and Esther Duflo’s Poor Economics: A Radical Rethinking of the Way to Fight Global Poverty the best business book of 2011. Here’s the book’s webpage. Here are previous O&M posts on the Banerjee-Duflo approach, which is obviously gaining momentum.

Entry filed under: - Klein -, Institutions, New Institutional Economics, Public Policy / Political Economy, Recommended Reading.

The State of the US Economy Marketing Win

1 Comment Add your own

  • 1. Michael E. Marotta  |  8 November 2011 at 7:03 am

    Overall, this delivers a lot to think about. Thanks.

    “The poor often try to cope with risk by diversifying activities. That way, if one activity falters, others can keep them going.”

    According to the presentation, this is inefficient. We know that specialists earn more than generalists (consider medicine as the paradigm; but also automotive repair applies). However, as the poor know, a specialized niche is also precarious. That point was made by Robert Heinlein who was himself a generalist and who advocated it through his science fiction.

    We see it large-scale in corporate conglomerates, mergers and acquisitions, and then the spin-offs of companies, divisions, and departments. The tension between specialization and diversification may be universal.

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