Marx's Capital : Parts I-II

I have been quite surprised to discovery that the 2019 Economics Nobel Laureates have not received enough praise since the announcement. So go read this:

Oriana Bandiera: Alleviating Poverty with Experimental Research: The 2019 Nobel Laureates 'Abhijit Banerjee, Esther Duflo, and Michael Kremer “for their experimental approach to alleviating global poverty”.... Development economics had no PhD courses, no group at the NBER or CEPR, and hardly any publications in top journals until the early 2000s. What this year’s Nobel laureates did was to build the infrastructure to make fieldwork widely accessible and the methods to make the analysis credible. What they did, and what they were awarded for, is to put development economics back on centre stage.... What is unusual and relevant is that the nomination explicitly mentions that the winners lead a group effort: “The Laureates’ research findings–and those of the researchers following in their footsteps” (Royal Swedish Academy of Sciences 2019). What is even more unusual and extremely relevant is that the nomination emphasises the practical applications of their methods, which “have dramatically improved our ability to fight poverty in practice”. This is a monumental change, and one that the profession should welcome for the obvious reason that making the world a better place is a desirable goal.  To be clear, each of them could have easily won the prize the ‘usual’ way – that is, by doing research of the highest quality, which has had lasting influence both in theoretical and applied economics. The economist (still) on the street might notice that of the top three cited papers for each of the three laureates, only two are randomised controlled trials (RCTs).... The need for policy to fix market failures generates the need for tools to evaluate policy. RCTs were developed to achieve this in a systematic way. They and other experimental methods had been widely used in the natural sciences and to a lesser extent in economics well before Abhijit Banerjee, Esther Duflo, and Michael Kremer began their work. Their contribution was to make them accessible to a large number of researchers, creating a research ‘firm’ which, like those in Banerjee and Newman (1993) and Kremer (1993), combines the talent of many to produce more than the sum of its individual components...

#noted #2019-12-01