Three US economists win Nobel Prize for global poverty work

[Hamartia Antidote]

https://nypost.com/2019/10/14/three-us-economists-win-nobel-prize-for-global-poverty-work/amp/

Three US-based economists won the 2019 Nobel Economics Prize on Monday “for their experimental approach to alleviating global poverty” – efforts that have helped millions of children around the world.

Abhijit Banerjee and Esther Duflo, both at the Massachusetts Institute of Technology, and Michael Kremer of Harvard University have often worked together.

Duflo, 46, the youngest person ever and only the second woman to receive the economics prize, said it was “incredibly humbling” to be a Nobel laureate. The first was Elinor Ostrom in 2009.

The French-American said the profession is not always a welcoming one for women.

“Showing that it is possible for a woman to succeed and be recognized for success I hope is going to inspire many, many other women to continue working and many other men to give them the respect that they deserve like every single human being,” Duflo said.

The Royal Swedish Academy of Sciences said the three economists created new ways to combat poverty by focusing on smaller, more manageable issues like education or child health.


Abhijit Banerjee, Esther Duflo and Michael Kremer Getty Images

 

[Götterdämmerung]

How many hundred million of impoverished people have their studies and theoriy lifted out of poverty? 100, 200, 300 or 500 million? I bet, not even 100 million.

But I know of one institution that has lifted over 700 m people out of poverty but did not get any damn prize for that.

Nobel Prize or just another propaganda tool of the banking cabale. LOL

 

[FairAndUnbiased]

lmao this is funny.

There's a certain institution in this world responsible for the greatest economic miracle in the past 40 years. Yet it has not won any Nobel Prize.

There was another institution responsible for another transformation of a backwards, poverty stricken country into a global superpower, 70 years ago. Surprise surprise, no Nobel Prize.

Meanwhile Adolf Hitler was nominated for a Nobel Peace Prize. lol.

 

[Krptonite]

lmao this is funny.

There's a certain institution in this world responsible for the greatest economic miracle in the past 40 years. Yet it has not won any Nobel Prize.

There was another institution responsible for another transformation of a backwards, poverty stricken country into a global superpower, 70 years ago. Surprise surprise, no Nobel Prize.

Meanwhile Adolf Hitler was nominated for a Nobel Peace Prize. lol.

Can you provide more details about such a philanthropic organisation.

 

[FairAndUnbiased]

Can you provide more details about such a philanthropic organisation.

Sure. They happen to be located in East Asia and Eastern Europe, respectively, and understood the implications of a certain 19th century German economist's theory.

 

[OIO]

https://nypost.com/2019/10/14/three-us-economists-win-nobel-prize-for-global-poverty-work/amp/

Three US-based economists won the 2019 Nobel Economics Prize on Monday “for their experimental approach to alleviating global poverty” – efforts that have helped millions of children around the world.

Abhijit Banerjee and Esther Duflo, both at the Massachusetts Institute of Technology, and Michael Kremer of Harvard University have often worked together.

Duflo, 46, the youngest person ever and only the second woman to receive the economics prize, said it was “incredibly humbling” to be a Nobel laureate. The first was Elinor Ostrom in 2009.

The French-American said the profession is not always a welcoming one for women.

“Showing that it is possible for a woman to succeed and be recognized for success I hope is going to inspire many, many other women to continue working and many other men to give them the respect that they deserve like every single human being,” Duflo said.

The Royal Swedish Academy of Sciences said the three economists created new ways to combat poverty by focusing on smaller, more manageable issues like education or child health.


Abhijit Banerjee, Esther Duflo and Michael Kremer Getty Images

This is a good joke!

 

[Krptonite]

Sure. They happen to be located in East Asia and Eastern Europe, respectively, and understood the implications of a certain 19th century German economist's theory.

I'm not asking to mock it, I genuinely want to know more about it. You seem to be hinting at it, if you could provide its name, I'd be greatfull

 

[BL33D]

lmao this is funny.

There's a certain institution in this world responsible for the greatest economic miracle in the past 40 years. Yet it has not won any Nobel Prize.

There was another institution responsible for another transformation of a backwards, poverty stricken country into a global superpower, 70 years ago. Surprise surprise, no Nobel Prize.

Meanwhile Adolf Hitler was nominated for a Nobel Peace Prize. lol.

I agree, China deserves for what it has done for poverty alleviation. But it has done with a caveat, with force and power of an authoritarian government. Is it ideal? Can it be replicated? Is it sustainable in the long run? There are many questions. But yes China does deserve a Noble purely on the work at poverty front.

 

[FairAndUnbiased]

I'm not asking to mock it, I genuinely want to know more about it. You seem to be hinting at it, if you could provide its name, I'd be greatfull

CCP and CPSU.

I agree, China deserves for what it has done for poverty alleviation. But it has done with a caveat, with force and power of an authoritarian government. Is it ideal? Can it be replicated? Is it sustainable in the long run? There are many questions. But yes China does deserve a Noble purely on the work at poverty front.

It didn't work first in China. It worked first in Russia, taking Russia from a poverty stricken shithole known as the Sick Man of Europe in 1920 to a spacefaring nuclear superpower in 1957. A feudal serf could've been born in 1915 in a barn and been a middle aged parent driving cars working in the space program in 1957!

 

[Krptonite]

CCP and CPSU.



It didn't work first in China. It worked first in Russia, taking Russia from a poverty stricken shithole known as the Sick Man of Europe in 1920 to a spacefaring nuclear superpower in 1957. A feudal serf could've been born in 1915 in a barn and been a middle aged parent driving cars working in the space program in 1957!

China needs to be commended for its part in bringing people out of poverty, the shift was rapid and authoritarian, the first of its kind.

I don't really place much importance on the Nobel peace prize, but I agree with their sentiments about encouraging ongoing works to their completion.

The USSR industrialized rapidly and as you have rightly pointed out, went from a backward nation to a space faring super power. This came at a great cost though, areas such as heavy industries, military etc were given priority over civilian wellfare, and as such couldn't be sustainable beyond a certain point.

 

[FairAndUnbiased]

China needs to be commended for its part in bringing people out of poverty, the shift was rapid and authoritarian, the first of its kind.

I don't really place much importance on the Nobel peace prize, but I agree with their sentiments about encouraging ongoing works to their completion.

It was the second. The first was Russia.

 

[Hamartia Antidote]

Meanwhile Adolf Hitler was nominated for a Nobel Peace Prize. lol.

Yeah in 1939 by Erik Brandt...in complete sarcasm that stupid people take seriously. It was then withdrawn.

 

[FairAndUnbiased]

China needs to be commended for its part in bringing people out of poverty, the shift was rapid and authoritarian, the first of its kind.

I don't really place much importance on the Nobel peace prize, but I agree with their sentiments about encouraging ongoing works to their completion.

The USSR industrialized rapidly and as you have rightly pointed out, went from a backward nation to a space faring super power. This came at a great cost though, areas such as heavy industries, military etc were given priority over civilian wellfare, and as such couldn't be sustainable beyond a certain point.

This is true. They also never got over their addiction to oil because they owned so much of it. They also failed to transition their economy into new sectors of the economy such as semiconductors in the 70's and 80's - much as Japan has failed to adapt to the software and internet revolution in the 90's and 00's. This was likely (I am not an economist so this is just a guess) due to overinvestment in the military, as you said.

To be fair though, they were paranoid and traumatized after WW2. This must have somewhat influenced their economic judgment.

 

[Krptonite]

This is true. They also never got over their addiction to oil because they owned so much of it. They also failed to transition their economy into new sectors of the economy such as semiconductors in the 70's and 80's - much as Japan has failed to adapt to the software and internet revolution in the 90's and 00's. This was likely (I am not an economist so this is just a guess) due to overinvestment in the military, as you said.

To be fair though, they were paranoid and traumatized after WW2. This must have somewhat influenced their economic judgment.

The Russian mentality has over a thousand years evolved into an extractive - exploitative relationship with the resources the state has available to it.

Various factors such as abundance of natural resources so as to make extractive fields like mining, forestry etc more convenient and profitable. This led to stifled growth in other sectors, untill Stalin arrived at the scene atleast. After that, USSR's authoritarian nature meant the state could easily shift resources without any resistance. In a free market or atleast a capitalist one key weaknesses where resources need to be allocated are corrected automatically, in an closed market like the USSR? Definitely not.

They underestimated the manpower shortages in the agricultural sectors and in the ensuring draughts or famines, spent the majority of their resources hunting down traitors and spies. Mixed with self serving beureaucrats and post Stalin party members, key weaknesses were left unaddressed for decades.

 

[Götterdämmerung]

China needs to be commended for its part in bringing people out of poverty, the shift was rapid and authoritarian, the first of its kind.

I don't really place much importance on the Nobel peace prize, but I agree with their sentiments about encouraging ongoing works to their completion.

The USSR industrialized rapidly and as you have rightly pointed out, went from a backward nation to a space faring super power. This came at a great cost though, areas such as heavy industries, military etc were given priority over civilian wellfare, and as such couldn't be sustainable beyond a certain point.

All developed economies with a population bigger than 20 m were authoritarian till WW2. If it wasn't the rivalry with the socialist bloc, they would have remained authoritarian. The fear of the socialist movement forced them to improve social welfare. Ever since the collapse of the Eastern bloc we have been witnessing the erosion of the welfare state in the EU as well as in the US coupled with surveyance and police state.

To counter any resistance, the ruling class began to introduce fake social movements such as identity and ecology to divide the gullible people into smaller and smaller groups fighting against each other.