Good Economics for Hard Times
{{short description|2019 nonfiction book by Abhijit Banerjee and Esther Duflo}}
{{Infobox book
| name = Good Economics for Hard Times: Better Answers to Our Biggest Problems
| image = Good Economics for Hard Times (Banerjee and Duflo book).png
| alt =
| caption = First edition cover (UK/India)
| author = Abhijit V. Banerjee
Esther Duflo
| audio_read_by = James Lurie{{Cite book |url=https://www.publicaffairsbooks.com/titles/abhijit-v-banerjee/good-economics-for-hard-times/9781549152627/ |title=Good Economics for Hard Times: Better Answers to Our Biggest Problems by Abhijit V. Banerjee by Esther Duflo Read by James Lurie |website=PublicAffairs |date=5 March 2019 |isbn=978-1-5491-5262-7 |access-date=October 21, 2019}}
| title_working = Good Economics, Bad Economics: Six Ways We Get the World Wrong and How to Set It Right{{Cite web |url=https://www.booktopia.com.au/good-economics-bad-economics-abhijit-v-banerjee/book/9781610399500.html |title=Good Economics, Bad Economics: Six Ways We Get the World Wrong and How to Set It Right by Abhijit V. Banerjee, Esther Duflo |website=Booktopia |access-date=October 21, 2019}}
| cover_artist =
| country = United States
| language = English
| subject = Economics
| publisher = PublicAffairs
| pub_date = November 12, 2019
| media_type = Print (hardback)
| pages = 432 pp
| awards =
| isbn = 978-1-61039-950-0
| isbn_note = (US)
| dewey =
| congress =
| website =
}}
Good Economics for Hard Times: Better Answers to Our Biggest Problems is a 2019 nonfiction book by Abhijit V. Banerjee and Esther Duflo, both professors of economics at MIT. It was published on November 12, 2019 by PublicAffairs (US), Juggernaut Books (India), and Allen Lane (UK). The book draws from recent developments in economics research to argue solutions to the issues facing modern economies and societies around the world, including slowing economic growth, immigration, income inequality, climate change, globalization and technological unemployment.{{Cite book |url=https://www.publicaffairsbooks.com/titles/abhijit-v-banerjee/good-economics-for-hard-times/9781610399500/ |title=Good Economics for Hard Times: Better Answers to Our Biggest Problems by Abhijit V. Banerjee by Esther Duflo |website=PublicAffairs |date=5 March 2019 |isbn=978-1-61039-950-0 |access-date=October 21, 2019 |last1=Banerjee |first1=Abhijit V. |last2=Duflo |first2=Esther |publisher=PublicAffairs }} It is their second collaborative book since the publication of their book Poor Economics: A Radical Rethinking of the Way to Fight Global Poverty (2011) and their first since becoming a married couple in 2015. The book's publication comes a month after Banerjee and Duflo were jointly awarded the Nobel Prize in Economics, shared with Harvard University professor Michael Kremer.{{Cite web |url=https://www.nytimes.com/2019/10/14/business/nobel-economics.html |title=Nobel Economics Prize Goes to Pioneers in Reducing Poverty |last=Smialek |first=Jeanna |date=October 14, 2019 |website=The New York Times |access-date=October 21, 2019}}{{Cite web |url=https://www.telegraph.co.uk/business/2019/10/14/poverty-busting-woman-wins-economics-nobel-second-time-50-years/ |title=Poverty-busting woman wins economics Nobel for only the second time in 50 years |last=Lynch |first=Russell |date=October 14, 2019 |website=The Daily Telegraph |access-date=October 21, 2019 |url-access=subscription}}
Summary
Banerjee and Duflo draw from recent developments in economics research to argue solutions to the issues facing modern economies and societies around the world, including slowing economic growth, immigration, income inequality, climate change, globalization and technological unemployment. The book argues against the idea that immigrants lower wages and take jobs from native workers. They also argue that people in poverty often make more sound financial decisions than is normally attributed to them.
Publication and promotion
In October 2019, Banerjee traveled to India to promote the book, with speaking engagements in the capital of New Delhi and his hometown of Kolkata.{{Cite web |url=https://timesofindia.indiatimes.com/india/abhijit-banerjee-to-launch-his-book-in-delhi-this-weekend/articleshow/71606294.cms |title=Abhijit Banerjee to launch his book in Delhi this weekend |last=Banerjee |first=Tamaghna |date=October 16, 2019 |website=The Times of India |access-date=October 22, 2019}}{{Cite web |url=https://economictimes.indiatimes.com/news/economy/policy/tax-cuts-for-the-rich-is-necessary-for-growth-is-a-mantra-that-needs-to-be-questioned-abhijit-banerjee/articleshow/71678172.cms |title=Tax cuts for the rich is necessary for growth is a mantra that needs to be questioned: Nobel laureate Abhijit Banerjee |date=October 21, 2019 |website=The Economic Times |access-date=October 22, 2019}} The trip included a meeting with Prime Minister Narendra Modi at his official residence, 7, Lok Kalyan Marg, in New Delhi.{{Cite web |url=https://www.thehindu.com/news/national/modi-meets-abhijit-banerjee-discusses-various-subjects/article29766473.ece |title=Modi has an 'excellent' meeting with Nobel laureate Abhijit Banerjee |last=Raghavan |first=T.C.A. Sharad |date=October 22, 2019 |website=The Hindu |access-date=October 22, 2019}} Duflo spoke about the book at the London School of Economics on November 5, 2019.{{Cite web |url=http://www.lse.ac.uk/Events/2019/11/20191105t1830vSZT/good-economics |title=Good Economics for Hard Times |website=LSE |access-date=October 22, 2019}}
Reception
Publishers Weekly praised the book, writing, "Banerjee and Duflo's arguments are original and open-minded and their evidence is clearly presented. Policy makers and lay readers looking for fresh insights into contemporary economic matters will savor this illuminating book."{{Cite web |url=https://www.publishersweekly.com/978-1-61039-950-0 |title=Nonfiction Book Review: Good Economics for Hard Times by Abhijit V. Banerjee and Esther Duflo |date=October 17, 2019 |website=Publishers Weekly |access-date=October 21, 2019}}
Kirkus Reviews gave the book a positive review, calling it "Occasionally wonky but overall a good case for how the dismal science can make the world less—well, dismal."{{Cite web |url=https://www.kirkusreviews.com/book-reviews/abhijit-v-banerjee/good-economics-for-hard-times/ |title=Good Economics for Hard Times by Abhijit V. Banerjee & Esther Duflo |date=August 29, 2019 |website=Kirkus Reviews |access-date=October 21, 2019}}
In his review for The Guardian, Greek economist and politician Yanis Varoufakis praised the book and called it a "methodical deconstruction of fake facts" and an "excellent antidote to the most dangerous forms of economics bashing."{{Cite web |url=https://www.theguardian.com/books/2019/nov/11/good-economics-for-hard-times-abhijit-banerjee-esther-duflo-review |title=Good Economics for Hard Times by Abhijit V Banerjee and Esther Duflo review – methodical deconstruction of fake facts |last=Varoufakis |first=Yanis |author-link=Yanis Varoufakis |date=November 11, 2019 |website=The Guardian |access-date=November 11, 2019}}
Nicholas Kristof wrote that Banerjee and Duflo "demolish the traditional arguments against higher taxes on the wealthy in an incisive book."{{Cite web |url=https://www.nytimes.com/2019/10/12/opinion/sunday/taxes-wealth-poverty.html |title=Opinion {{!}} Should We Soak the Rich? You Bet! |last=Kristof |first=Nicholas |author-link=Nicholas Kristof |date=October 12, 2019 |website=The New York Times |access-date=October 22, 2019}}
The book has received praise from economists such as William Easterly,{{Cite news |last=Easterly |first=William |author-link=William Easterly |date=17 Nov 2019 |title='Good Economics for Hard Times' Review: Sticky Markets, Tricky Solutions |work=The Wall Street Journal |url=https://www.wsj.com/articles/good-economics-for-hard-times-review-sticky-markets-tricky-solutions-11574021736 |url-access=subscription |access-date=13 April 2023 |quote="Good Economics for Hard Times lives up to its authors' reputations, giving a masterly tour of the current evidence on critical policy questions facing less-than-perfect markets in both developed and developing countries, from migration to trade to postindustrial blight."}} Thomas Piketty, Emmanuel Saez, Robert Solow, Daron Acemoglu, Pinelopi Goldberg and Raghuram Rajan as well as from legal scholar Cass Sunstein.
Publication history
- {{Cite book |title=Good Economics for Hard Times: Better Answers to Our Biggest Problems |publisher=PublicAffairs |isbn=978-1-61039-950-0 |location=United States |publication-date=November 12, 2019}} 432 pages.
- {{Cite book |title=Good Economics for Hard Times: Better Answers to Our Biggest Problems |publisher=Juggernaut Books |isbn=9789353450700 |location=India |publication-date=November 12, 2019}} 416 pages.{{Cite web |url=https://www.juggernaut.in/books/good-economics-hard-times |title=Good Economics for Hard Times |website=Juggernaut Books |access-date=October 22, 2019 |archive-date=October 22, 2019 |archive-url=https://web.archive.org/web/20191022205614/https://www.juggernaut.in/books/good-economics-hard-times |url-status=dead }}
- {{Cite book |title=Good Economics for Hard Times: Better Answers to Our Biggest Problems |publisher=Allen Lane |isbn=9780241306895 |location=United Kingdom |publication-date=November 12, 2019}} 416 pages.{{Cite web |url=https://www.penguin.co.uk/books/305539/good-economics-for-hard-times/9780241306895.html |title=Good Economics for Hard Times |website=Penguin Books UK |access-date=October 22, 2019}}
References
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Category:2019 non-fiction books
Category:Juggernaut Books books