A prize to be expected. Banerjee, Duflo & Kremer rely on key tenets of mainstream Econ. While founded on behavioral econ and assumption that tweaks to individual actions can alleviate global poverty, their work is often wrongly presented as purely empirical, objective & radical.
A good a time as any to revisit some critiques of the body of work that this year's laureates have paved the way for. Last year, @farwasial and @cacrisalves wrote a critique of RCTs for @CriticalDev: Why Positive Thinking Won't Get You Out of Poverty 👇 developingeconomics.org/2018/11/09/why…
Angus Deaton and Nancy Cartwright's classic critique, which cautions against simple extrapolations from trials to other contexts, is also worth revisiting.
Last year leading economists argued in @guardian that the focus on micro-interventions associated with RCTs can do little to alleviate poverty if we fail to also tackle its root causes:
Martin Ravallion's (@MartinRavallion) review of Poor Economics is also worth a read. He questions how far Duflo and Banerjee's approach will get us in the fight against global poverty:
Sanjay Reddy's (@sanjaygreddy) critique questions the randomistas' ability to explain global poverty and their approach's "technocratic premises, its naïve view of politics and society, and its unselfconscious do-goodism". Check it out:
Jean Drèze's critique is also important, which critiques the concept of "evidence-based policy," arguing that the relation between evidence and policy needs further thought:
For a political economy perspective, see Bédécarrats (@BedecarratsF), Guérin & Roubaud's article. It explores how RCTs fit w/ contemporary scientific business models & interests of donor communities:
@BedecarratsF Then there's @AHAkramLodhi's critique, which cautions against seeing individual and household choices in isolation from the overall socio-economic structure, dismissing the importance of power and privilege in structuring possibilities. tandfonline.com/doi/full/10.10…
I had the pleasure of chairing the panel on Heterodox Economics Globally with inspiring talks captured here by @nssylla and @Drsaalajeng (but unfortunately the beginning of Rama's got lost!).
Why Do Economists Have Trouble Understanding Racialized Inequalities?
Based on survey data, @SurbhiKesar and I make some observations regarding the Economics discipline and its lack of capacity to deal with race... + ineteconomics.org/perspectives/b…
We find that economists in mainstream Econ depts are the least likely to teach about racial inequalities & colonialism (see figure). We believe the reason for this is the inadequate manner in which mainstream Econ theorises inequality, and race in particular. +
We argue: "...the discipline falls markedly short of recognizing the structural, historical factors that are central for producing and perpetuating inequality across groups, both in terms of opportunities and outcomes." +
#AHE2020 as seen from rural Norway. @SurbhiKesar (@working_india) introducing the panel on perspectives from the Global South on Heterodox Economics with a stellar panel calling in from India, Italy and the US.
Prabhat Patnaik opens the plenary, speaking on globalization, inequality and economic crisis. #ahe2020
Now @LuGuangMing is presenting on "Bordering the Surplus Population across the Mediterranean: Imperialism and Unfree Labour in Libya and the Italian Countryside". She explains how immigrant workers can be seen as a reserve army allowing farmers to meet low production costs.
Reis' paper rereads Prebisch's manifesto to break w/its economicism & eurocentrism. It denounces how racial & gender inequalities are at the root of the world system, mirroring the harmful relationship btwn patriarchy, racism & capitalism, which is more perverse in the periphery.
Really happy to have had the opportunity to write a paper on what the effects of and responses to #COVID__19 say about the cracks in the dominant Economics narrative with the brilliant @cacrisalves for @reviewagrarian.
We look at how Econ moved from political economy analysis to an allegedly "exact science" & how this has led to a weakening of the discipline. We connect this to economists' tendency to see #COVID__19 as an "external" shock rather than as connected to our systems of production.+
We then look at the increasingly central role "markets" have come to play in the discipline and how this has narrowed that's considered the “economic sphere.” This market fundamentalism has, in turn, led to a defunding and weakening of public institutions. +
How is dependency theory particularly relevant now?
First of all, how industry is structured globally still reproduces relations of dependence and leaves workers in developing countries especially exposed during the pandemic.
While global economic integration has deepened, which has been associated with an increase in efficiency and ‘flattening’ of the world, the spread of global value chains involves rigid power imbalances & deep vulnerabilities for those at the bottom of the hierarchy.