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Study Notes

What are the main arguments put forward in Good Economics for Hard Times?

A-Level, IB
AQA, Edexcel, OCR, IB, Eduqas, WJEC

Last updated 1 Feb 2023

This study note provides a summary of some of the key arguments developed in "Good Economics for Hard Times" by Abhijit Banerjee and Esther Duflo.

  1. In order to address global challenges such as poverty, inequality, and migration, we need to have a better understanding of the economic forces at play.
  2. The authors argue that the traditional economics approach of relying on market forces alone is inadequate for addressing these challenges and that government intervention is necessary.
  3. They argue for a more nuanced approach to economic policy that takes into account the complexities of human behavior and the real-world challenges that people face.
  4. The authors also argue against the idea that immigration is a major cause of economic problems and instead argue that it can be a source of growth and prosperity.
  5. They call for a greater emphasis on alleviating poverty and reducing inequality, arguing that these issues are not only morally important but also economically beneficial.
  6. The authors argue that the evidence shows that government intervention can be effective in addressing economic challenges, but that it must be well-designed and properly implemented to be successful.

Overall, "Good Economics for Hard Times" advocates for a more evidence-based and compassionate approach to economic policy that prioritizes the well-being of people over abstract ideological principles.

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