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Poor Economics: rethinking poverty And the ways to end it

Hardcover
Language: English
Length: 320 Pages
Publisher: Random House India
Rs. 499
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Poor Economics: rethinking poverty And the ways to end it (Hardcover) Price: Rs.499

Poor Economics: Rethinking Poverty And The Ways To End It is a book that shows its readers a whole new approach to tackling poverty.


Summary Of The Book

Governments, NGOs, and various other organizations have been working for a long time to find ways to improve the living conditions of the poor and end poverty. But, according to the authors of this book, the conventional approaches are based on generalizations and misconceptions.


For around fifteen years, the authors have conducted field research in many places around the world, studying the financial habits of the poor. They have come up with many surprising findings that provide new insights into the lifestyles and the spending choices of the economically weaker section.


The authors post an interesting analysis when they raise the question of whether there really are a billion hungry people, as many aid agencies claim. They do not actually dispute the numbers or the reality of the problem of hunger, but just point out the interesting choices that poor people make when offered aid in one way or another.


Duflo and Banerjee provide some interesting examples and situations to drive home their point. For instance, the authors point out that in many areas, the poor could spend around 30% more on food if they cut down on expenditures like tobacco and alcohol. They also point out that when people, even the poor, buy food, what drives their choices is not more calories, but taste and variety.


As an example they explain what happened when people in a few regions in China were offered rice or wheat noodles at subsidized rates. The authors found that these people were eating less of these foods and were actually spending more on meat and shrimp.


They also point out some interesting facts about the credit choices of the poor. For instance, in Chennai, fruit sellers buy INR 1000 worth of fruit on credit from the wholesalers and pay it back at the end of the day with an interest of 4.69%. This works out to a mind boggling interest rate per year.


Even when micro-finance loans are available at reasonable interest rates, many people prefer to borrow cash from traditional money-lenders at higher rates. This is because money-lenders offer flexible choices on when the repayment starts and on how the repayments are made.


In this vein, the book highlights many interesting facts that provide new insights on what drives the spending habits of the poor. Poor Economics: Rethinking Poverty And the Ways to End It defines a different perspective on what actually defines poverty and can help in coming up with new ways to tackle it.


About The Authors

 

Abhijit Banerjee is an economist and he is currently the International Professor of Economics at the Ford Foundation at MIT.


Some of his other publications are Aging And Death Under A Dollar A Day, What Is Middle Class About The Middle Classes Around The World?, and The Experimental Approach To Development Economics.


He was born in Kolkata, India in February 1961. He won the inaugural Infosys Prize in Social Sciences and Economics.


Esther Duflo is co-founder of the Abdul Latif Jameel Poverty Action Lab.


Her only book with Abhijit Banerjee is Poor Economics: Rethinking Poverty And The Ways To End It.


She is currently the professor of Development Economics at MIT. She has received many awards, including the John Bates Clark Medal.

Specifications of Poor Economics: rethinking poverty And the ways to end it (Hardcover)

Contributors
Author Abhijit V. Banerjee, Esther Duflo
Book Details
Publisher Random House India
Publication Year 2011
ISBN-13 9788184001815
ISBN-10 8184001819
Language English
Binding Hardcover
Number of Pages 320 Pages
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Book Reviews of Poor Economics: rethinking poverty And the ways to end it

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Most Helpful Reviews (5 of 16)

03 July 11
101 for Impact Investing

Poor Economics lets you get the basics of economics of poor, as I see it. It also must be the primer for all the wannabe sociopreneurs and stakeholders in the realm of impact investing, social businesses, NGOs et al who wish to make that indelible positive and thoughtful impact on the lives of the poverty stricken populace.
Its laden with the rich insights gleaned from the field, keen observations from different classical viewpoints of other luminaries in the areas of development economics.
Thankfully the language of the book doenst smack of any jargon...

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94% of 16 users found this review helpful.
22 July 11
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Poor Economics

This books brings to fore a new way of thinking about poverty. Rather than professing theoretical stuff, the book presents the results and interpretation of the experimental evidence found by the authors. The authors describe why micro-credit may not be the panache that it is made out to be or why poor make choices that sometimes seem to be grossly idiotic to us and yet make perfect sense to them and how policy makers, without understanding the psychology of the poor, end up drawing plans that, despite their well intentions, do more harm than good. Good read for anybody interested in understanding the root cause of poverty and ideal poverty alleviation policy measures.

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6 of 7 users found this review helpful.
★★★★★
★★★★★
17 May 13
first to review
well researched book with lots of relevations of how and why the poor lead their lives the way they do.

This book appears to be well-researched book on the lives on the poor.By examining and detailing their lives it becomes and bit easy to decide their needs , their limitations and weakness and programs can be tailored with them in mind .
It is a must read for people who make policies for the poor , the micro finance people who can fine tune their lending policies accordingly to the research done by the authors.
I bought the book on in basically two aspects : it been known already in the market and by its theme "rethinking poverty and the ways to end it " and it came out to be the right buy.
A must read book for all those who want to know the physiology of lives the poor lead and specially it is for those people who are connected with the social sector.
A big kudos for the authors to come up with a different kind of book on the poor .

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1 of 1 users found this review helpful.
★★★★★
★★★★★
04 July 13
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certified buyer
A good book for people who are curious on ways to end poverty

I bought the book. The book was promptly delivered and well packed. The book was worth it and I enjoyed reading it. It describes all the small experiments and interviews of people who are economically challenged in various countries like India, Bangladesh etc. and then throws simple yet profound insights on what went wrong or right in the schemes going to the root causes. The overall theme of the book is to inspire people on thinking what approach to poverty reduction would be effective. The people concludes - it is always a mix of approaches and the most effective way is to start or continue whatever good is going on rather than waiting to find the most effective approach. A very good book, interesting read.

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0 of 0 users found this review helpful.
★★★★★
★★★★★
30 May 13
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Good Read !!

This one is devoid of any jargon or extraordinarily amazing conclusions derived by interesting applications of economics ( ala Freakonomics ) ,and this is what makes this book very special . The young economists have done a commendable job . Each chapter is based on a single theme like Health , Microfinance . But do not get bothered as there is not a single thing that a commoner may not understand . Really simple and to the point. Infact the problems described and solutions are so intutive and simple that they appear almost obvious .
Must read for people who want to see into the world and problems of the invisible millions of the world .

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1 of 1 users found this review helpful.

Most Recent Reviews

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★★★★★
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One of the best book for Global development

This is probably the best book to read if you're interested in global development. It removes the problem of rigid perspectives...

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05 April 14
★★★★★
★★★★★
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Its different

A book that will change the normal thought process that we have. It gives a different perspective of poverty around the word an...

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20 February 14
★★★★★
★★★★★
The 'certified buyer' badge indicates that this user has purchased this product on flipkart.com.
certified buyer
A good book for people who are curious on ways to end poverty

I bought the book. The book was promptly delivered and well packed. The book was worth it and I enjoyed reading it. It describ...

Read More
04 July 13
★★★★★
★★★★★
The 'certified buyer' badge indicates that this user has purchased this product on flipkart.com.
certified buyer
Good Read !!

This one is devoid of any jargon or extraordinarily amazing conclusions derived by interesting applications of economics ( ala...

Read More
30 May 13
★★★★★
★★★★★
first to review
well researched book with lots of relevations of how and why the poor lead their lives the way they do.

This book appears to be well-researched book on the lives on the poor.By examining and detailing their lives it becomes and bit...

Read More
17 May 13
    Book: Poor Economics: rethinking poverty And the ways to end it by Abhijit V. Banerjee, Esther Duflo
    ISBN Number: 8184001819, 9788184001815, 978-8184001815

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