One of the most inspiring books that I read recently is Poor Economics: A Radical Rethinking of the Way to Fight Global Poverty* by Abhijit V. Banerjee and Esther Duflo. I think this book is outstanding because it not only covers new perspectives on global poverty but also examines the tiny business operations from poor people. While some other authors focus only on the entrepreneurial spirit of poor business owners (which for sure exists in many cases), go Banerjee and Duflo a bit further and explore the problems like a lack of profitability, risk management issues and limited or missing growth prospects. They also include discussions about the proper use of development aid and how the success of projects is often spoiled by misinformation, myths and cultural conflicts. Banerjee and Duflo’s book is an enjoyable and insightful read.
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In fact, they also got the 2019 Nobel Prize in Economics “for their experimental approach to alleviating global poverty.” It is safe to say that the research conducted by Banerjee and Duflo has considerably changed the view on global poverty and generally improved the tools and options to handle global problems.
For me, this book is a top pick and must-read for everyone interested in business and economy.
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