Good Economics for Hard Times

Good Economics for Hard Times: Better Answers to Our Biggest Problems is a nonfiction work released in 2019 by economists Abhijit V. Banerjee and Esther Duflo, both faculty members at MIT. The book was published on November 12, 2019, through PublicAffairs in the United States, Juggernaut Books in India, and Allen Lane in the United Kingdom. Drawing on contemporary economic studies, it offers strategies to tackle major worldwide issues such as decelerating economic growth, immigration, disparities in income, climate change, globalization, and technological unemployment. This publication follows their previous joint effort, Poor Economics: A Radical Rethinking of the Way to Fight Global Poverty (2011), and marks their first collaborative book since their marriage in 2015. Its launch closely preceded Banerjee and Duflo's award of the Nobel Prize in Economics, which they shared with Harvard’s Michael Kremer.

Summary

Utilizing recent advancements in economic research, Banerjee and Duflo explore pressing global economic challenges including sluggish growth rates, immigration issues, income inequality, climate change impacts, globalization effects, and technological unemployment. The authors challenge the notion that immigrants lower wages or replace native workers and emphasize that individuals living in poverty often make financially sound decisions contrary to popular belief.

Publication and promotion

In October 2019, Banerjee conducted promotional activities for the book across India, hosting events in New Delhi and Kolkata, and meeting with Prime Minister Narendra Modi at his official residence. Duflo introduced the book at the London School of Economics during November 2019.

Reception

The book received acclaim from Publishers Weekly, which highlighted its innovative arguments supported by clear evidence and recommended it for both policymakers and general audiences interested in new economic perspectives. Kirkus Reviews characterized it as "occasionally wonky but overall a compelling argument for how economics can positively influence society."

Greek economist Yanis Varoufakis praised it in The Guardian as a "systematic dismantling of false information" and an "excellent counter to misguided criticism of economics." Journalist Nicholas Kristof observed that Banerjee and Duflo effectively "debunk conventional objections to increased taxation on the wealthy" through sharp analysis.

Esteemed economists such as William Easterly, Thomas Piketty, Emmanuel Saez, Robert Solow, Daron Acemoglu, Pinelopi Goldberg, and Raghuram Rajan, along with legal scholar Cass Sunstein, have publicly endorsed the work.

Publication history

• Good Economics for Hard Times: Better Answers to Our Biggest Problems issued on November 12, 2019, by PublicAffairs (USA), comprising 432 pages.
• Simultaneously published by Juggernaut Books (India), containing 416 pages.
• Also made available by Allen Lane (UK), with 416 pages.