Nobel Prize winner Michael Kremer thinks economics can better the world | DW Interview

Can economic policy help shape the world for the better? That's the question that Michael Kremer and his collaborators set out to answer. And in 2019, Kremer, Esther Duflo and Abhijit Banerjee were awarded the Nobel Prize for Economics for their work, described as "an experimental approach to alleviating global poverty." Kremer joins DW Business to discuss how economic theories can be applied in the real world to improve people's lives today.
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#MichaelKremer #economics #business

[@tubebrocoli]

Economics is literally the "language of policy" today and has been for centuries. Neoliberalism was invented by a handful of economists and look at the disaster that it has been. To this day economics is based on assuming people participating in markets are not just perfectly rational, but prescient. Economics tries to be physics - it tries to explainin highly complex phenomena from small assumptions, but without any of the rigor. Our entire system has been built to benefit people with the means to exploit errors in the game. Markets are only "efficient" with lots of competition, so every big company seeks to become as close to a monopoly as possible, and we just let it happen because the "invisible hand" is supposed to fix it. l Companies exploit their power and influence politics through shoddy economics to make sure the collective cost of things like pollution is never paid. We deserve better than this. Maybe sociology would be better as the "language of policy" than economics. At least the humanities don't pretend to be a hard science like Economics does.

[@_permem1984]

GDP = energy = CO2

[@RodBarkerdigitalmediablog]

Bizarre that they didn't discuss GDP + burning things for energy = meltdown. The false and harmful narrative of eternal economic growth needs to be critically questioned each time it is presented as the solution to our predicament.

[@danielpicassomunoz2752]

Nein. Economy is being the victim of identity theft by finance. While wealth is found in material consumption and ownership, 'growth' is needed for 'economy' to do 'well' while we self destruct.

[@rayne5368]

Think it can only benefit those who use it to gain increasing wealth. Those who do not know how to use it to their benefit will fall behind.

[@felixmildon690]

2:45 that pissed me off the interruption let the man cook I was holding like 2 minutes of his slow point building your context shift was so frustrating.

[@justinwolf7490]

It can but it can also hide and shield dictators.

[@simondj8572]

I have a few remarks to add as an overall response, no doubt price tag matters as we know that today's economy is based on taxpayer feedback but for some reason people don't check annual budgets of their countries, why? I believe that he pointed out recent event where farmers from EU protest against those subsidies which he mentioned as being too expensive to support but let's take obvious expenses as the all amount of financial resources allocated since 2014 to people who don't have any desire to integrate or to support community they profit for a decade now. Hopefully you get my point if your iq allows you😂

[@JakeCKim-sh6dz]

Alfred Nobel of Sweden never established a prize in the field of economics.

[@TheRealBlueValhalla]

Maybe he "blew it up” after considering it.

[@tommaso7536]

actually it is a prize from the sweden central bank

[@mimikrya8794]

And now he's turning in his grave

[@FieldDay-vq6qz]

Sorry mate you had your chance Spades not diamonds will sort this out now