This week’s reflections explore the absurdity of the Tory leadership election, comparing it to the volatile nature of the Pakistani cricket team. Insightful discussions on economic growth in developing countries highlight the importance of firm growth strategies, while new research on resource utilization challenges previous skepticism about cash transfer programs. Personal narratives enrich the analysis, concluding with speculations on the upcoming economic Nobel Prize.
Greetings, fellow readers! This week, I found myself pondering the astonishing parallels between the predictably tumultuous dynamics of the Tory party and the saga of the Pakistani cricket team. The Tories, practically in an infinite loop of leadership changes, are on the verge of selecting their 3,218,573rd leader since 2015. The current showdown appears to revolve around James Cleverly, the centrist contender and former Secretary of State, and the more polarizing figures of Kemi Badenoch and Robert Jenrick. In a surprising turn of events, Cleverly’s backers seem to have played their cards poorly, inadvertently opening the door for his rivals, while he himself exits the race. The whole episode mirrors the chaotic flair of the Pakistani cricket squad—renowned for their frequent captain changes and their uncanny knack for snatching defeat from the jaws of victory, as illustrated in this week’s test match against England. My prediction of the Pakistan team’s downfall was on point, but the latest Tories’ antics left even me, a lover of the absurd, utterly astonished. But beyond the political absurdities, there’s been a wealth of insightful writing on empowering economic growth in developing nations. One standout piece by Karthik Tadepalli in Asterisk compellingly argues that instead of asking “How do we make countries grow?”, we should target our gaze at firm growth, where substantive answers reside. He emphasizes: “And while ‘How do we make countries grow?’ produces platitudes, “How do we make firms grow?” has real answers. Economists can analyze the influence of economic policies on businesses domestically, avoiding messy international comparisons. Despite the extensive research on firm expansion, the political nuances surrounding this work cannot be ignored, as they greatly influence outcomes. Additionally, a riveting working paper by Michael Walker and colleagues sheds light on ‘slack’—the term for underutilized resources. Their research reveals significantly more slack present in developing nations compared to wealthier counterparts, revealing profound implications for cash transfers and universal basic income initiatives, effectively changing my previous skepticism about their efficacy. Furthermore, a VoxDev talk by David Atkin underscores the crucial role of connecting developing country firms to broader markets. In other interesting readings, Tim Harford narrates the brilliant life of Alban Phillips, the mind behind the Moniac machine—an iconic invention in economics. As a blast from the past, my friend Tom got to witness this unique machine, leaving me enviously captivated. In Susan Barron’s reflections on her quarter-century involvement with the ODI Fellowship scheme, her experiences highlight its transformative power in understanding international development while forming lifelong friendships. Shifting gears, Andrew Gelman discusses interaction terms—if you’ve ever been intimidated by their complexity, Gelman’s insights offer valuable guidance. Furthermore, three climate-related pieces catch my eye: Patrick Behrer’s observations on climate adaptation efforts, Hannah Ritchie’s examination of coal’s decline in the UK, and Nan Ransohoff’s proposals on funding global carbon removal to meet climate goals, albeit with some reservations about utilizing the entire global development budget. Lastly, the air is buzzing with speculation about the upcoming ‘not-a-real-Nobel’ season, where opinions on the economic Nobel Prize invariably ignite debates. While last year’s award to Claudia Goldin was celebrated, Daron Acemoglu and James Robinson are frontrunners for this year, alongside others like Susan Athey and David Autor—each name stirring intrigue in the academic battleground. Until next week, enjoy the weekend!
The article offers a mix of reflections on current events within UK politics, especially focusing on the Tory leadership contest, while tying these political narratives to broader themes in economic development and impactful research. It discusses the dynamics of leadership and strategy within a political party, comparing it humorously to the unpredictability of a cricket team. Interspersed within the political discourse are commendations of notable contributions in the field of economic research, especially those addressing growth in developing countries, firm dynamics, and insights influencing our understanding of monetary interventions like cash transfers. The article also touches upon personal anecdotes that enrich the narrative by connecting the writer’s experiences to the intricate world of international development and economics, alongside a light-hearted reflection on the annual speculation surrounding the Nobel Prize in Economics.
In conclusion, this week’s reflections intertwine the unpredictable world of Tory politics with the vibrant realm of economic development, illuminating critical insights about firm growth and resource utilization in developing countries. As significant research continues to reshape our understanding of economic interventions, the parallels drawn with the chaotic sports world emphasize the necessity of strategic foresight, both in politics and economics. The build-up to the delayed Nobel season adds a delightful sense of anticipation, wrapping up an engaging week in the fields of economics and international development.
Original Source: www.cgdev.org
