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Billions of government dollars, and thousands of charitable organizations and NGOs, are dedicated to helping the world''s poor. But much of their work is based on assumptions that are untested generalizations at best, harmful misperceptions at worst.

Abhijit Banerjee and Esther Duflo have pioneered the use of randomized control trials in development economics. Work based on these principles, supervised by the Poverty Action Lab, is being carried out in dozens of countries. Drawing on this and their 15 years of research from Chile to India, Kenya to Indonesia, they have identified wholly new aspects of the behavior of poor people, their needs, and the way that aid or financial investment can affect their lives. Their work defies certain presumptions: that microfinance is a cure-all, that schooling equals learning, that poverty at the level of 99 cents a day is just a more extreme version of the experience any of us have when our income falls uncomfortably low.

This important book illuminates how the poor live, and offers all of us an opportunity to think of a world beyond poverty.

Learn more at www.pooreconomics.com

Forewordp. vii
Think Again, Againp. 1
Private Lives
A Billion Hungry People?p. 19
Low-Hanging Fruit for Better (Global) Health?p. 41
Top of the Classp. 71
PakSudarno's Big Familyp. 103
Institutions
Barefoot Hedge-Fund Managersp. 133
The Men from Kabul and the Eunuchs of India: The (Not So) Simple Economics of Lending to the Poorp. 157
Saving Brick by Brickp. 183
Reluctant Entrepreneursp. 205
Policies, Politicsp. 235
In Place of a Sweeping Conclusionp. 267
Acknowledgmentsp. 275
Notesp. 277
Indexp. 295
Table of Contents provided by Ingram. All Rights Reserved.

In 2005, 865 million people lived on less than ninety-nine cents per day; most were in India, Indonesia, China, and Sub-Saharan Africa. The ninety-nine cents number already takes account of the fact that life is cheaper in Mali than in the US: to understand what the number means in terms of quality of life, you have to imagine living in Cleveland or Charlotte with ninety-nine cents to spend each day on everything?from housing to food to clothes to toothpaste.
How does one live on ninety-nine cents a day or less? For more than fifteen years, we have tried to answer this question. We collected data, made up some theories, read the literature, and worked with government workers, NGO activists, journalists and politicians. Most importantly we spent time in the back-alleys and villages where the poor live, where we were treated as guests even when we had walked in unannounced. Our questions were answered with patience, even when they made little sense; and in the bargain, we got to hear many stories.

Back in our offices, remembering these stories and poring over the data, we were both fascinated and confused, struggling to fit what we were hearing and seeing into the simple models that professional development economists and policy makers use to think about the lives of the poor. More often than not, the weight of the evidence forced us to reassess or even abandon the theories that we brought with us. But we tried to not do so before we understood exactly why they were failing, and how to adapt them to better describe the world. This book comes out of that interchange; it represents our attempt to knit together a coherent story on how the poor decide, the constraints they face, and what this means for their lives.

The way the poor make decisions, at some level, is not that different from our own. They are no less rational or sophisticated than anyone else, and they are well aware that mistakes for them are costlier: they often put much careful thought into their choices. The problem is that the small costs, the small barriers, and the small mistakes that most of us do not think twice about loom large in the lives of those who have very little.

▶ 2019 노벨경제학상 수상자 Banerjee, Abhijit Vinayak, Duflo, Esther 의 대표작!
▷ Winner of the Financial Times/Goldman Sachs Best Business Book of the Year Award
▶ From the award-winning founders of the Abdul Latif Jameel Poverty Action Lab at MIT: A transformative reappraisal of the world of the extreme poor, their lives, desires, and frustrations

Billions of government dollars, and thousands of charitable organizations and NGOs, are dedicated to helping the world's poor. But much of their work is based on assumptions that are untested generalizations at best, harmful misperceptions at worst.

Abhijit Banerjee and Esther Duflo have pioneered the use of randomized control trials in development economics. Work based on these principles, supervised by the Poverty Action Lab, is being carried out in dozens of countries. Drawing on this and their 15 years of research from Chile to India, Kenya to Indonesia, they have identified wholly new aspects of the behavior of poor people, their needs, and the way that aid or financial investment can affect their lives. Their work defies certain presumptions: that microfinance is a cure-all, that schooling equals learning, that poverty at the level of 99 cents a day is just a more extreme version of the experience any of us have when our income falls uncomfortably low.

This important book illuminates how the poor live, and offers all of us an opportunity to think of a world beyond poverty.