Monday, August 27, 2018
Is the best way to end global poverty free markets or government action?
For the affirmative:
William Easterly is Professor of Economics at New York University and Co-director of the NYU Development Research Institute. He is the author of three books: The Tyranny of Experts: Economists, Dictators, and the Forgotten Rights of the Poor (2014), The White Man’s Burden: Why the West’s Efforts to Aid the Rest Have Done So Much Ill and So Little Good (2006), which won the FA Hayek Award from the Manhattan Institut, and The Elusive Quest for Growth: Economists’ Adventures and Misadventures in the Tropics (2001). He has published 69 peer-reviewed academic articles, and has written columns and reviews for the New York Times, Wall Street Journal, Financial Times, New York Review of Books, and Washington Post. He has written: "Remember, aid cannot achieve the end of poverty. Only homegrown development based on the dynamism of individuals and firms in free markets can do that."
For the negative:
Joseph E. Stiglitz is an American economist and a professor at Columbia University. He is also the co-chair of the High-Level Expert Group on the Measurement of Economic Performance and Social Progress at the OECD, and the Chief Economist of the Roosevelt Institute. A recipient of the Nobel Memorial Prize in Economic Sciences (2001) and the John Bates Clark Medal (1979), he is a former senior vice president and chief economist of the World Bank and a former member and chairman of the (US president's) Council of Economic Advisers. In 2011 Stiglitz was named by Time magazine as one of the 100 most influential people in the world. He has written "[W[enever information is imperfect and markets incomplete, which is to say always, and especially in developing countries, then the invisible hand works most imperfectly. Significantly, there are desirable government interventions which, in principle, can improve upon the efficiency of the market." [italics in original]