The 2019 Nobel Prize shows why we need to dump conventional economics

Ecumenics without churchs by www.quaccheri.it

28.12.2019 – Countercurrents

The 2019 Nobel Prize shows why we need to dump conventional economics

By Dr Ted Trainer

The prize has gone to three people studying how the poor can derive more benefit from existing “development” practices. It sees no reason to question the existing market and growth-driven economy and its derivative, development theory. It doesn’t threaten the massively unjust and environmentally destructive global systems that keep billions in poverty.

The 720,000 pound Prize has been awarded for studies carried out in “developing” countries over several decades, applying randomised trials to determine the effects of interventions like school meals, small monetary incentives for school attendance and work motivation. (Nobel Media, 2019.) Especially noteworthy are devices for reducing “…purchasing of temptation goods”, (…conceivably also of use in rich countries.) These are identified as ”nudges”, only likely to make small differences in the right direction but claimed to be capable of adding to significant effects in large populations. Much if not all of…

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