CGD Podcast: Efficient Development with Bjørn Lomborg
Sep 7, 2023
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Author Bjørn Lomborg discusses the 12 most efficient policy solutions for Sustainable Development Goals, prioritizing impactful projects for global development, exploring the interconnectedness of health, education, and responsible consumption, and initiatives in Haiti to improve health outcomes.
Identifying and prioritizing the 12 most efficient policy solutions can yield significant social, economic, and environmental benefits for low and low-middle income countries.
Focusing on policies with a 15-to-1 benefit-cost ratio allows for optimal allocation of resources, emphasizing the importance of evidence-based decision-making and concrete solutions.
Deep dives
The Cost of Sustainable Development Goals
The podcast episode discusses the cost of achieving the Sustainable Development Goals (SDGs) and the need for prioritization. The SDGs encompass a wide range of objectives from poverty reduction to climate change mitigation, leading to a significant increase in estimated costs, reaching up to $175 trillion. However, this presents a challenge as the current global crisis has strained public resources. In the book 'Best Things First', the author argues for identifying the most efficient solutions by working with top economists. Using benefit-cost analysis, they have identified 12 policies that can deliver at least 15 times the cost in terms of social, economic, and environmental benefits for low and low-middle income countries. By focusing on these policies, which include childhood immunization and skilled migration, an annual expenditure of $35 billion could save 4.2 million lives and improve the well-being of the poorest half of the world by $1.1 trillion.
Prioritizing the Best Solutions
In the podcast episode, the concept of prioritization is emphasized. The author points out that while the SDGs aim to address numerous global challenges, it is not feasible to tackle all objectives simultaneously. By employing a cutoff point of a 15-to-1 benefit-cost ratio, the book identifies the policies that provide the highest return on investment. This approach has led to the identification of 12 impactful solutions, including improving childhood education and addressing tuberculosis. By focusing on these key areas, an optimal allocation of financial resources can be achieved. It is important to highlight that this prioritization does not diminish the significance of other issues but recognizes the need to do the most good with limited resources.
Addressing Controversy and Recognizing Competing Goals
The podcast acknowledges the controversy that may arise from the prioritization process. The author notes that prioritizing certain goals may face resistance from those advocating for different objectives. However, it is crucial to overcome these challenges and engage in informed discussions about effectively allocating resources. The book highlights that some goals, such as health and education, can be achieved more quickly compared to others like climate action or gender equality. This does not imply downplaying the importance of these issues but recognizes the effectiveness and cost-efficiency of investing in certain areas. The author emphasizes the need for evidence-based decision-making and focuses on concrete solutions, such as targeted childhood education programs, to maximize impact and promote prosperity.
Bjørn Lomborg, author of Best Things First, joins CGD's Gyude Moore to discuss the 12 "most efficient" policy solutions for achieving the Sustainable Development Goals, how they were assessed and identified, and the tradeoffs they may require.
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