Conversations with Tyler Abhijit Banerjee on Theory, Practice, and India
Dec 30, 2019
Abhijit Banerjee, a Nobel laureate and MIT Professor, dives into the interplay of theory and practical economics, emphasizing that randomized trials are more than just data, but tests of theoretical hypotheses. He explores challenges like premature deindustrialization in emerging markets and shares insights on Kolkata's vibrant food scene, contrasting Indian and French sweets. The conversation also touches on Bengali intellectualism, the evolution of leftist thought, and the importance of enriching graduate economics training to connect theory with real-world applications.
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Premature Deindustrialization
- Premature deindustrialization hinders emerging economies.
- Automation leaves limited opportunities for middle-class growth through manufacturing.
Petty Entrepreneurship
- Emerging economies face a challenge with excessive petty entrepreneurship.
- It's difficult to transition these entrepreneurs into larger enterprises or the labor market.
Manufacturing Externalities
- Positive externalities from manufacturing jobs aren't necessarily tied to manufacturing itself.
- The key is accessible skill development for those with limited education.
