I would have expected that Muhammad Yunus, who founded the Grameen Bank in Bangladesh and triggered the micro-credit revolution, should have got the prize for Economics. No matter that it's the Peace Prize instead - he deserves it.
Just as you cannot impose democracy from above (see Iraq for more details...) you can impose free markets or prosperity from above either. Micro-credit works because it's bottom up, given people access to small amounts of money that they can decide how to spend. It's the perfect example of (complexity economics at work.
No comments:
Post a Comment