Good Economics for Hard Times audiobook cover - Better Answers to Our Biggest Problems

Good Economics for Hard Times

Better Answers to Our Biggest Problems

Abhijit V. Banerjee and Esther Duflo

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Economics

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Good Economics for Hard Times
The Role of Economists+
Immigration Reality+
Global Trade Flaws+
Climate Change & Inequality+
AI and Automation+
Wealth Inequality+
Taxation Solutions+
Poverty and Dignity+
Political Polarization+

Quiz — Test Your Understanding

Question 1 of 10
According to the book, what is a crucial step economists must take to regain the public's trust?
  • A. Align themselves more closely with successful business leaders to prove their practical value.
  • B. Share their thought processes, evidence, and be willing to admit when they are wrong.
  • C. Focus exclusively on publishing academic papers rather than appearing on television.
  • D. Present their findings with absolute certainty to project authority and confidence.
Question 2 of 10
Why does the simple economic model of supply and demand fail to accurately predict immigration patterns?
  • A. It overestimates the financial benefits of moving to a first-world country.
  • B. It fails to account for strict legal barriers that prevent all forms of migration.
  • C. It assumes financial gain is the only motivator, ignoring factors like family ties and fear of change.
  • D. It underestimates the cost of travel and relocation for the average worker.
Question 3 of 10
How do immigrants typically affect the local job market for native workers?
  • A. They completely replace native workers by offering cheaper labor to employers.
  • B. They stimulate the local economy by demanding services and often starting their own businesses.
  • C. They cause a permanent depression in wages across all highly-skilled sectors of the economy.
  • D. They force native workers to accept lower-paying manual labor jobs to compete.
Question 4 of 10
What is a major flaw in the traditional economic argument advocating for free international trade?
  • A. It assumes that workers and companies are highly flexible and can easily switch to more profitable industries.
  • B. It underestimates the technological superiority of developing nations like India and Egypt.
  • C. It fails to recognize that countries will eventually stop importing goods altogether.
  • D. It relies too heavily on the assumption that global transportation costs will remain low.
Question 5 of 10
What was the unintended consequence of the US imposing heavy protectionist tariffs on Chinese steel and aluminum?
  • A. Chinese factories completely shut down their steel production.
  • B. US steelworkers lost their jobs due to a sudden decrease in domestic demand.
  • C. China retaliated with tariffs on US agricultural products, threatening the jobs of American farmworkers.
  • D. The US government was forced to completely defund the Trade Adjustment Assistance (TAA) program.
Question 6 of 10
How do the authors respond to the argument that fighting climate change is a luxury the poor cannot afford?
  • A. They argue that the poor will eventually benefit from the technological advancements of green energy.
  • B. They point out that the poor, especially in developing countries, are already paying the highest price for climate change.
  • C. They suggest that climate change is a natural phenomenon that will not significantly impact the economy.
  • D. They believe that economic growth should always take precedence over environmental concerns to protect jobs.
Question 7 of 10
According to the text, which types of jobs are currently LEAST likely to be taken over by AI and robots?
  • A. Complex logistical planning and basic bookkeeping.
  • B. Routine manual labor in manufacturing plants.
  • C. Highly skilled computer engineering and very low-skilled jobs like dog-walking.
  • D. Paralegal work and sports journalism.
Question 8 of 10
What do economists point to as a primary cause for the massive spike in economic inequality starting around 1980?
  • A. The sudden widespread adoption of industrial robots in the workplace.
  • B. The aggressive tax cuts for the wealthy implemented by leaders like Ronald Reagan and Margaret Thatcher.
  • C. The collapse of the global trade market and the rise of strict protectionist tariffs.
  • D. The mass migration of low-skilled workers from developing countries to the US and UK.
Question 9 of 10
What did data from experiments in 119 developing countries reveal about giving direct financial aid (cash) to the very poor?
  • A. It significantly increased their spending on alcohol and tobacco.
  • B. It drastically reduced their incentive to work, leading to higher long-term unemployment.
  • C. It improved nutrition and health levels without disincentivizing work.
  • D. It caused rapid local inflation, negating the benefits of the financial aid.
Question 10 of 10
According to the authors, what is an effective way to combat the political polarization and prejudice amplified by social media echo chambers?
  • A. Banning political discussions on major social media platforms.
  • B. Encouraging diverse social interactions in mixed neighborhoods, schools, and universities.
  • C. Relying exclusively on economists to dictate public policy without public debate.
  • D. Implementing strict government censorship of inaccurate news articles.

Good Economics for Hard Times — Full Chapter Overview

Good Economics for Hard Times Summary & Overview

Good Economics for Hard Times (2019) unflinchingly examines some of the most seemingly intractable problems we’re confronting today. Abhijit V. Banerjee and Esther Duflo argue that economics can provide new perspectives on how to solve climate change without hurting the poor, and also tackle social problems caused by rising inequality, global trade, and fear of immigration. 

Who Should Listen to Good Economics for Hard Times?

  • People who want to regain their faith in the usefulness of economics
  • Environmentalists who want a new perspective on how to save the planet
  • Workers who are worried about how immigration and trade will affect their jobs

About the Author: Abhijit V. Banerjee and Esther Duflo

Abhijit V. Banerjee and Esther Duflo won the 2019 Nobel Prize for Economics in recognition of their contributions to the field of development economics. Their previous book Poor Economics was a pioneering investigation of what it means to be poor, and how to provide the most effective aid to struggling communities. They are both professors at MIT, and have received numerous academic honors and prizes. 

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