Technology Dynamics and Growth

According to the Solow Model, productivity growth is the key to long-term, sustained economic growth. In practice, this is quantified by a blunt measure of economic efficiency called total factor productivity (TFP). Referred to as a "measure of our ignorance" by Robert Solow himself, TFP is calculated by summing up all growth that is not … Continue reading Technology Dynamics and Growth

The Randomistas Shouldn’t Rule, but They Needn’t be Renounced

In August, Martin Ravallion wrote a working paper for the Center for Global Development titled Should the Randomistas (Continue to) Rule? questioning the wisdom of allowing proponents of randomized control trials (RCTs) to dictate the development research agenda. This came after a collection of 15 renowned economists wrote an open letter criticizing development buzzwords, including … Continue reading The Randomistas Shouldn’t Rule, but They Needn’t be Renounced

The Sustainable Development Goals

In the year 2000, the United Nations (UN) adopted the United Nations Millennium Declaration, a document that established the Millennium Development Goals (MDGs) — eight goals related to economic development with a target completion date of 2015. Those targets were: To eradicate extreme poverty and hunger To achieve universal primary education To promote gender equality and empower women To reduce child mortality … Continue reading The Sustainable Development Goals

Defining Development

The term "development" generally refers to the level of well-being that people enjoy, but quantifying well-being is not an easy thing to do. The traditional, and still most commonly-used, way to measure and compare levels of well-being across countries is personal income — gross national income (GNI) per capita. A country’s GNI is the value … Continue reading Defining Development