Textbook Recommendation — Poor Economics by Abhijit V. Banerjee
why do young women seek out sugar daddies? why did Indian parents have so many kids? How does the caste system hold back the education system? Why the banks NEVER EVER help freelancers and small businesses? This and more answers in this incredible book about developmental economics.
In anticipation of my upcoming MA in Economics, as I always do, I have started collecting and reading and making notes and the many other things that I do. After finishing the previous book, I immediately started listening to this book about Poor Economics.
There are many reasons I chose this book. I am, a very happy citizen of India, because of the wonderful opportunities it has given me. Cushy 10-hour work week. Remote work for 12 plus years. Excellent and high quality but cheap food prices. Travelling. Modern Infrastructure. Creature comforts. Travel, Luxury and Leisure. A hopeful future of rest, relaxation and a possibility of early retirement.
There are some things which are bad, of course.
Still, sum total, the experience is positive, to me. However, as I am reminded almost every day, only 5 % of India earns more than USD 10,000 dollars. Since it only gets more and more difficult as you go higher, I can say with some anecdotal evidence that I am probably in the top 3 % of earners in India.
That means, there are so many people in India, who are not able to enjoy the benefits of the 8 % average growth that my country is seeing for many years now. How do the remaining 95 % live? How does life work for them?
There is the question of caste, and I am from a lower caste community.
I remember, multiple times, being forced to sit in the last bench because of my caste and skin color. One time, at a friend’s house, I accidentally touched a towel. That family shouted at me, because now, they have to wash all the clothes or buy new clothes, as I am an untouchable.
There is also the question of poverty. I still remember, my name being printed on the notice board in my b-school, every month, because my parents were unable to send the 300 USD monthly food bill on time. So, my MBA campus would shame
I somehow escaped that life. However, what about other people? The 95 % living for less than 10,000 USD. Or, if we go lower, the people who live for less than a dollar per day? Our country obtained independence about 70 plus years ago. We have definitely improved, and many are enjoying the benefits, like myself. But, so many have been left behind.
This book does a full sweep about a variety of topics linked to poverty. From education issues to caste issues to small business to micro finance to sex education to teenage pregnancy.
I used the audio version, which is available, here.
All in all, for those who are studying Economics in India and want to know more about India, this book is an absolute must.
