Behavior, Experiments & Institutions: Insights on Economics of Development
Description: Traditional economic models have helped us understand a great deal about the process of economic development. Still, many nations remain mired in persistent poverty, low levels of economic growth, and underachievement on numerous measures of human-centered development. This mini will look at insights from randomized controlled trials and behavioral economics that may help us understand some of this persistence at the "micro" (individual and market) level. At the "macro" (economy-wide) level, we will explore and evaluate work on the importance of strong institutions as a precondition for sustained growth. To the extent time allows, we will attempt to contrast the insights from this work with those of traditional economic models in areas like trade, poverty, education, health, and finance.