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Nobel Economics Prize goes to aid critic

The 2015 Nobel Economics Prizewinner Angus Deaton, in case you hadn't noticed, is a sharp critic of foreign aid.

His 2013 book The Great Escape. argues "rapidly growing top incomes are a threat to the well-being of everyone else," according to Tom Murphy on Humanosphere.

Health care health care has kept many people alive today who would otherwise be dead," he wrote. "But foreign aid also undermines the development of local state capacity."

For development economists, Deaton was also "a revolutionary and a visionary", says Christopher Blattman of Columbia University on the Foreign Policy magazine website. "His idle afterthoughts helped start huge literatures, like the cross-country study of coups and wars, often years before others caught on."

A key argument of his 2013 book: "The more extreme [...] economic inequality, the greater the threat to democracy. If democracy is compromised, there is a direct loss of well-being. If democracy becomes plutocracy, those who are not rich are effectively disenfranchised."

The global sustainability goals of the United Nations have reducing inequality as Goal 10.

Sources

Amazon

Humanosphere

Foreign Policy website