[Marxism] Impoverished economics? Unpacking the economics Nobel Prize | openDemocracy

Louis Proyect lnp3 at panix.com
Sat Oct 19 07:01:08 MDT 2019

The approach that is being promoted is concerned with poverty, not 
development, and is thus a part of the larger trend in development 
economics that is moving away from development as structural 
transformation to development as poverty alleviation. This movement 
towards “thinking small” is a part of a broader trend, which has 
squeezed out questions related to global economic institutions, trade, 
agricultural, industrial and fiscal policy, and the role of political 
dynamics, in favor of the best ways to make smaller technical interventions.

The interventions considered by the Nobel laureates tend to be removed 
from analyses of power and wider social change. In fact, the Nobel 
committee specifically gave it to Banerjee, Duflo and Kremer for 
addressing “smaller, more manageable questions,” rather than big ideas. 
While such small interventions might generate positive results at the 
micro-level, they do little to challenge the systems that produce the 


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