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Ensuring a sustainable development path

Augusto Lopez-Claros's picture

I’ve suggested recently that although high economic growth in recent decades has greatly improved average life expectancy, infant mortality, and other leading indicators policymakers and development practitioners were still worried about the sustainability of these trends and whether people in developing countries would eventually enjoy the high standards of living of high-income countries. This, against the background of a planet under increasing stress, particularly as a result of climate change. In this blog, I explore some of the actions needed to sustain our global economy.

2016 Oil price forecast revised higher after supply disruptions boost prices in second quarter

John Baffes's picture

The World Bank is raising its crude oil price forecast for 2016 to $43 a barrel from $41 dollars after a 37 percent jump in energy prices in the second quarter due principally to disruptions to supply, particularly from wildfires in northwestern Canada and sabotage of oil infrastructure in Nigeria.

Making politics work for development

Stuti Khemani's picture

Fear of openly confronting politics can come in the way of achieving economic development goals. To help address this problem, the Development Research Group of the World Bank prepared a report synthesizing the vanguard of economics research on the functioning of political markets to understand the implications. It yields insights for strengthening existing transparency and citizen engagement policies with potentially powerful consequences for economic development everywhere, in poor and rich countries alike.

Behavioral economics and social justice: A perspective from poverty and equity

James Walsh's picture

It has been almost ten years since Richard Thaler and Cass Sunstein wrote Nudge, but the revolution in behavioral policymaking is still unfolding.
 
Around the world, behavioral economists and policymakers strive to show that a richer model of human behavior can improve both individual and social welfare in virtually all domains of society.

How long should the week be?

Maya Eden's picture

As agrarian economies modernize, a need emerges for coordination in production. In most countries, production is organized around a seven-day cycle in which five days are designated as workdays and two days are designated as a weekend. Indeed, in the United States, the vast majority of employed persons work during workdays and not during weekends.

Market impacts of patent reforms in developing countries

Aparajita Goyal's picture

Intellectual property (IP) protection is a heavily debated issue particularly in the developing world, as many formerly poor countries have experienced rapid economic growth and now represent potentially profitable markets for innovating firms. Partly because of this growing importance, members of the World Trade Organization were required to adopt the Trade Related Intellectual Property Standards (TRIPS) intended to establish uniform IP standards including a product patent system in all fields of technology. Many developing countries such as India, China, and Brazil have recently begun creating these systems (and these policies are currently being considered in many African countries). As a result, little is known about the effects of these policies in the developing world.

Should cash transfers be systematically paid to mothers?

Damien de Walque's picture

When I was a high school student in Belgium, our history textbook included a reproduction of a painting entitled “The Drunkard” by Eugène Laermans. The painting was included in the section describing the history of the labor movement in the country and its achievements in passing legislation aimed at improving the situation of the working class. In particular, the painting was meant to illustrate why the Belgian law introducing child benefits – monthly transfers to all families raising children until age 18 (or until age 25 as long as they are still students) - stipulates that these benefits are paid to the mother. The law still holds today, even if it allows for exceptions when the mother is not present in the household.

Uncertainty in groundwater supply may limit the adoption of water-saving technology in India

Hanan Jacoby's picture

During the dry season, N. S. Reddy, a farmer in Kadapa district of Andhra Pradesh, cultivates groundnut on two acres using water from his own borewell, which he runs for the six hours every day that his village gets electricity. His neighbor, J. R. Prasad, owning a borewell of similar capacity, fully cultivates his single acre of land, but also sells water to A. R. Murthy to grow sunflower. At the end of the season, Mr. Murthy gives Mr. Prasad 3000 Rupees as payment on his contract for irrigating this half acre. In a different village, a similar scenario plays out, but here the borewell owner, K. Chandra, sells M. S. Krishna five irrigations, one-at-a-time throughout the season, at 1000 Rupees apiece.

Do social factors determine “who we are” as well as the choice sets we have?

Karla Hoff's picture

The World Bank’s conference on “The State of Economics, the State of the World” was an opportunity to take stock of the emergence of new paradigms for understanding economic development.  Following Ken Arrow’s talk on the history of the neoclassical model and Shanta Devarajan’s comments on this model’s centrality in the Bank’s work, I had the opportunity to discuss two paradigms of how individuals make decisions that have recently emerged in economics, drawing on psychology, sociology, and anthropology.

Are we travelling on a sustainable development path?

Augusto Lopez-Claros's picture

Global development as a universal objective to improve people’s social and economic wellbeing is a relatively recent concept.

It was first embodied in the United Nations Charter, signed in San Francisco 71 years ago this week, which stated: “the United Nations shall promote higher standards of living, full employment, and conditions of economic and social progress and development.” In time, at least among practicing economists in academia and policymakers in government, “development” came to be seen as improved economic opportunity through the accumulation of capital and rising productivity.

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