The World Region
An old proverb cautions that “an ounce of prevention is worth a pound of cure.” There is a lot of truth to this: interventions to prevent infectious disease and infant malnutrition have repeatedly been estimated to have very high returns, with benefit-cost ratios as high as 15 to 1.
The proverb also applies outside health. Time and again, failure to prevent and prepare has tragic and costly consequences—economic and financial crises, natural disasters, ruinous health outcomes, social unrest—that often could have been avoided at moderate cost. In 2010, an earthquake in Haiti cost more than 220,000 lives, while one of much larger magnitude in Chile produced about 500 fatalities. Chile’s enforcement of building codes appears to account for much of the difference.
What should replace the Millennium Development Goals (MDGs) when they expire in 2015?
Ask your mom or dad.
In a recent working paper, I argue that we need MDGs that nudge – MDGs that frame development issues in ways that capture the attention and enthusiasm of non-experts (regular people).
More than ten years ago Ronald Inglehart, of the University of Michigan, and his team at the World Values Survey asked thousands of respondents around the world to rate their views, on a scale of 1 to 10, on whether they felt inequality in their countries should go up or down. The way they phrased the question was that 1 corresponded to full agreement with the statement that “incomes should be made more equal”, whereas 10 stood for “we need larger income differences as incentives for individual effort”.
We will be live blogging and Tweeting during the keynote presentations on both days of the World Bank's Annual Bank Conference on Development Economics (ABCDE) this coming Monday and Tuesday (May 7-8).
Hernando de Soto of the Institute for Liberty and Democracy (Peru) will be speaking on Monday @ 9am (EST) on 'Live, Dead, and Fictitious Capital' and Timothy Besley of the London School of Economics (UK) will be speaking on Tuseday @ 9am (EST) on 'Transparency and Accountability: Interpreting the Evidence.'
We're keen on your receiving your questions, so be sure to send them our way through the World Bank Live platform.
Look forward to seeing you online!
New content aims to bring app developers and programmers together with the World Bank's open climate data.
On December 2nd, 2011 the World Bank Group announced the launch of a new “Apps for Climate” competition, to discover extraordinary ways to use open climate data. The competition encourages scientists, software developers, development practitioners and others to create applications that use open data to help solve the development problems that climate change poses. It aims to promote innovative use of open climate data – for example, through apps that help understand and manage weather-related disasters, to agriculture, food and water supplies, rising sea levels and other climate related development challenges.
Nobel-winning economist Michael Spence spoke at the World Bank yesterday about how economic convergence between developing and developed countries has been a 100 year-old process, the first half of which is now over, with the global economy now facing significant strains, stresses and challenges. Find out from my interview with him why he thinks globalization and growing interdependence has outrun our governance institutions and learn about what he sees as the most important challenges ahead. The full lecture is also well worth a view.
According to its first-ever Knowledge Report, published earlier this year, the World Bank spends over $600 million a year on “core knowledge services” – research, economic and sector work, technical assistance, “knowledge management”, training, and the like. Yet as the authors of report concede, precious little is known about the impact of this spending.
In a post on this blog last year, I reported on some work that Martin Ravallion and I did on a subset of the Bank’s knowledge portfolio – formal publications. We found the publications portfolio is larger than typically thought: the Bank’s Documents and Reports (D&R) database excludes the vast majority of journal articles authored by Bank staff, and there are as many of these as there are books and other formal publications published by the Bank. We also tried to look at the impact of the Bank’s publications on development thinking, which we measured using citations in Google Scholar. We found that, despite a view by some that the Bank is more a proselytizer than a producer of new knowledge, a lot of Bank publications do get cited a lot, suggesting that these publications contain new knowledge that’s considered useful by others.
How are communities around the world coping with the higher and more volatile food prices? What is the impact on poverty, or on nutritional outcomes? And, how should policymakers respond to such price spikes that can eat away at already-tight budgetary resources?
These are only some of the questions that a key World Bank-IMF report is delving into as it provides an annual assessment on progress towards the Millennium Development Goals (MDGs) as well as the challenges which developing countries face in achieving them.
What kinds of countercyclical policies make the most sense during financial crises? Can going ‘beyond Keynesianism’ by investing in infrastructure restart worldwide demand and help avoid a double dip recession? How can you sort good industrial policy from bad? Is it more important to focus on pragmatic development lessons from other emerging market countries, or should researchers spend most of their time on randomized control trials and experimental approaches to evaluation? These and many other questions were explored during the first year of ‘Let’s Talk Development,’ which we launched on September 28, 2010.
We went live with this blog on that day because it was when World Bank Group President Robert B. Zoellick delivered a speech on ‘Democratizing Development Economics’ at Georgetown University. This blog aimed to attract commentary and insights on breakthrough solutions to development challenges as well as to transmit some of the newest thinking taking hold in the field of development economics.