Topic: Issues relating to poverty and hunger. Indian Economy and issues relating to planning, mobilization of resources, growth, development and employment.
4) The latest Noble prize in the discipline of economics is recognition of the fact that there’s still hope to fight poverty without succumbing to the polarizing debate between right and left wing populism. Critically analyse.(250 words)
Why this question:
A trio of economists were awarded the Nobel Prize on Monday for their work to alleviate global poverty. Abhijit Banerjee, Esther Duflo and Michael Kremer pioneered an approach to poverty reduction that was based on carefully designed experiments that sought answers to specific policy questions, according to the prize committee.
Key demand of the question:
Analyse the relevance of such a research that seeks to address one of the very major problems of the world – poverty. Also analyse the methods propounded by the trio and suggestions thereof.
Critically analyze – When asked to analyse, you have to examine methodically the structure or nature of the topic by separating it into component parts and present them as a whole in a summary. When ‘critically’ is suffixed or prefixed to a directive, one needs to look at the good and bad of the topic and give a fair judgment.
Structure of the answer:
In brief narrate the background of the question.
Explain what is global poverty? Why is it prevalent?
Discuss the root causes of poverty across the world.
Present suitable arguments of the research that bagged the Noble prize.
Explain in what way reshaped development economics, had a clear impact on policy and improved our ability to fight global poverty.
Conclude with way forward.