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In addition, a well-articulated microeconomic theory appeared on how incentives and information, together with behavioral constraints, shape human behavior. This theory -- rewarded with several Economics Prizes -- gave researchers a powerful analytical tool kit to analyze the determinants of poverty and channels of poverty alleviation. These methodological gains were prerequisites for the transformation to follow, but a core piece of the puzzle was still missing.
Specifically, a well-articulated theory may be crucial to discovering possible mechanisms behind poverty and to guiding the search for effective ways to combat it.
But it is not sufficient to guide policy. While theory can pinpoint certain incentives, it does not tell us how powerful these are in practice.

Diversity is the key to economic and political evolution.
by Cat on Mon Oct 14th, 2019 at 05:58:03 PM EST
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