ANN ARBOR, Michigan: This year’s Nobel Memorial Prize in Economic Sciences was awarded to Abhijit Banerjee, Esther Duflo, and Michael Kremer for their experimental approach to poverty reduction.
In the Nobel Committee’s view, the economists’ use of randomised controlled trials (RCTs) to test whether specific interventions work – a method adapted from medical sciences – has “considerably improved our ability to fight global poverty”....
Conspicuously missing from this debate is the experience of China, which has accounted for more than 70 per cent of global poverty reduction since the 1980s, the most successful case in modern history.
Over the last four decades, more than 850 million people in China have escaped poverty. As Peking University’s Yao Yang notes, this had “nothing to do with RCTs”, nor did it involve giving handouts to the poor.
Instead, it was the result of rapid national development....
What Yao fails to acknowledge, however, is that China’s impressive record of poverty reduction has been accompanied by two serious problems: Inequality and corruption.
In the Nobel Committee’s view, the economists’ use of randomised controlled trials (RCTs) to test whether specific interventions work – a method adapted from medical sciences – has “considerably improved our ability to fight global poverty”....
Conspicuously missing from this debate is the experience of China, which has accounted for more than 70 per cent of global poverty reduction since the 1980s, the most successful case in modern history.
Over the last four decades, more than 850 million people in China have escaped poverty. As Peking University’s Yao Yang notes, this had “nothing to do with RCTs”, nor did it involve giving handouts to the poor.
Instead, it was the result of rapid national development....
What Yao fails to acknowledge, however, is that China’s impressive record of poverty reduction has been accompanied by two serious problems: Inequality and corruption.
When
President Xi Jinping took office in 2012, China’s Gini coefficient (the
standard measure of income inequality, with zero representing maximum
equality and one representing maximum inequality) stood at 0.47, higher
than in the United Kingdom or the United States.
A Chinese household survey reported an even higher coefficient of 0.61, nearly on par with South Africa.
A rising tide lifts many boats, but some rise far higher than others. So, while millions of Chinese were lifted just above the poverty threshold, a few individuals were catapulted to the heights of opulence.
Read more at https://www.channelnewsasia.com/news/commentary/china-poverty-escape-economics-growth-inequality-nobel-prize-rct-12103676
A Chinese household survey reported an even higher coefficient of 0.61, nearly on par with South Africa.
A rising tide lifts many boats, but some rise far higher than others. So, while millions of Chinese were lifted just above the poverty threshold, a few individuals were catapulted to the heights of opulence.
Read more at https://www.channelnewsasia.com/news/commentary/china-poverty-escape-economics-growth-inequality-nobel-prize-rct-12103676
The above CNA article is written by Ang Yuen Yuen, oops, it is Yuen Yuen Ang. Not sure to address her as Ms Yuen or Ms Ang. Anyway, after reading the article I came to the conclusion that poor countries should not adopt China's economic model to reduce poverty. The Chinese model may have uplifted 850m Chinese from poverty level, many becoming middle class, but the cost to pay is too high. The income inequality is too big to be acceptable.
I would recommend countries to follow the models of the 3 Nobel Prize winners, go for small growth and small improvements and avoid the big inequality gap like in China. It is not a good thing to uplift 850m people from poverty and ended with high inequality income. This may be the main reason why no Chinese economist is deserving of a Nobel Prize for a historical feat of mammoth proportion, never experienced in human history, to uplift 850m people from poverty in less than 40 years. This is bad.
The moral of the story is to stay poor as long as income inequality is kept low. This is good for the people, good for the poor. Why lift them up from poverty and create high income inequality? Better that everyone is poor than to have many becoming less poor with some becoming obscenely rich.
The Nobel Prize committee made a politically clever decision not to award anyone that helped to raise 850m from poverty level.
38 comments:
@ RB, and the whole of Asia
China's "model" for poverty reduction, wealth creation and general improvement of lives is built on ideas implemented, tested, measured and eventually delivering spectacular results, of SINGAPORE
As it is to be expected, they tweaked it to suit their particular circumstances, i.e. "Adopt the Singapore model with CHINESE CHARACTERISTICS"
Dun worry lah, real world SUCCESSFUL consequences of implementation beat any "randomized controlled trials" anytime. We've already proven to the whole fucking world, and it is clearly documented in history...that what made Singapore fucking rich and successful WORKS.
China, in many ways is a "scaled up version" of Singapore. Afterall, institutions like the Lee Kuan Yew School of Public Policy has trained 30,000 or so of China's public officials who go back and implement ideas which work.
So fuck the Nobel Prize lah. And fuck Sweden. Look how VIOLENT Sweden had become---bombs going off with alarming regularity. IEDs, Pipe Bombs, hand grenades...you name it. Sweden at one time was regarded as "the most civilized place". Not anymore. Fuck them, they can shove their prize up their arses lah.๐คฃ๐ป๐ค
Majullah!
The key is having a balance.
When people are too oppressed, they will rebel and send the leaders to guillotine.
We do not live in a perfect ideal world.
Some super rich and super poor will happen in any society.
Super poor will take $1k from society but also give back 100pct.
Super rich will take $1b from society but only give back 10pct.
Thus, any good gov must wealth tax the super rich so they give back what they have hoarded from the society to reduce inequality.
@ imho
Except for a few really "bad luck" cases, remaining in poverty is a CHOICElah, that is if you are living in a wealthy, developed society and not a shithole cuntry.
rich people can transfer their wealth if you tax them too much. Rich people provide the CAPITAL so that poor sods can have jobs. Even a low-paying job is still a JOB. You get a low paying shit job and you work your way up, like all our ancestors did so we can be "luckier" than them.
If you are poor in a place like Singapore, you are making CHOICES that lead you to your economic predicament. No excuses lah.
With Asia rising and the West in decline, Singapore should play a bigger role by starting an eastern version of the Nobel Peace Prize that has lost its luster after being exposed for its political and western bias agenda.
Let's have a Lee Kuan Yew Peace Prize for economics, politics, medicine, town planning etc etc and based it in Singapore with a committee made of up Asian dignitaries and have pride in the achievements of Asians. We Asians shall decide what is best and important to us Asians. Let's honour and glorify our own kind by our own kind. Asians by Asians and for Asians. Matilah, you can take credit for this idea.
The PAP govt must be salivating with this idea to put Singapore and LKY into the world stage. Come on Singapore, what are you waiting for? Forget about the foolish Nobel Prize, have our very own Lee Kuan Yew Peace Prize.
More appropriately shall call it the Deng Xiaoping Peace Prize to honour him for creating the China Miracle and raising 850m people out of poverty. Singapore can still be the initiator, promoter and administrator of this Peace Prize with its home base in Singapore.
@ 1000
Where did you think Deng Xioping got his ideas from? Whilst chain-smoking and talking to Lee Kuan Yew, that's where. (LKY told him to stop smoking...that's typical LKY lah...dun care who you are, will just scold you! ๐คฃ)
@ RB
No need credit lah. I am a super-competitive and proud to be an Asian Banana, but every man has got to know and accept his limitations. Thats why I prefer to COMPETE with slack, entitled, over-valued Aussies than to duke it out with PRCs and Indians...and lets face it, Singaporeans...the best ones are very "on-the-bola" tan chiak type.
Competing with average Aussies is like shooting fish in a barrel lah. However those at the top...dun pray pray...they are exceptional.
Now, if they award the Nobel Prize to China for uplifting about 800 million out of poverty, would that not be a slap in the face for democracies like India, Sri Lanka and Philippines for example, not to mention smearing faeces on the face of the US?
How can communism be doing better than democracies? Throughout the last six centuries or thereabouts, the West had been championing democracy and demonising communism. How can things be the other way round today?
Nah, all fake news about the 800 million lifted out of poverty in the eyes of the West, so the Nobel Prize committee must say so and all non believers be given consolation that China will never ever be given the Nobel Prize for improving people's life.
Now, a reality check reveals that more than 50 million US citizens are living below the poverty line, predominantly blacks. That is about 15% of the whole US population. How can that be possible in the richest country in the world and the champion of democracy?
Those years of wars started by the US and demonising of communism did prevent most communist countries from pulling people out of poverty through sanctions, like Cuba, North Korea and Russia and denying China's involvement and participation in most technological advancements. So the West presumed they have won the war of ideology.
But they did not figure in their calculations that China would have been able to throw a spanner in their works, long being looked upon as a backward country compared to the West. They thought China could never be able to rise up to challenge the West with a different communist ideology that put them to shame. That is still the mindset of the common US citizens, brain washed and disinformed by the elite controlled MSM.
Now they are very sore and are going all out to thwart China's progress by hook or by crook. Where is the proof that Huawei 5G is a security threat to the US? On the contrary, the US controlled entities themselves had been proven to indulge in threatening the national security of allies like Germany, with proven spying activities and getting caught red handed. That is not proof?
On the contrary, Germany and some others already tried but could not find any proof that Huawei 5G technology is a national security threat. Perhaps the US is using all this time to manufacture some proof, like the war on Iraq.
@All,
RCT is still important to document & crystalise a set of REPEATABLE & VERIFIABLE STANDARD OPERATING PROCEDURES.
What china did is a scale-up of what SG did.
But what SG did is basically a scaling up of what ALL SUCCESSFUL individuals, families & companies & towns / cities have done throughout the past recorded 6,000 years.
It doesn't require mystical secrets to know what needs to be done.
But the problem is that what needs to be done is against human's DNA of laziness, minimising effort, short term focus, get rich quick, stressing the brain, putting aside ego, putting aside self-importance.
Go read & absorb The Richest Man in Babylon to know what some of these "secrets" are.
Nobel Prize Is A Big Farse!
The Nobel Prize Committee is now too well-known for its politically corrupted way of selecting people for their awards. President Obama's award is a case in point.
He got it in Oct 2009, just completed 9 months into his presidency. What did he actually achieved to deserve the PEACE prize? Except the flowery wordings to support his award to make it sounded legitimate!
In fact, there were so many conflicts in the world in 2009. And the US was secretly equipping and building up ISIS and instigating uprisings in the Middle East (Arab Springs). Plus pivot to the Asia-Pacific region to expand US territorial control of and conflicts with China.
And it came after the world's worst financial crisis that was caused by the busting of US housing and banking bubbles that led to:
1. US Fed to pump in more than US$800 billion to save and revamp a Failed Banking System.
2. Bear Stearns Bailout and collapse.
3. Freddie Mac and Fannie Mae Bailout.
4. Lehman Brothers Toxic Financial Instruments exposed and led to Bankruptcy, which triggered
5. The Global Recession that lasted up till today. Some countries like Japan and South Korea are still not recovered fully yet.
6. The US Fed nationalized the American International Group.
7. The Credit Markets Freeze.
8. The End of Investment Banking.
9. The World Stock Markets Crashed.
10. Etc.
Singapore should start a similar Nobel Prize - call it FairPrize of NTUC (Noble, Truthful, Ultruistic and Compassionate).
Ya, fuck the Nobel Prize. It is a political tool.
Dynamite was invented by the Chinese in the 9th century, improved on by Albert Nobel in the 19th century and the Western world said that he invented Dynamite. Can someone enlighten me?
Just the same, the explorers of the West discovered every country of the world. The thing is what about those natives living there, maybe thousands of years before being 'discovered'?
Admiral Cheng Ho maybe already visited those places ahead of the Western explorer's but was never given the credit of discovering any country. Or maybe he was written out of the history books of the world, in order to give credit to the Western explorers.
Hi Anon.
China won't give a damn of what's their Nobel Prizes.
Just wayang wayang for their own satisfaction and Ego.
Chinese ambitions just alleviate their Proverty and just show them the ways they live.
With pomp, prosperity and bliss to their people.
CNY shows on all their channels will show their achievements compared to their what's nonsense Nobel Prizes.
Just a namesake and scrap metals.
@ 1122 am:
"Admiral Cheng Ho maybe already visited those places ahead of the Western explorer's but was never given the credit of discovering any country. Or maybe he was written out of the history books of the world, in order to give credit to the Western explorers."
Correct. It has been confirmed by several researchers (check YouTube) that Magellan and Christopher Columbus were using maps made based upon Admoral Cheng Ho's naval surveys' records.
Excellent piece, Chua Chin Leng
"China lifting more than 800 million people out of poverty since the start of its economic reform is a "great story in human history", World Bank President Jim Yong Kim said today, underlining that there is "lessons to be learned" from this Chinese experience. "
California has the highest poverty rate in Americunt. China did it b'cus of "socialism with Chinese characteristic" and not fucking democracy regardless of democratic or republicunt administration
JC
ms 945>>
the sick and disabled do not have much choice.
@ 1234
I knew it. Always some fucker who will criticise me but didn't properly read what I wrote. Read my first few words lah puki-face. ๐
Sick and disabled are a minority who get plenty of help and are well cared for in fucken rich Singapore. Not only are you a puki face, you're a blind motherfucker too.
Charities in Singapore do very well. Because when a society is wealthy, they give plenty. (Human nature lah)
Most people are able-bodied, well-educated, they know the difference between a hole in the ground and their own assholes...but they are just too damn unmotivated and LAZY to do anything. And they over-value themsleves, thinking the world owes them a living. Therefore, poverty is a choice.
"Admiral Cheng Ho maybe already visited those places ahead of the Western explorer's but was never given the credit of discovering any country "
In the mid 70's I doves Melaka see the Portuguese fort and Zheng He's well beside Poh San Teng Temple he leave behind from one of his his seven voyage.
JC
@ 1113, sagely gave out millions of dollars worth of advice for FREE:
>> Go read & absorb The Richest Man in Babylon to know what some of these "secrets" are. <<
OK, no excuse! No need pay, NLB got free one. Got Chinese and Tamil translations. No excuse. You die, your business ๐⚰️๐คก
http://search.nlb.gov.sg/Search?query=the+richest+man+in+babylon&cont=book
Are you majullah ready?
POLITICAL PARODY
I nominate Lee Hsien Loong for the Nobel Prize in Economic Science.
Mr Lee has successfully lifted his PAP members and PAP cronies out of poverty into Millionaire status in the 15 years of his prime ministership.
Mr Lee's efforts were performed with surgical precision since only PAP was uplifted out of poverty.
The rest of the Singaporean population remained in poverty and did not benefit at all from Mr Lee's economic policies.
@ 104---an example of a "no gratitude motherfucker"
>> The rest of the Singaporean population remained in poverty and did not benefit at all from Mr Lee's economic policies. <<
Nah man, I think you are very wrong The "average Joe and Jane" has done exceptionally well in Singapore. Sure there are "elites". But non-elites are doing well lah.
Even if you dun like the PAP or LHL, have some fucking GRATITUDE for the way of life we all enjoy, and sadly too many of us take for granted.
Here's a horror situation: when it disappears or is taken away from you, then you know lah.
Poverty in a place like Singapore, for normal able-bodied persons, is a CHOICE. It has little to do with the PAP or LHL. Best they can do is make sure the playing field is more or less level, so everyone can have a fair chance of succeeding. 1 in 25 people are millionaires, so I would conclude that the majority of Singaporeans are doing OK.
Got "Majullah Juice" in your veins?
What about the Swiss standard guy?
@ 126
Not there yet. Although our AUM (Assets Under Management) can challenge the Swiss now.
In Switzerland military-aged males must keep their ASSUALT rifles at home along with battle gear, ready to defend their nation at a moment's notice. Prior to 2007, each citizen militia operator (aka "NS man") was issued with 50 rounds of 5.56mm ammo. Now they are issued none but can buy 5.56 ammo at subsidized cost. After NS they are allowed to keep their assault rifles by submitting an application.
I fully support the idea of NS men keeping weapons and ammo at home. Plus keeping the weapon after NS discharge.
We need more majullah in this area. We are becoming richer. Therefore we need to defend ourselves.
@All, @Matilah,
///Admiral Cheng Ho had NO BALLS///
And with reduced testosterone, he likely also isn't muscular or peak fighter like Bruce Lee or Wong Fei Hong or Ipman.
He was also a 5X a day, Mecca praying Mullah.
He didn't get the pleasure of eating bak kwa, kuay chap, suckling pig, pig trotters, bak kut teh, char siew or sio bak.
So a person's success doesn't depend on male hormones or religion. LOL!!!
///The rest of the Singaporean population remained in poverty and did not benefit at all from Mr Lee's economic policies.///
The top 70% of Sinkies are among the best standard of living humans on Earth. But most don't appreciate because with higher SoL comes higher EXPECTATIONS. But deep down in their bones, they more or less KNOW.
The facts speak for themselves: That's why PAPies keep getting 2/3 majority since 1959.
Unlike Hongkies where the Oppo just won 17 out of 18 districts.
Of course sore losers are going to Wag The Dog and claim foreign interference.
In Switzerland military-aged males must keep their ASSUALT rifles at home along with battle gear, ready to defend their nation at a moment's notice. Prior to 2007, each citizen militia operator (aka "NS man") was issued with 50 rounds of 5.56mm ammo. Now they are issued none but can buy 5.56 ammo at subsidized cost. After NS they are allowed to keep their assault rifles by submitting an application.
I fully support the idea of NS men keeping weapons and ammo at home. Plus keeping the weapon after NS discharge.
We need more majullah in this area. We are becoming richer. Therefore we need to defend ourselves.
November 25, 2019 1:47 pm Delete
With so many third world wildlife here now became citizens, you think this is a good idea?
@ 156
>> With so many third world wildlife here now became citizens, you think this is a good idea? <<
Put it this way...we're so fucken rich we need these hungry and motivated folks to come over to make us richer.
Wha...What's that?...how rich....did you say??
Knn, Number 2 lah. ๐ ๐๐๐๐ป
One more stop to go. Not bad for a "tiny red dot".๐ ๐ Boleh tahan lah!
Get your majullah game face on!
Not a good idea to let ex NS personnel keep weapons at home. Hell, after that every rich guy would ask to be treated with such privileges, and it never ends. There are countless millionaires in Red Dot, not to mention a few commenting on this blog.
Not every NS men can become rich or are already rich like eg WSG and therefore do not need weapons to protect themselves. If I may say so, not to offend anybody, most of the younger generation are already living from possibly paycheck to paycheck, or even just spending on credit. Ask Virgo. He knows! Or ask WSG whether he needs a weapon to protect himself. Who can rob him off his investments at gunpoint? Killing him won't get the killer his money, right?
So, I say, not a good idea to let people keep guns. Once you start, it is hard to change just like in the US. Gun lobbies will make sure guns stay in people's hands. Using guns to kill others is not their concern.
You people want to listen to this mad dog to give guns to foreigners just because they become citizens?
@All,
///You people want to listen to this mad dog to give guns to foreigners just because they become citizens?///
Why the fuck not?!?! And pondek .... the original suggestion is only for those who serve military NS lah, just like the Swiss. Not any construction worker or bank manager or IT programmer who decide to take pink NRIC in order to buy BTO to rent out.
Put it this way .... Those new citizens who willingly do so despite knowing they are subjecting themselves to 2 years NS + 10 ICTs are already more Singaporean than many losers here.
These type of foreigners are also the more serious & educated types with good jobs & good salaries and are serious about long term raising of families in S'pore i.e. they are self-starters & take own responsibility.
Just as not all foreigners are worthwhile .... so also not all Sinkies are worthwhile to keep.
// Just as not all foreigners are worthwhile .... so also not all Sinkies are worthwhile to keep.//
Just as not all PAP Ministers are worthwhile .... so also not all PAP MPs are worthwhile to keep.
WHAT IS IN IT FOR ME?
Many PAP MPs joined PAP because of
"What is in it for me" doctrine.
MP's allowance of $16,000 pm is not acceptable by most MPs, except Opposition MPs.
So what to do? Nobody wants to join PAP to just become MPs.
So PAP very smart. Give them Directorship during on Board of Directors doing nothing except attend Meeting once a year. Each Directorship gets $30,000 pa. 10 Directorships = $300,000 pa. (Got one greedy MP he got 25 Directorships).
Some MPs got own businesses or professions, so they continue to run their businesses or professions. So $300,000 + $16,000 is acceptable to them because they are making good money in private sector.
But some MPs' business not too good, earn too little. So they talk big and pretend that they make great sacrifices. So, PAP make them Ministers and draw a basic of $2.2 million a year. Plus bonuses and other perks, these Ministers get at least $3.5 million a year.
That's why now the quality of PAP ministers is left much to be desired. There is one common trait among them. That is:
No Accountability!
They never will admit mistakes or wrong-doings. All cock-ups are pushed down the line to some convenient unlucky scapegoats. The Top is always cushioned and well protected. Wonderful job, wonderful luck, wonderful life!
So, PAP can also mean Pseudo Accountability Party.
PAP IBs, Correct me if I am wrong. I stand corrected!
HONGKONG's DISTRICT COUNCILS VOTING RESULTS:
Pan-democrats won 347 seats out of the 452 seats up for grabs.
Independents – many of them pro-democracy – won 45.
Pro-establishment won 60.
The pro-democracy now controls 17 out of 18 district councils.
Before this, all councils had been under pro-establishment control since the 2015 elections.
A record 1,104 candidates had vied for the 452 seats.
Hong Kong's district councils control some spending and decide a range of local livelihood issues such as transport, and they also serve as an important grassroots platform to radiate political influence in the city.
Some winning candidates said the result was akin to a vote of support for the protest movement and could raise the pressure on Lam, amid the city's worst political crisis in decades.
"This is the power of democracy. This is a democratic tsunami," said Tommy Cheung, a former student protest leader who won a seat in the Yuen Long district close to China's border.
Will Minister Chan Chun Sing say again that what happens in Hongkong today can also happen to Singapore?
Will he also say that it is a lesson to be learned by Singaporeans?
" Will Minister Chan Chun Sing say again that what happens in Hongkong today can also happen to Singapore? "
What Chan Chun Sing say is not important.
Just vote Oppo ... it's the best way to tell Ah Sing to go fuck himself.
I boycott voting all the time, except for Presidential Elections to vote for Dr Tan Cheng Bock and the late President Ong Teng Cheong.
This coming General Election O will go and vote for Dr Tan Cheng Bock again. But don't know what constituency he will contest.
This coming General Election I will go and vote for Dr Tan Cheng Bock again. But don't know what constituency he will contest.
A vote for any Oppo is a vote for Tan Cheng Bock
Not the same. Some of the Oppos are PAP moles. Even WP is now controlled.
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