Nobel Prize-winning economist: Western financial aid is poisoning poor countries’ future RT — SophieCo

The World Bank president says there is a chance to eradicate poverty in just 15 years, but considering the state of the planet today, can one believe this? The gap between the rich and poor is growing every day, and even rich countries, such as the US and European states, are seeing more and more poor and homeless people, while those few at the top enjoy a life of luxury and immense wealth. Many pin their hopes on technology, promising that machines will save the poor, but is this true? What instruments should we use to fix the world’s economy, and can money buy you happiness? We ask a Nobel Prize winner in economics, best known for his work on inequality. Dr Angus Deaton is on Sophie&Co today.

Sophie Shevarnadze: 2015 Nobel Prize winner in economic sciences, Princeton professor best known for his work on consumption and inequality, Dr. Angus Deaton, welcome to the show, it's really great to have you with us, sir.

Angus Deaton: Thank you.

SS: So, your Nobel Prize winning research, like you've said, on poverty, focuses on individual people explaining why people are poor. Have your findings made an impact on actual policies? Do governments listen to what you're saying?

AD: certainly think that governments listen to what I tell them about measurement, and it seems to me that if you can't measure things, you have no idea whether the policies that you're undertaking are really any good and whether they are doing any good. So, what you should think of me as doing is trying to keep people honest, whether they're governments or other academics or the press who write about these things.