The Economics of Hope, BeKind:YouKnowItMakesSense

I had just finished listening to Barack Obama’s latest book and was depressed looking around at the failing Populist governments led by the likes of Bolsonaro, Trump and Johnson putting the economy first and failing their countries I could not see how we could ever get to Obama’s Promised Land. And then I read/listened to Minouche Shafik’s What We Owe Each Other and it has given me hope.
Shafik has accomplished a difficult feat. She has written a book about economic policy that – for someone whose eyes glaze over normally at the slightest mention of economics – is translucently clear, comprehensible and makes a forceful case for a different approach to the economic challenges facing the world as we emerge from the pandemic.
With a career spanning many countries and international and national institutions, Shafik has the experience and vantage point few can boast. Following the costs, demands and needs of the services and gains of the economy from the cradle to the grave – taking children, education, health, work, old age and intergenerational dependence – she makes a forceful argument for reformulating the social contract. Not out of her strong sense of social justice, but out of economic logic she shows repeatedly that when society looks after and invests in its greatest resource, its people, then everyone fares better. Armed with global comparative data, she shows again and again, that it pays for society to invest, to educate, to use the untapped potential of the poor, of women, and provides ample evidence of how economies flourish the more they invest through initial education and continued adult education, in better welfare and health care, shielding people from poverty and infirmity. She illustrates how common assumptions about how families and people live are out of date, how the flow of work and intergenerational care (unpaid work in families) has shifted and these shifts need to be accommodated in a new architecture of social and economic models. Shafik systematically examines the current working models for the provision of security, education and risk management across time and the globe, compares the costs and benefits of different solutions and approaches and evidences repeatedly that it benefits everyone, that we all profit by living in more equitable economies. Invest in people and their productivity increases. Care for people and they cost less.
I used the hard back copy of the book to reference the illustrations and charts, but in the end invested in Minouche Shafik’s own narration. Like listening to Michelle and Barack Obama’s own voices, it was just a pleasure to have the company of such clarity, searing intelligence and kind wisdom accompanying me as I negotiated my daily life. An uplifting, convincing read which I hope as many policy makers as possible read.

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4 people found this helpful

A Must Read

This is a fascinating book. A must read for all policymakers and citizens. And the author should write more books.

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1 person found this helpful

Share and care

A must for every polical power to do good and take action for a better world. Motivaded by this book. Thank you!

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Therapeutically informative

Minouche is one of the best thinkers and experts in our time. She lays out potential proper ways of how each person should be receiving the support from cradle to grave. Drawing on her lifelong experience in academic research and policy making career, she provides the panacea of pooling resources and sharing risks among society and between generations so no one is left behind.

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Detailed, morally sound and inspired analysis

This is a technical but throughly compelling account of current economic and political problems, accompanied by well- argued practical solutions. It should be read by everyone particularly politicians. The argument that we should make the problems of global capitalism bigger to ensure that balanced and holistic trade offs can be made when approaching solutions, I found particularly insightful.

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this should be mandatory reading

well written and read. illuminating and I wish everyone would read it. this is how it could work, and the world would be better for everyone even those who might have to share some more than they are used to.

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