The Indicator from Planet Money - Overrated Or Underrated: The Nobel Edition

Nobel economics prize winners Esther Duflo and Abhijit Banerjee on whether foreign aid, french bread and dating an economist are overrated or underrated.

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everyone this indicator from Planet Money. I'm Cardiff Garcia and I'm Stacey Vanek Smith so card if I was thinking, you know, it has been a while since we have done in overrated underrated episode. Yeah, that's right. I mean, these are like such serious times and overrated underrated is usually fun. It's it's a game. It is a game. I hear the rules. We have a guest and we throw out a bunch of topics your pop culture news economics food items whatever we want and we ask them if this thing this topic this food item is overrated underrated or appropriately rated that's against mandatory perennial disclosure. We stole the game from Economist. Tyler Cowen or still let you know we stole it. It's so it today on the show don't we have a very special treat because we are playing overrated underrated with a note

Show Prize winner of Nobel Prize winners. Yes, that's true to Nobel Prize winners and Esther duflo and her husband Abhishek Banerjee. They won the Nobel last year for work that they have done together. These guys are couple goals for a couple. I know if they're both economics professors at MIT history as the youngest person to win a Nobel prize in economics. She was 46 and she's also only the second woman ever to win the economics Nobel today. We are going to find out if they think that the nation's economy spouses and the Nobel itself are overrated or underrated that's coming up right after the break. I'm glad you're making use of these sort of brilliant world class Minds to ask about vacations.

This message comes from NPR sponsor Microsoft. The world has changed and Microsoft teams is there to help us stay connected teams is the safe and secure way to chat meet call and collaborate to learn more visit teams Support also comes from TIAA committed to the idea that while most things in life right out from clean shirts in the morning to a favorite dessert at night lifetime income in retirement shouldn't learn more at never run out and welcome to overrated underrated. We are very excited to have you here. Okay. So our first question relates to your Nobel prize-winning work foreign aid overrated or underrated

Underrated explain. I think what people do is this a look on average countries did get for an 18 to be doing really badly. So how could we go. I think the real question is is there a good way to use for a night and my view is yes, you can use it in many bad ways the US get his age too many of its friends for reasons. We have nothing to do with welfare of the people. And therefore you don't give a fuck the people that doesn't mean that you couldn't get it if you actually spent effort trying to figure out what's the best way to use it is flexible money is offered money that you countries don't have so it's money that can be used kind of creatively and when is use creatively you get a huge bang-for-the-buck overweighted in the sense that people that I might exaggerate how much is there of it and and the holy played in developing countries?

And as a result is underrated because people say oh they so much for a dozen made a difference whether it's not going to make a difference. I agree with everything on top of that is underrated or overrated or underrated being married to an economist.

What about overrated underrated dating an economist?

Silver Doberman checks or like how did that work? Did you run into any economic quandaries early?

I'm pretty flexible. It's not really money people. So it is never spend a minute thinking about taking a vacation. Oh and everything in America people haven't understood that you say to give it my vacation that would be more productive. So just call me purely purely economic point of you people. Do I need to take vacation? We should play this recording for our Bossa this woman won a Nobel Prize countries were the two of you spent a lot of time or France and India. So let's take those internet overrated or underrated France and a heated that's like amazing. What is so great a lot, but the quality of what you can get in a food and just the environment in tiny tiny villages in France is much higher than most places in the world.

Overrated underrated French bread or just height.

Yeah, I think most people think that's what is quite good. India an Indian bread overrated or underrated underrated. It's actually not be kind of puffy bread, which is not wonderful birthday millions of them and thousands of different kinds of incredibly for the flatbreads in India something else. I can put it that it's going to become a kind of New York was in a couple of years as a social scientist who should be more like plumbers overrated or underrated plumbers. I know he did to the way we think about the economist is the way we think you could have you should think more about themselves is to

Not just ink deep. So it's about the fundamental reasons for phenomena and social phenomena, but also about sinking serving practical problems that in the field. And as soon as you do that, you can't have the security of you know, you look sick set of assumption that you manipulate you have to you will encounter things that you didn't expect things will not be the way you want very much like a plan. When they try to fix the new sink then you tap it might or might not work and they will think her and it will type things out so it doesn't work the way they wanted they are going to do it again and fix it and this particular of tinkering Fleming like I put we think he's underrated in economics and could because those details are so incredibly important in the success of the failure of a particle of a porch.

Our listeners that my credit is establishing a way to give a very small loans to poor people in developing countries, so they can do whatever they want start a business that kind of thing a micro-credit overrated or underrated. I think it has been a long time because it was perceived to be the one solution to all the problems in the world in the world exhibits out the one silver bullets that would help people exiting out of poverty. In fact that that's not the case. I think it's becoming a pope reactivated in the sense that being confronted with evidence a lot of microcredit organizations. I've come to realize that took we understand we are not all things to all people but there are some benefits to financial services for the poor. Maybe they can be designed in a more targeted West.

When poop people use Michael Kelly to save it's not the most efficient way and maybe we can get savings products of if they use it to transfer money to each other we can use we can have Financial Services of the case and for the entrepreneurs for whom my credit can actually really had the business then we would need maybe it is possible to design products that are more targeted Once Upon a Child that David more flexible for the need except. I think we are in the phase where it's kind of a? Of how well rated it is and there is a lot of creativity in Walking making you better such that it's not overheated soon enough.

Okay, this is the big one ovary and underrated winning a Nobel Prize deal. I think I mean I haven't won a Nobel Prize, but it seems like baby joke.

Thank you for playing over Anna versus underrated with us.

This episode of the indicator was produced by Jared Marcel Jamila Huxtable and Nick Fountain. It was fact-checked by Britney Cronin our editors Patty Hearst and the indicator is a production of NPR. Am I approve of this use of underrated versus overrated?
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