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Lant Pritchett on Economic Growth, Charter Cities, and State Capability
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In today's episode of Charter Cities, we're honored to welcome Lant Pritchett, a distinguished economist and a thought leader in development economics. Our deep-dive conversation will focus on the critical topic of growth diagnostics, exploring the complex challenges policymakers face in developing nations. Lant will illuminate the importance of identifying impactful actions for growth, emphasizing the need for rigorous debate and evidence-based decision-making. We'll also scrutinize the limitations of traditional development metrics like the "dollar a day" measure and consider alternative, more effective approaches. We'll also investigate innovative solutions like charter cities as a mechanism for fostering sustainable growth by addressing institutional challenges.
Key Points From This Episode:
- Why overemphasis on low-bar goals lead to ineffective randomized control trials in development
- How bright minds in development economics are missing the mark
- Policymakers in developing countries lack effective prioritization, not ideas, for fostering economic growth
- Tony Blair's approach focuses on achievable priorities but could benefit from rigorous initial diagnostics for high-impact actions
- Developing countries grow fast but collapse easily due to fragile "deals-based" governance, unlike OECD's robust rule-based systems
- Prioritizing the prevention of growth decelerations; reforms can help but need better diagnostics
- Shifting focus from economic growth blamed on the end of the Cold War and structural adjustment failures
- Weighing charter cities: positives include a focus on urbanization and productivity; challenges involve credibility and feasibility of implementing change
- Emphasizing the need for experimentation and policy diversity
- How migration from low to high TFP countries can yield 40x greater income gains than anti-poverty programs
- Labor mobility increasingly viable due to demographic shifts and political change
- Urbanization requires new approaches to ensure inclusive, opportunity-driven growth in cities
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