Thinks 481

NYTimes latecomer’s guide to crypto.

Where Did Development Economics Go Wrong? Shruti Rajagopalan and Lant Pritchett discuss economic predictions, the problems with randomized controlled trials, Indian education and more. Pritchett: “I think the potential for redistribution to improve livelihoods is just radically overestimated for poor countries. One of the things about being poor is your economy tends to not be in the position to have the levers to generate large amounts of revenue. One way in which developed countries generate 40% of GDP in revenue is they have a large, formal, highly productive economy that, therefore, is easy to observe, easy to tax in relatively low-cost economic ways. That’s precisely what poor countries don’t have, so we should expect total revenue yield to be low as a fraction of GDP.”

WSJ: “To grasp why Francis Ford Coppola’s The Godfather has been so popular for 50 years, Al Pacino suggests starting at the film’s opening, when an immigrant father asks Don Vito Corleone for justice after the police have ignored an assault on his daughter. “Many people have felt that need throughout history, the feeling of being overlooked, neglected and abandoned,” says Pacino, who played the Don’s son Michael, via email. “That could be what attracted such a large audience: a godfather who will be there for you, who will help you, in a human way, in a family way.””

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Rajesh Jain

An Entrepreneur based in Mumbai, India.