Main take-away from the Talk
Student’s Name
Institution Affiliation
Date
The ‘bottom billion’
Paul Collier in his talk emphasized the need to close the large gap between the rich and the poor. In his talk entitled ‘bottom billion,’ he emphasized on the need to harness resources and ensure they improve their economic status. The difference between the personal wealth of the high class and the lower class should not be large (Collier, 2008). Huge wealth gaps affect the economy and result in an economic recession. In his talk, Collier provided the main take-away being on the need to bridge the economic gap between the rich and the poor. I like the work of this economist because he helped explain the real situation of Africa and ways to revolutionize economic structure to minimize the differences between the rich and the poor.
The concept of bottom billion depicts Africa, which is a continent with many resources but allows the foreigners to harness them for foreign benefits. Collier claimed that full utilization of local resources could make Africa the most developed continent. In African societies, there is a huge difference between economically stable and economically unstable. The idea of bottom billion became a reality in the African context. As per Collier, Africa failed in its role to harness resources and will suffer from its underdeveloped economy until it awakens and uses the best strategies to raise revenues. Rising the prices of commodities influence economic growth (Collier, 2008). In Africa, its products are marketed with lower prices but imports high-priced commodities. Harnessing revenues will help empower all people in a country and allows the reduction in the gaps between the rich and the poor.
I agree with Collie’s findings that governments have a great role to play in harnessing the resources and pushing for an economic boom. Africa has natural assets and different countries can work to prevent the plunder of such resources which are needed for economic growth (Collier, 2008). All ideas discussed by Paul Collie are relevant and applicable in the modern world to help regulate the economy and reduce gaps between the rich and poor Africans. Stealing of the assets should be discouraged for it contributes to gaps in people’s wealth. I agree with all ideas spread by Paul Collie. As an economist, Paul Collie focused to give a solution to an issue which he predicted could result in economic recession His talk meant to enlighten the audience on economic matters and ways to avoid gaps large in the wealth of people. Therefore, opportunities should be opened to poor people in the world.
Social Experiment to fight poverty
According to Esther Duflo, poverty should be fought through social strategies. A social experiment will help indicate a high level of loss caused by poverty. Over 25,000 children die daily due to the effect of preventable diseases. Poverty limits children and their parents from access to quality care. Description by Duflo shows that randomized controlled trials help fight poverty when they are integrated as real experiments. The problem presented by Duflo on children dying of preventable diseases can be solved when poor countries begin immunizing children and starting projects to favor progress and reduce poverty (Duflo, 2010). Poverty causes sufferings in the matters of health and Duflo emphasized on the need for rectification. In her talk, there is evidence on how GDP in Africa is stagnated and not making progress. Africa depends on aids to conduct most of its activities and such act should stop to allow the harnessing of local resources and using them for economic development.
Duflo claims that the economy of Africa may become worse if no urgent reforms will be implemented. Aid given to Africa is targeted to bring a positive outcome to the poor people. The need to focus on everyday life is emphasized. The need to consider the interventions of medieval doctors in improving the health of poor people was discussed by Duflo. The trials proposed by Duflo when completed provide results on ways to improve patients’ care despite their low income. The talk encourages people to gain confidence in life and avoid unnecessary panic (Duflo, 2010). As per Duflo, what is important is to address personal health and that of a child.
Developing countries are working tirelessly to solve the last mile problem by integrating technology to improve health. The health needs of 25,000 children who die of preventable diseases can be catered when the proposed social experiment is conducted and applied in society (Duflo, 2010). Poverty-stricken countries are affected by preventable diseases because they lack adequate funds to contain them. At least 900,000 people die annually because of malaria infection. Sub-Saharan Africa is mostly affected by the effect of malaria infection. The analysis made in the talk is concluded to give a permanent solution to the health of the people and the wellbeing of society.
All ideas from the talk are enlightening and I like them. The social experiment helped indicate the suffering of people due to the poverty level. To fight poverty, strategies should be put in place to ensure the government involves all citizens and utilize adequately the aid provided by international organizations. There is no need to focus on seeking aid but the GDP is stagnated (Duflo, 2010). In Sub-Saharan Africa, preventable diseases are still killing people and this shows the effect of high-level poverty. Government lacks adequate funds to support immunization and treatment of some diseases in the African context. In her talk, I like her experimental approach in describing ways to reduce poverty in Africa.
References
Collier, P. (2008). The “bottom billion”. TED: Ideas worth spreading. https://www.ted.com/talks/paul_collier_the_bottom_billion?language=en
Duflo, E. (2010). Social experiments to fight poverty. TED: Ideas worth spreading. https://www.ted.com/talks/esther_duflo_social_experiments_to_fight_poverty