223. There Are No Magic Bullets in Economic Development feat. Stefan Dercon

What does it take for a developing economy to grow and thrive? There are many obstacles that stand in the way, but they can be overcome with the knowledge of where to apply efforts for best results. To understand another country or advise their government on how to grow economies takes someone who has been to the places, spoken to the people, listened to their needs, and can communicate the challenges. Stefan Dercon is a professor of Economic Policy at the Blavatnik School of Government and the Economics Department at Oxford University, a Fellow of Jesus College. And the Director of the Centre for the Study of African Economies. His newest book, Gambling on Development: Why Some Countries Win and Others Lose, deals with his research into what keeps some people and countries poor: the failures of markets, governments and politics, mainly in Africa, and how to best affect change in the different countries there. Stefan and Greg talk all about development economics, the differences between developing economies in Africa and elsewhere, and what successes and mistakes have happened in that region so far. They discuss what pitfalls to watch out for when dealing with planning and action coming from abroad. Stefan talks about the difficulties of foreign organizations understanding the needs of these countries and the ways to use local help to make aid more effective, and help developing economies to flourish.