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The winners of the Nobel Prize show how economics, when done right, can help us solve the thorniest social and political problems of our day. Figuring out how to deal with today's critical economic problems is perhaps the great challenge of our time. Much greater than space travel or perhaps even the next revolutionary medical breakthrough, what is at stake is the whole idea of the good life as we have known it. Immigration and inequality, globalization and technological disruption, slowing growth and accelerating climate change--these are sources of great anxiety across the world, from New Delhi and Dakar to Paris and Washington, DC. The resources to address these challenges are there--what we lack are ideas that will help us jump the wall of disagreement and distrust that divides us. If we succeed, history will remember our era with gratitude; if we fail, the potential losses are incalculable. In this revolutionary book, renowned MIT economists Abhijit V. Banerjee and Esther Duflo take on this challenge, building on cutting-edge research in economics explained with lucidity and grace. Original, provocative, and urgent, Good Economics for Hard Times makes a persuasive case for an intelligent interventionism and a society built on compassion and respect. It is an extraordinary achievement, one that shines a light to help us appreciate and understand our precariously balanced world.
"Beginning in 1580, London companies sold water to consumers through a large network of wooden mains in the expanding metropolis. This new water industry flourished throughout the 1600s, eventually expanding to serve tens of thousands of homes. By the late eighteenth century, more than 80 percent of the city's houses had water connections-making London the best-served metropolis in the world while demonstrating that it was legally, commercially, and technologically possible to run an infrastructure network within the largest city on earth. Leslie Tomory shows how new technologies imported from the Continent, including waterwheel-driven piston pumps, spurred the rapid growth of London's water industry. The business was further sustained by an explosion in consumer demand. Meanwhile, several key local innovations reshaped the industry by enlarging the size of the supply network. By 1800, the success of London's water industry made it a model for other cities in Europe and beyond as they began to build their own water networks, and it inspired builders of other large-scale urban projects, including gas and sewage supply networks."--Provided by the publisher.