Randomised controlled trials & economic development

This episode’s guest Associate Professor Andreas Chai is Discipline Head of Economics and Business Statistics in the Griffith University Business School. He has previously worked at the Australian Productivity Commission and the Australia Treasury. Andreas is well-placed to speak about economic development, as he has consulted to international organisations such as the United Nations Industrial Development Organisation on economic development issues.Use these timestamps to jump right into Gene and Andreas’s conversation:1:40 – is the Nobel Prize in Economics a real Nobel Prize? (NB at the current exchange rate, the 9 million Swedish Krona prize is work around 960,000 USD, which is shared equally among the winners)5:40 – why did Esther Duflo, Abhijit Banerjee and Michael Kremer win the 2019 Nobel Prize?9:00 – Limitations of traditional approach to economic development, with Andreas mentioning Jeffrey Sachs and Bono and critics such as William Easterly 16:00 – Bill and Melinda Gates Foundation and Abdul Latif Jameel Poverty Action Lab17:50 – what is a randomised controlled trial? How one helped find the cure for scurvy. 22:40 – RCTs in poverty alleviation31:25 – Dr Andrew Leigh MP as proponent of RCTs in policy analysis and development in Australia (e.g. see Andrew’s 2018 interview on RN Breakfast)31:50 – ethical issues with RCTs?33:20 – future Nobel Prize winners? Neuroeconomics as an emerging field36:35 – Andreas’s own work on economic development issues; e.g. this UNIDO report on Household Consumption Patterns and the Sectoral Composition of Growing Economies