For anyone in search of inspiration and wisdom, the 2019 Nobel Prize winners are an excellent source. Abhijit Banerjee, Esther Duflo, and Michael Kreme all took home a Nobel Prize in Economics for their efforts to combat poverty throughout the world.
Applying economics to such a widespread issue demonstrates that poverty alleviation programs need far more than simple solutions. Philanthropy and economics can interact to help drive new solutions forward and help people establish greater programs that have broader results. Below are a few lessons to take away from the 2019 Nobel Prize.
Funds Should Be Used to Promote Awareness
By allocating the most resources to causes that generate the greatest buzz, philanthropists and organizations can receive greater support without spending more on advertising. Actions speak louder than words, which means the most prominent form of promotion for a cause should be the effects of hard work.
Unexpected Initiatives Can Have Incredible Impacts
Health and education are the most popular areas of focus when it comes to addressing global poverty, but attention should go elsewhere, too. Partnerships with local governments to improve public services, create sustainability, and increase access to technology and job opportunities can create a ripple effect in afflicted communities.
Creativity Breeds Methodology
Innovation is needed if poverty alleviation efforts are to be effective. That means learning from the most successful campaigns of the past and applying a spirited, experimental attitude toward new approaches. Through new ideas, better ways of helping people will emerge and evolve as their impact grows. When it comes to global poverty, creativity and collaboration must meet between governments at every level, policymakers, lobbyists, healthcare professionals, educators, and everyday citizens. Each person holds responsibility in eliminating hunger and homelessness in their communities, and only when they begin to unite in a mission to overcome poverty will the world begin to see lasting change.
The Biggest Lesson of All
Perhaps the most significant takeaway from the 2019 Nobel Prize awards is that there is still so much to learn. Expertise does not eliminate the need for further knowledge but rather opens new doorways of obtaining it. As efforts continue to evolve, and the fight against world poverty continues, education from the highest level down will have the most substantial impact.
Lessons Learned From 2019’s Nobel Prize
For anyone in search of inspiration and wisdom, the 2019 Nobel Prize winners are an excellent source. Abhijit Banerjee, Esther Duflo, and Michael Kreme all took home a Nobel Prize in Economics for their efforts to combat poverty throughout the world.