At the Global Conference on Equity and Excellence in Basic Education, in Shanghai, China, May 17-19, 2016, the World Bank will be discussing Shanghai’s eminence in ranking highly in international achievement tests. The conference will also cover how good policy can help improve education quality in other countries. See slideshow, press release, key findings .
“Give a man a fish and he will eat for a day. Teach a man to fish and he will eat for a lifetime.”- Laozi (老子), ancient Chinese philosopher and writer, known as the reputed author of the Tao Te Ching. He is the founder of philosophical Taoism and is worshipped as a deity in Taoism and traditional Chinese religions.
There are more children in school today than ever before. For example, in 1950 the average level of schooling in Africa was less than two years. It is more than five years today. In East Asia and the Pacific, the schooling of the population went from two to seven years between 1950 and 2010. This is a more than a 200 percent increase! Globally, average years of schooling are now projected to rise to 10 years by 2050. This is larger than a five-fold increase within a century and a half.
In 1957, Herbert A. Simon (Nobel Prize in economics 1978) introduced the concept of bounded rationality that recognizes that in decision making, human rationality is limited by the information we have, our own cognitive biases, our training and experience, and the finite amount of time we have to make a decision. Individuals and firms do the best they can with the information they have, and since they don’t have time to evaluate and rationally pick the optimal solution, they simplify their choices and go with one that is satisfactory rather than rationally optimal—this is called stastificing.
Behavioral economics accounts for this by attempting to incorporate psychological insights. While most economists agree that there are some limits to the reasoning capabilities of individuals and firms, there has been much discussion about where and how to account for bounded rationality. On the spectrum between perfect rationality and the total absence of it, where are humans?
To explore this question, let’s take a look at cabdrivers and Uber drivers.
Taken together, these global commitments—all relevant to transport—set a high bar for success in transforming the world’s mobility in the next 10 to 15 years; they are also diverse and complex. For example, nine targets in the SDG framework relate directly to transport. Some targets are straightforward—for instance, Others are less—including the SDG target 9.1 of “developing quality, reliable, sustainable and resilient infrastructure, including regional and trans-border infrastructure, to support economic development and human well-being, with a focus on affordable and equitable access for all” which does not specify a clear quantitative target to be achieved by 2030.
The big 5 multilateral development banks(MDBs) (World Bank Group, African Development Bank, Asian Development Bank, European Bank for Reconstruction and Development, and Inter-American Development Bank) collectively provided close to $100 billion in concessional and non-concessional lending in 2012 or FY13. Of late, their size, traditionally an advantage, has become something of a disadvantage. The MDBs are facing intense challenges in at least three major ways. One - criticism from academics, developing nations and others that foreign aid is detrimental for a country’s growth. Two - technology has diluted the monopolistic advantages they had (knowledge, networks, access to funding) and is leading to new models of development. As echoed by World Bank President Jim Kim, there is a "need for alignment" for development institutions in "a rapidly changing world." Three - more and more countries are shifting from demanding traditional loans to demanding knowledge and knowledge products, and development institutions are only now starting to respond to this challenge.
New developments and curiosities from a changing global media landscape: People, Spaces, Deliberation brings trends and events to your attention that illustrate that tomorrow's media environment will look very different from today's, and will have little resemblance to yesterday's.
In our everyday lives, geospatial science and technology services, such as digital mapping, GPS, and other location-based services, are changing the way we operate. These services help us navigate the world, saving time, facilitating our entertainment needs and widening the breadth of markets. These technologies also generate huge amounts of economic activity in the form of research and development, programming and cost savings.
A recent study by economic consultancy firm Oxera, on behalf of Google, illustrates how big the industry has become. Internationally, the firm states, the geo services industry is valued between $150-$270 billion per year and pays around $90 billion in wages.
América Latina, en la encrucijada de la política monetaria/ Banco Mundial
Cuando asumí el cargo de Economista Jefe para Latinoamérica y el Caribe en el Banco Mundial hace casi un año, una de las tareas que me propuse fue que los estudios de alta calidad que se preparan en mi oficina (soy muy afortunado de contar con un excelente equipo de investigadores) lleguen a la mayor audiencia posible. Para mí, como economista, es fácil intercambiar puntos de vista con mis colegas o amigos de la academia. ¿Pero qué pasa con el resto de la gente? Después de todo, nuestro principal propósito es compartir con todo el público -y no sólo economistas- qué está pasando en nuestra región, cuáles son los principales problemas que enfrentamos, y qué debemos hacer para seguir creciendo en forma inclusiva y continuar reduciendo la pobreza y desigualdad social.