A Quote by Muhammad Yunus
I began my career as an economics professor but became frustrated because the economic theories I taught in the classroom didn't have any meaning in the lives of poor people I saw all around me. I decided to turn away from the textbooks and discover the real-life economics of a poor person's existence.
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When people are running up more and more debt for housing, they call that "real wealth." It exposes what's wrong in the mainstream economics and why most of the economics that justifies austerity programs and economic shrinkage is in the textbooks is not scientific. Junk economics denies the role of debt and denies the fact that the economic system we have now is dysfunctional.
Most of the people in the world are poor, so if we knew the economics of being poor, we would know much of the economics that really matters. Most of the world's poor people earn their living from agriculture, so if we knew the economics of agriculture, we would know much of the economics of being poor.
Economics as currently presented in textbooks and taught in the classroom does not have much to do with business management, and still less with entrepreneurship.
My master's was in economics, and my Ph.D. was in philosophy, and I became a professor at USP. But after three years, I was invited to be secretary of finance for Sao Paulo mayor Marta Suplicy. They reached out to be because of my economics background.
A conveyor belt of Think Tank pundits and allied operatives poured into the TV studios, and together they built a fortress around Mrs. Thatcher's memory that was rooted in theories about economics. They did this because economics is the only language that wonks understand.
If people are teaching economics, they need to teach all the different disciplines, all the different schools in economics. They can't just teach one because then the person isn't equipped to deal with the economics profession.
My mother and my father taught me to look at the actual problem, not the face of it, not the veneer of it. So for me, I was never - I was impressed that it - racially, I was impressed, right, but now in America it's about economics, and it's been about economics, and honestly, everything's been about economics since I don't want to say the beginning of time, but it's been about economics for a long while.
I learned at a very early age that life is a battle. My family was poor, my neighborhood was poor. The only way that I could get away from the awfulness of life, at that time, was at the movies. There I decided that my big aim was to make money. And it was there that I became a very determined woman.
In terms of the economics, yes obviously the rise of e-books and how people choose to read books has a big effect on the economics of the game. But whether people are buying them on paper or downloading them there's still some poor wretch in a room who is trying to write a poem, write a story, write a novel. And so my job doesn't change. It's just how people receive it and economic conditions on the ground change, but that doesn't affect what I write.
People want to think of economics as a natural science, like physics, with the comforting reliability of simple-to-understand theories like F=MA. Unfortunately, it isn't. Economics is a social science, and the so-called theories are really social and moral constructs.
I began my work in the '70s, teaching at a university in Bangladesh, and these economic theories that I had learned stopped ringing true for me, as I saw the misery of people living all around me.
I'm a professor of economics and associate head of the MIT Department of Economics.
I was 25 years old and pursuing my doctorate in economics when I was allowed to spend six months of postgraduate studies in Naples, Italy. I read the Western economic textbooks and also the more general work of people like Hayek. By the time I returned to Czechoslovakia, I had an understanding of the principles of the market. In 1968, I was glad at the political liberalism of the Dubcek Prague Spring, but I was very critical of the Third Way they pursued in economics.
We decided in the mid-1960s that all poor people are the same: they are all poor. We know they're poor because we have defined a poverty line, and they're all underneath it.
And one thing to be remembered: it is not that the people who are poor, starving, become frustrated with life - no. They cannot become frustrated. They have not lived yet - how can they be frustrated? They have hopes. A poor man always has hopes that something is going to happen - if not today then tomorrow, or the day after tomorrow; if not in this life then in the next life.
God wants us to show compassion and understanding toward the unemployed or the poor not because they are poor, but because poor people, with help from those who are already successful, can become rich. And when the poor become rich, all will benefit, because in our modern economy new unemployment is the first sign of economic growth.
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