Friday, October 13, 2006

Nobel Peace Prize

I would have expected that Muhammad Yunus, who founded the Grameen Bank in Bangladesh and triggered the micro-credit revolution, should have got the prize for Economics. No matter that it's the Peace Prize instead - he deserves it.

Just as you cannot impose democracy from above (see Iraq for more details...) you can impose free markets or prosperity from above either. Micro-credit works because it's bottom up, given people access to small amounts of money that they can decide how to spend. It's the perfect example of (complexity economics at work.

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