What Microfinance Can Teach Economists
While Bangladesh’s new “caretaker,” Muhammad Yunus, has been widely recognized for pioneering the field of microfinance, mainstream economics has largely dismissed insights from this development model as folksy, feel-good anecdotes. But there is reason to think that they are much more than that.
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CAMBRIDGE – “Economics is a meaningless subject,” Muhammad Yunus, the Nobel Peace Prize winner, microfinance pioneer, and rogue economist toldTime magazine a few months ago. Little did he realize that he would soon have an opportunity to demonstrate what he meant. Following the ouster of Bangladesh’s authoritarian prime minister, Sheikh Hasina, earlier this month, Yunus was chosen to lead the country’s caretaker government.