Is Yunus the only practicing (as in the type who never came across the proverbial armchair yet) nobel laureate in economics? (his field is, if not the nobel)
His ideas and beliefs are rooted in and grown from the experience of running what sounds like hundreds of companies and offshoots and sister concerns – almost all successful, launching an entire industry and redefining one of the oldest businesses of the world.
Yet, in spite of full awareness of the credentials of the author, everything inside a reader militates against the seemingly utopian picture Yunus paints. You want to shout at him: all this is fine but REALITY is different! But the reader forgets – Yunus has seen and succeeded in the stark reality of one of the poorest, most torn landscapes in the world and he is proving that the ‘reality’ that economics teaches us is a very constrained reality. All the talk of incentives being the fuel of the human growth engine fall flat. But you don’t give in, you keep drilling deep holes in every cheerful statement of Yunus throughout the introductory chapters, after all you have years of economic training to back you up.
Finally Yunus gets to the case studies, and you read on with growing astonishment that the very principles outlined earlier, the principles that you had in your economic wisdom so thoroughly cut into pieces, all seem to just work on the ground. You scratch your head and try to figure it out. Then you forget your criticism and congratulate yourself on your own positive outlook towards humanity. Until next time.
- Taking Loans to the Micro Level: Muhammad Yunus (bigthink.com)
- Muhammad Yunus: The Poor Are Not Left Behind (ritholtz.com)