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Quotation of the Day…

Posted By Don Boudreaux On February 18, 2012 @ 9:00 am In Foreign Aid | Comments Disabled

… is from page 38 of William Easterly’s outstanding 2001 book, The Elusive Quest for Growth [1]:

People respond to incentives.  Think of the incentives facing the recipients of foreign aid.  They invest in the future when they get a high return to their investments.  They do not invest in the future when they do not get a high return to their investments.  There is no reason to think that aid given just because the recipient is poor changes the incentives to invest in the future.

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[1] The Elusive Quest for Growth: http://www.amazon.com/Elusive-Quest-Growth-Economists-Misadventures/dp/0262550423/ref=sr_1_1?s=books&ie=UTF8&qid=1329573606&sr=1-1

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