In this July 2018 Guardian article, 15 leading economists, including three Nobel Prize winners, argue that the many billions of dollars spent on aid can do little to alleviate poverty while we fail to tackle its root causes.
Development efforts over the past few decades have not been as effective as promised.
Global poverty remains intractable: more than 4 billion people live on less than the equivalent of $NZ7.34 (£3.80) a day, and the number of people going hungry has been rising. Important gains have been made in some areas, but many of the objectives set by the millennium development goals – to be reached by 2015 – remain unfulfilled. And this despite hundreds of billions of dollars of aid.
Donors increasingly want to see more impact for their money, practitioners are searching for ways to make their projects more effective, and politicians want more financial accountability behind aid budgets. Read more >
Criticism 'incorrect and incoherent'
Terence Wood, a Research Fellow at Australian National University's Development Policy Centre, subsequently took issue with the economists, describing their criticism as 'incorrect and incoherent' - see Three Nobel Prizes in economics does not equal the truth about aid.