Giving Compass' Take:

• Efosa Ojomo, writing for the Christensen Institute, discusses three key lessons from 2018 which focus on how other countries can achieve prosperity. 

• These insights demonstrate a deeper learning that not all intervention from other countries is necessarily helpful. How can these types of reflections help inform policy discussions on international aid? 

• Read about how to assess the efficacy of development programs. 

The mission of the Global Prosperity team at the Christensen Institute is to advance the creation, dissemination, and use of good innovation theories in the practice of economic development.

We hope that our work helps the millions of people working daily to bring prosperity to poor communities and countries all around the world. From the many investors and entrepreneurs to the development officials and policymakers, our hope is that, our work helps each of these stakeholders working tirelessly to make the world a better place. To that end, here are three big insights we learned in 2018.

  1.  The “prosperity paradox” might be limiting our ability to eradicate poverty: Our research suggests prosperity is not generated through the flood of well-intentioned resources from wealthy countries to low- and middle-income countries.
  2. Market-creating innovations drive the development of institutions: As it turns out, we cannot fix problems with the law, systems, and institutions by simply adding another law, system, or institution. Market-creating innovations drive institutional development.
  3.  To capture a market, you must first create it: In order to capture markets in low- and middle-income economies, they first have to be created. The entrepreneur who is able to create a new market not only captures significant value, but also inadvertently engages in nation-building.

Read the full article about global prosperity by Efosa Ojomo at Christensen Institute