If I care about poverty, I have to care a lot about investments in the private sector. The private sector creates the vast majority of jobs in the world, and social protection only goes so far.
Interpretation
Addressing poverty requires a focus on private sector investment, as it is crucial for job creation.
Jim Yong Kim emphasizes the importance of the private sector in alleviating poverty. While social protection measures play a role, the majority of jobs, and thus economic opportunities, are generated by private enterprises. Therefore, to effectively combat poverty, it is essential to prioritize and invest in private sector growth.
In practice
In a keynote speech about economic policy, one might reference this quote to highlight the need for private sector investment.
If we do not act to curb climate change immediately, we will leave our children and grandchildren an unrecognizable planetIt is the poor, those least responsible for climate change and least able to afford adaptation, who would suffer the most.
We will never end poverty if we don't tackle climate change.
If you look at three diseases, the three major killers, HIV, tuberculosis and malaria, the only disease for which we have really good drugs is HIV. And it's very simple: because there's a market in the United States and Europe.
My father came by himself across the North Korean border when he was seventeen. And hasn't seen his brothers or sisters or parents since then. And he died some time ago, but never saw any of his relatives. My mother was a refugee in war-torn Korea.
Economic development and poverty alleviation are so complicated that I don't think there's a single background or a single discipline that is sufficient to tackle these great human problems.
One of the most important things about leadership is that you have to have the kind of humility that will allow you to be coached.
I've never been on Wall Street. And I care about Wall Street for one reason and one reason only because what happens on Wall Street matters to Main Street.
By a continuing process of inflation, government can confiscate, secretly and unobserved, an important part of the wealth of their citizens.
In the 1940s, economics started getting highly mathematical. It was basically because economists weren't smart enough to write down models of real behavior that they started writing down models of highly rational behavior - and they kind of forgot about humans.
No country, however rich, can afford the waste of its human resources. Demoralization caused by vast unemployment is our greatest extravagance. Morally, it is the greatest menace to our social order.
Significantly opening up immigration to skilled workers solves two problems. The companies could hire the educated workers they need. And those workers would compete with high-income people, driving more income equality.
Capital is money, capital is commodities. By virtue of it being value, it has acquired the occult ability to add value to itself. It brings forth living offspring, or, at the least, lays golden eggs.
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