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Official Development Assistance (ODA) isn’t what it used to be: each aid dollar is worth a lot less in terms of development outcomes. In large part that’s because the Development Assistance Committee (DAC), the donor club within the Organisation for Economic Co-operation and Development (OECD) that decides what counts as ODA, keeps changing the rules to include ever more spending that doesn’t deliver resources to recipient countries. It raises the question: does the DAC have a constructive role anymore?
The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2001 was awarded jointly to George A. Akerlof, A. Michael Spence and Joseph E. Stiglitz "for their analyses of markets with asymmetric information"