Stephen C. Smith
Encyclopedia
Stephen C. Smith is an economist
, author, and educator. He is Director of the Institute for International Economic Policy
at George Washington University
, where he is also Professor of Economics and International Affairs.
from Cornell University
and has been a Fulbright Research Scholar. He has also held a Jean Monnet Research Fellowship at the European University Institute
in Florence, Italy. Smith joined the faculty of The George Washington University in 1983. Smith serves as an Associate Editor of the Journal of Economic Behavior and Organization
. He is a former Director of the Research Program in Poverty, Development, and Globalization. He served as first director of the International Development Studies Program at the Elliott School of International Affairs
at George Washington University. Smith also serves on the Advisory Council of BRAC USA
.
, hardcover 2005, paperback with Afterword 2009). He is co-author with Michael Todaro
of "Economic Development" (11th Ed., Pearson Education
and Addison-Wesley
, 2011). He is also co-editor with Jennifer Brinkerhoff and Hildy Teegen of "NGOs and the Millennium Development Goals
: Citizen Action to Reduce Poverty" (Palgrave Macmillan
, June 2007). Smith is also the author of other publications including approximately three dozen journal articles.
Stephen Smith teaches courses in development economics
. He has also been a consultant for the World Bank
, the International Labour Office (ILO, Geneva), and the World Institute for Development Economics Research (UN-WIDER, Helsinki). Professor Smith has done on-site research and program work in several regions of the developing world including Bangladesh, China, Ecuador, India, Uganda, and the Former Yugoslavia.
, or ultra-poverty. Smith’s Ending Global Poverty has a local program and microeconomic focus, in contrast to more macro approaches of Jeffrey Sachs' End of Poverty, Bill Easterly’s White Man’s Burden and Paul Collier’s Bottom Billion. Smith describes 16 poverty traps, most operating at local levels, and considers solutions. Some of his recent work addresses problems of adaptation to climate change in low income countries.
In addition to his work on poverty and development economics, Smith has also conducted research on the economics of participation
, including works councils, ESOPs, and worker cooperative
s, including research in Italy, Spain, Germany, China, and India. On worker cooperatives, Smith investigated worker coop coexistence with conventional firms; and he found evidence from Italy consistent with the hypothesis that coops compete using small innovations contributed by workers and or specializing within sectors in artisan-quality products. He conducted an empirical test of the “Ward effect” theory in which worker coops would reduce output when its market price rose; Smith’s findings cast doubt on this claim, and his results implied that worker coops place positive weight on members’ employment when making production decisions. Smith interpreted clustering patterns of worker coops as helping explain their rarity: Formal and informal coop leagues provide scale economies that help make coops viable; but as leagues need coops to start them the result is a “chicken and egg problem.” Smith also introduced market failure rationales for works council and co-determination
legislation.
Economist
An economist is a professional in the social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy...
, author, and educator. He is Director of the Institute for International Economic Policy
Institute for International Economic Policy
The Institute for International Economic Policy is part of the Elliott School of International Affairs at George Washington University . It is located at the heart of global economic policy making and supports high-quality academic and policy research that addresses critical issues surrounding...
at George Washington University
George Washington University
The George Washington University is a private, coeducational comprehensive university located in Washington, D.C. in the United States...
, where he is also Professor of Economics and International Affairs.
Background
Smith received his PhD in economicsEconomics
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...
from Cornell University
Cornell University
Cornell University is an Ivy League university located in Ithaca, New York, United States. It is a private land-grant university, receiving annual funding from the State of New York for certain educational missions...
and has been a Fulbright Research Scholar. He has also held a Jean Monnet Research Fellowship at the European University Institute
European University Institute
The European University Institute ' in Florence is an international postgraduate and post-doctoral teaching and research institute established by European Union member states to contribute to cultural and scientific development in the social sciences, in a European perspective...
in Florence, Italy. Smith joined the faculty of The George Washington University in 1983. Smith serves as an Associate Editor of the Journal of Economic Behavior and Organization
Journal of Economic Behavior and Organization
The Journal of Economic Behavior and Organization is an academic journal published by Elsevier....
. He is a former Director of the Research Program in Poverty, Development, and Globalization. He served as first director of the International Development Studies Program at the Elliott School of International Affairs
Elliott School of International Affairs
The Elliott School of International Affairs at the George Washington University is a professional school in international relations. It is located in the heart of Washington, D.C...
at George Washington University. Smith also serves on the Advisory Council of BRAC USA
BRAC USA
BRAC USA is an independent, non-profit organization that received its 501 status on July 12, 2007. A brainchild of BRAC, a Bangladesh-based non-profit organization, BRAC USA’s mission is to raise awareness of BRAC’s successful community development model, mobilize resources and cultivate business...
.
Work
Smith is the author of "Ending Global Poverty: A Guide to What Works" (Palgrave MacmillanPalgrave Macmillan
Palgrave Macmillan is an international academic and trade publishing company, headquartered in Basingstoke, Hampshire, England, United Kingdom and with offices in New York, Melbourne, Sydney, Hong Kong, Delhi, Johannesburg. It was created in 2000 when St...
, hardcover 2005, paperback with Afterword 2009). He is co-author with Michael Todaro
Michael Todaro
Michael P. Todaro is an American economist and a pioneer in the field of development economics.Michael P. Todaro was Professor of Economics at New York University for eighteen years and Senior Associate at the Population Council for thirty years. He lived and taught in Africa for six years. He...
of "Economic Development" (11th Ed., Pearson Education
Pearson Education
Pearson Education is an international educational publishing and technology company providing textbooks and other educational material, such as multimedia learning tools...
and Addison-Wesley
Addison-Wesley
Addison-Wesley was a book publisher in Boston, Massachusetts, best known for its textbooks and computer literature. As well as publishing books, Addison-Wesley also distributed its technical titles through the Safari Books Online e-reference service...
, 2011). He is also co-editor with Jennifer Brinkerhoff and Hildy Teegen of "NGOs and the Millennium Development Goals
Millennium Development Goals
The Millennium Development Goals are eight international development goals that all 193 United Nations member states and at least 23 international organizations have agreed to achieve by the year 2015...
: Citizen Action to Reduce Poverty" (Palgrave Macmillan
Palgrave Macmillan
Palgrave Macmillan is an international academic and trade publishing company, headquartered in Basingstoke, Hampshire, England, United Kingdom and with offices in New York, Melbourne, Sydney, Hong Kong, Delhi, Johannesburg. It was created in 2000 when St...
, June 2007). Smith is also the author of other publications including approximately three dozen journal articles.
Stephen Smith teaches courses in development economics
Development economics
Development Economics is a branch of economics which deals with economic aspects of the development process in low-income countries. Its focus is not only on methods of promoting economic growth and structural change but also on improving the potential for the mass of the population, for example,...
. He has also been a consultant for the World Bank
World Bank
The World Bank is an international financial institution that provides loans to developing countries for capital programmes.The World Bank's official goal is the reduction of poverty...
, the International Labour Office (ILO, Geneva), and the World Institute for Development Economics Research (UN-WIDER, Helsinki). Professor Smith has done on-site research and program work in several regions of the developing world including Bangladesh, China, Ecuador, India, Uganda, and the Former Yugoslavia.
Contributions
Smith focuses extreme povertyPoverty
Poverty is the lack of a certain amount of material possessions or money. Absolute poverty or destitution is inability to afford basic human needs, which commonly includes clean and fresh water, nutrition, health care, education, clothing and shelter. About 1.7 billion people are estimated to live...
, or ultra-poverty. Smith’s Ending Global Poverty has a local program and microeconomic focus, in contrast to more macro approaches of Jeffrey Sachs' End of Poverty, Bill Easterly’s White Man’s Burden and Paul Collier’s Bottom Billion. Smith describes 16 poverty traps, most operating at local levels, and considers solutions. Some of his recent work addresses problems of adaptation to climate change in low income countries.
In addition to his work on poverty and development economics, Smith has also conducted research on the economics of participation
Economics of participation
Economics of participation is an umbrella term spanning the economic analysis of worker cooperatives, labor managed firms, profit sharing, gain sharing, employee ownership, works councils, codetermination, and other programs and policies by which employees participate in decision making and or...
, including works councils, ESOPs, and worker cooperative
Worker cooperative
A worker cooperative is a cooperative owned and democratically managed by its worker-owners. This control may be exercised in a number of ways. A cooperative enterprise may mean a firm where every worker-owner participates in decision making in a democratic fashion, or it may refer to one in which...
s, including research in Italy, Spain, Germany, China, and India. On worker cooperatives, Smith investigated worker coop coexistence with conventional firms; and he found evidence from Italy consistent with the hypothesis that coops compete using small innovations contributed by workers and or specializing within sectors in artisan-quality products. He conducted an empirical test of the “Ward effect” theory in which worker coops would reduce output when its market price rose; Smith’s findings cast doubt on this claim, and his results implied that worker coops place positive weight on members’ employment when making production decisions. Smith interpreted clustering patterns of worker coops as helping explain their rarity: Formal and informal coop leagues provide scale economies that help make coops viable; but as leagues need coops to start them the result is a “chicken and egg problem.” Smith also introduced market failure rationales for works council and co-determination
Co-determination
Co-determination is a practice whereby the employees have a role in management of a company. The word is a literal translation from the German word Mitbestimmung. Co-determination rights are different in different legal environments. In some countries, like the USA, the workers have virtually no...
legislation.
External links
- Stephen C. Smith - George Washington University/IIEP website
- Stephen C. Smith - George Washington University/Economics Department website
- Stephen C. Smith - bio
- "Q & A with Stephen C. Smith" (from World Ark online)
- UN International Forum on the Eradication of Poverty, Report of the Meeting, 2006
- http://www.un.org/docs/ecosoc/meetings/2007/amr2007/Stephen%20Smith.pdfUnited NationsUnited NationsThe United Nations is an international organization whose stated aims are facilitating cooperation in international law, international security, economic development, social progress, human rights, and achievement of world peace...
2007 Meeting: MDGs and the Struggle Against Poverty Traps] - UN Poverty Report
- Protecting the Poor from Climate Change, 2007