In well-functioning markets, new ventures either succeed or fail. In contrast, up to 2005, all aid agencies created since 1945 were still in existence (see the book on Aid by Harford and Klein here and here). Given its nature, the aid system exists in an arena that is not subject to the invisible hand of efficient markets. For years the questions asked were, how much aid, and … [Read more...] about The M in M&E: Ugly Duckling or Swan?