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"Portfolios of the Poor," co-authored by Prof. Jonathan Morduch, Helped Inspire a New App to Address Income Volatility: NY Times Magazine

"Portfolios of the Poor," co-authored by Prof. Jonathan Morduch, Helped Inspire a New App to Address Income Volatility: NY Times Magazine

“Want A Steady Income? There’s an App for That,” a piece published Sunday, May 3, in The New York Times Magazine, focuses on a Silicon Valley app-in-development partly inspired by Portfolios of the Poor: How the World’s Poor Live on $2 a Day, the groundbreaking book (Princeton University Press, 2009) written by NYU Wagner Professor of Public Policy and Economics Jonathan Morduch, NYU Wagner PhD Daryl Collins, and two others. The anticipated app is designed to help households manage what has been called America's “hidden inequality” – the profound stresses and disruptions income volatility can cause.

Professor Morduch’s research centers on microfinance, social investment, and the economics of poverty. He is the Executive Director and Founder of the Financial Access Initiative (FAI). His current “U.S. Financial Diaries” project examines how income volatility affects low- and moderate-income U.S. families.

"The Hidden Lives of America’s Poor and Middle Class”

"The Hidden Lives of America’s Poor and Middle Class”

Jonathan Morduch, Professor of Public Policy and Economics at NYU Wagner, has co-written an article in the Stanford Social Innovation Review, describing the U.S. Financial Diaries project he leads. The ongoing project deeply explores the financial lives of individual American families of lower and middle income levels. It illuminates, in part, the phenomenon of unsteady household income and expenses, and how this volatility can hamper the ability of working families to gain economic stability and upward mobility. At the same time, the project shows that financial products, programs and policies created to help working households are sometimes ill-suited to the day-to-day challenges these households actually face – whether they are living below or well above the poverty line.

Professor Morduch is Executive Director the Financial Access Initiative, a consortium of researchers focused on the most pressing issues of financial inclusion in the U.S. and in developing countries. He created the U.S. Financial Diaries project with colleagues Rachel Schneider – with whom he co-authored the article – and NYU Wagner graduate Daryl Collins (PhD, 2010).

Facebook CEO Mark Zuckerberg Recommends Book Co-authored by NYU Wagner Professor Jonathan Morduch

Facebook CEO Mark Zuckerberg Recommends Book Co-authored by NYU Wagner Professor Jonathan Morduch

Facebook CEO Mark Zuckerberg is currently recommending Portfolios of the Poor, a groundbreaking book co-authored by NYU Wagner Professor of Public Policy and Economics Jonathan Morduch, for reading and discussion by the Facebook community.

The influential book is the result of systematic research on how the global poor – billions of people around the world who live on less than $2 a day – manage their money. Zuckerberg’s book club, A Year in Books, selects works with big ideas that impact public policy, society and business. Portfolios of the Poor is his 17th pick.

Professor Morduch, managing director of the Financial Access Initiative, wrote the book with Daryl Collins of Bankable Frontier Associates, who received her Ph.D. in Public Policy Analysis at NYU Wagner, and researchers Stuart Rutherford and Orlanda Ruthven.

Published in 2009 by Princeton University Press, Portfolios of the Poor: How the World’s Poor Live on $2 a Day is the first in-depth examination of how the world’s poorest households patch together financial lives.The book shows that they do so with surprising sophistication and complexity, refuting commonly held assumptions about the poor.

Over 250 families in Bangladesh, India, and South Africa participated in the study. Their financial diaries show that poor households are not living hand-to-mouth, but that most of them save and borrow with their future in mind, and maintain complex financial lives because they are poor, not in spite of it.

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