Poverty reduces people’s ability to think and take action and hence, lead to wrong decisions. Due to these wrong decisions, people stay poor. Professor Lichand is testing the use of text messages to improve financial decisions of poor people.
March 2018: An interview was conducted with Brazilian economist Prof. Guilherme Lichand on the topic “Out of the Poverty Trap by Text Message”. According to him, “If we want to find ways out of poverty, we have to understand how it impacts our cognitive faculties.”