Here is a quote from the Banerjee, Duflo et al. paper that was cited in the Small Change article from the Boston Globe.
On balance our results show signi
ficant and not insubstantial impact on both how many new
businesses get started and the pro
titability of pre-existing businesses. We also do see signifi
impacts on the purchase of durables, and especially business durables. However there is no
impact on average consumption, although the effects are heterogenous, and as we will argue
later, there may well be a delayed positive effect on consumption. Nor is there any discernible
effect on any of the human development outcomes, though, once again, it is possible that things
will be different in the long run.
So, business profits are up, new businesses are started, and durable goods acquisition increases. Is this really "small change?"