Edward Miguel presents new findings from the Kenya General Equilibrium Study (KGES), a large-scale randomized evaluation of unconditional cash transfers launched with GiveDirectly in rural Siaya County. Moving beyond recipient-only impacts, the talk synthesizes evidence on economy-wide spillovers, local GDP multipliers, and price effects—showing substantial gains in business activity and household welfare alongside only modest inflation. Miguel also highlights new work on why multipliers arise (including underutilized capacity and labor indivisibilities), how impacts vary across households and what that implies for targeting, and striking evidence that cash transfers substantially reduced infant and under-five mortality during the transfer period—linked to increased use of hospital deliveries. The lecture concludes with emerging policy implications and how this evidence is being used to inform social protection debates beyond Kenya.