Abhijit Banerjee, Indian-American Economist and MIT Professor, Wins Nobel Prize
Indian-born Abhijit Banerjee of the US, his French-American wife Esther Duflo and Michael Kremer of the US were honoured "for their experimental approach to alleviating global poverty"
Indian-born Abhijit Banerjee of the US, his French-American wife Esther Duflo and Michael Kremer of the USA trio of American economists on Monday won the Nobel Economics Prize for their work in the fight against poverty, including with new approaches in education and healthcare, the Royal Swedish Academy of Sciences said. The trio was honoured "for their experimental approach to alleviating global poverty," the jury said. "This year's laureates have introduced a new approach to obtaining reliable answers about the best ways to fight global povert."
BREAKING NEWS:— The Nobel Prize (@NobelPrize) October 14, 2019
The 2019 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel has been awarded to Abhijit Banerjee, Esther Duflo and Michael Kremer “for their experimental approach to alleviating global poverty.”#NobelPrize pic.twitter.com/SuJfPoRe2N
The three found efficient ways of combatting poverty by breaking down difficult issues into smaller, more manageable questions, which can then be answered through field experiments, the jury said. "They have shown that these smaller, more precise, questions are often best answered via carefully designed experiments among the people who are most affected."
"As a direct result of one of their studies, more than five million Indian children have benefitted from effective programmes of remedial tutoring in schools. Another example is the heavy subsidies for preventive healthcare that have been introduced in many countries," the jury said.
The research conducted by the 2019 Economic Sciences Laureates has considerably improved our ability to fight global poverty. In just two decades, their new experiment-based approach has transformed development economics, which is now a flourishing field of research.#NobelPrize pic.twitter.com/mYOdoudVij— The Nobel Prize (@NobelPrize) October 14, 2019
Duflo, 46, told the Nobel committee by video link the honour was "incredibly humbling". "I didn't think it was possible to win the Nobel Prize in Economics before being significantly older than any of the three of us," she added.
Banerjee, born in 1961, and Duflo are both professors at the Massachusetts Institute of Technology (MIT) in the US, while Kremer, 54, is a professor at Harvard University.
In the 2019 Laureates’ early field experiments, more textbooks and free school meals had small effects, while targeted help for weak students significantly improved educational outcomes. This showed that help targeting the weakest pupils was an effective measure.#NobelPrize pic.twitter.com/auFowN9qJr— The Nobel Prize (@NobelPrize) October 14, 2019
Unlike the other Nobels awarded since 1901, the Economics Prize was not created by the prizes' founder, philanthropist and dynamite inventor Alfred Nobel, in his 1895 will. It was devised in 1968 to mark the 300th anniversary of Sweden's central bank, and first awarded in 1969.