Abhijit Banerjee, Indian-American Economist and MIT Professor, Wins Nobel Prize

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"
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 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."

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.

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.

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.

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