Their research is helping us fight poverty -The Royal Swedish Academy of Sciences.
Abhijit Banerjee, Esther Duflo and Michael Kremer have been jointly awarded the Nobel Prize in economics “for their experimental approach to alleviating global poverty”, by The Royal Swedish Academy of Sciences.
The three were awarded the Sveriges Riksbank Prize in Memory of Alfred Nobel and awarded every year since 1969 — for developing a method to identify the causes of poverty and analyze the costs and benefits of policy interventions through field studies.
Banerjee and French-American Duflo both work at the prestigious Massachusetts Institute of Technology while Kremer is at Harvard University. Duflo is the second woman and the youngest ever to win the economics prize.
The Royal Swedish Academy of Sciences said “The research conducted by this year’s 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.”
The 2019 Economic Sciences Laureates’ research findings have dramatically improved our ability to fight poverty in practice the committee said.
This year’s Laureates have introduced a new approach to obtaining reliable answers about the best ways to fight global poverty. It divides this issue into smaller, more manageable questions – for example, the most effective interventions for improving child health.#NobelPrize pic.twitter.com/faQTTZhJqI
— The Nobel Prize (@NobelPrize) October 14, 2019
Abhijit Banerjee, born 1961 in Mumbai, India. Ph.D. 1988 from Harvard University, Cambridge, USA. Ford Foundation International Professor of Economics at Massachusetts Institute of Technology, Cambridge, USA.
Esther Duflo, born 1972 in Paris, France. Ph.D. 1999 from Massachusetts Institute of Technology, Cambridge, USA. Abdul Latif Jameel Professor of Poverty Alleviation and Development Economics at Massachusetts Institute of Technology, Cambridge, USA.
Michael Kremer, born 1964. Ph.D. 1992 from Harvard University, Cambridge, USA. Gates Professor of Developing Societies at Harvard University, Cambridge, USA.
The trio will equally share the prize money 9 million-kronor (USD 918,000) cash, a gold medal, and a diploma.