The three were awarded the prize “for their experimental approach to alleviating global poverty”
The Royal Swedish Academy of Sciences, on October 14, awarded the 2019 Nobel Prize for Economics to Abhijit Banerjee, Esther Duflo and Michael Kremer.
The three were awarded the prize, officially known as the ‘Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel’, “for their experimental approach to alleviating global poverty.”
Duflo is only the second woman to win the Nobel Prize in economics after Elinor Ostrom got it in 2009. She is also the youngest ever to receive the economics award.
The three will also receive a 9 million-kronor ($918,000) cash award, a gold medal and a diploma. The cash prize will be shared equally between the three.
The prize was created by Riksbanken, the Swedish central bank, in 1968.
Abhijit Banerjee was born in Mumbai, India in 1961. Esther Duflo was born in Paris, France in 1972. Michael Kremer was born in 1964.
Banerjee was educated at the University of Calcutta, Jawaharlal Nehru University (JNU) and Harvard University, where he received his PhD in 1988.
He is currently the Ford Foundation International Professor of Economics at the Massachusetts Institute of Technology (MIT).The committee said that the research conducted by three laureates “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.”
Watch the announcement of the 2019 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.
October 14, 2019
The Nobel Prize Twitter handle said: “In the mid-1990s, Economic Sciences Laureate Michael Kremer and his colleagues demonstrated how powerful an experiment-based approach can be, using field experiments to test a range of interventions that could improve school results in western Kenya.”“Abhijit Banerjee and Esther Duflo, often with Michael Kremer, soon performed similar studies of other issues and in other countries, including India. Their experimental research methods now entirely dominate development economics,” the committee added in another tweet.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.