The Royal Swedish Academy of Sciences awarded Abhijit Banerjee, Micheal Kremer, and Esther Duflo the prestigious Nobel Prize in Economics for their Experimental Approach to Alleviating Global Poverty.
The research conducted by the 2019 Economics Sciences laureates has considerably enhanced our ability to fight global poverty. In just two decades, their new research-based approach has altered development economics, which is now a thriving field of research that said the statement released by the Royal Swedish Academy.
The experimental research of the trio has benefitted more than 5 million Indian children, who are a part of remedial tutoring programs in schools, the Academy said.
In 2015 February, Banerjee and Duflo said to the Indian Express about their experiments with social sector schemes in India, why NREGA does a poor job of identifying the needy and how the Right to Education has contributed to the deterioration of learning levels in schools.
Banerjee and Duflo work at Massachusetts Institute of Technology and Kremer work in Harvard University.
After the announcement of the Nobel Prize today, Duflo has become the second woman to win the prize after Elinor Ostrom of the US in 2009. The Nobel win carries a 9 million-Kronor cash award, a diploma, and a gold medal.
After winning the Nobel Prize, Duflo said showing that it is possible for a woman to succeed and be recognized for success I hope it is going to inspire many other women to continue working and many other men to give them the respect they deserve. You can also read, Abhijit Banerjee Noble Prize.
Last year, the Nobel Prize for Economics went to Willian Nordhaus and Paul Romer of the US for constructing Green Growth models that show how climate policies and innovation can be integrated with economic growth.
The Nobel Prize was created by Riksbanken, the Swedish central bank in 1968 and the first winner was announced a year later. So far, 81 Nobel Laureates have been awarded in economic sciences.
