Stockholm, October 14: The 2019 Nobel Prize for Economic Sciences has been jointly conferred upon Indo-American Abhijit Banerjee, French-American Esther Duflo and Mechel Kremer of the United States. The trio have been honoured for their research on the methods to alleviate global poverty. They have been chosen for the top award "for their experimental approach to alleviating global poverty," the jury said. Abiy Ahmed Wins Nobel Peace Prize 2019, Twitterati Congratulate Prime Minister of Ethiopia For The Honour.
The Royal Swedish Academy of Sciences, which deliberates on who should be awarded with the nobel laureate, said in a statement that Banerjee, Duflo and Kremer were involved in a ground-breaking research to look into the aspects of poverty alleviation.
Announcement by the Jury:
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 Nobel Prize (@NobelPrize) October 14, 2019
Banerjee, Duflo and Kremer adopted the "experimental approach to alleviating global poverty", which involved breaking up the complex issue of poverty into smaller micro pieces. For instance the, unit of child health would be separately researched into to ascertain the reasons behind falling nutrition levels in the children being raised up in third world countries.
"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," said the Nobel committee in a statement.
Banerjee, 58, was educated at the University of Calcutta, Jawaharlal Nehru University and Harvard University, where he received his Ph.D in 1988. He is currently the Ford Foundation International Professor of Economics at the Massachusetts Institute of Technology, according to his profile on the MIT website.
In 2003, Banerjee founded the Abdul Latif Jameel Poverty Action Lab (J-PAL), along with Duflo and Sendhil Mullainathan, and he remains one of the lab's directors. He also served on the UN Secretary-General's High-level Panel of Eminent Persons on the Post-2015 Development Agenda.
(With PTI inputs)