Indian-origin MIT professor Abhijit Banerjee, wife, among economics Nobel winners

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.'

Published: 14th October 2019 03:36 PM  |   Last Updated: 14th October 2019 06:16 PM   |  A+A-

Abhijit Banerjee, Esther Duflo, Michael Kremer, the 2019 winner of the Nobel Prize in Economic Sciences.

Abhijit Banerjee, Esther Duflo, Michael Kremer, the 2019 winner of the Nobel Prize in Economic Sciences. (Photo | Twitter)

By AFP

STOCKHOLM: A 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.

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," the jury said.

"This year's laureates have introduced a new approach to obtaining reliable answers about the best ways to fight global poverty," the jury said.

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," it said.

"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 is only the second woman to win the Nobel Economics Prize in its 50-year existence, following Elinor Ostrom in 2009.

Also Read: Nobel laureate Abhijit Banerjee's mom speechless, remembers how he was drawn to Economics

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.

Only Nobel not in will

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.

Each of the Nobels comes with a prize sum of nine million Swedish kronor ($914,000, 833,000 euros), to be shared if there is more than one winner in the discipline.

ALSO READ: Ethiopian PM Abiy Ahmed wins Nobel Peace Prize for role in ending 20-year-old conflict with Eritrea

But unluckily for recent winners, the prize's value has lost around $185,000 in the past two years, due to the depreciation of the Swedish krona.

The trio will receive the prize from King Carl XVI Gustaf at a formal ceremony in Stockholm on December 10, the anniversary of the 1896 death of Alfred Nobel.

Last year, the prize went to William Nordhaus and Paul Romer of the US for constructing "green growth" models that show how innovation and climate policies can be integrated with economic growth.

ALSO READ: Nobel prize in Literature awarded to Polish, Austrian authors after 2018 scandal

The Economics Prize wraps up a Nobel season that stands out for its crowning of two literature laureates, Polish writer Olga Tokarczuk for 2018 -- delayed by a year due to a sexual harassment scandal -- and Austrian novelist Peter Handke for 2019, whose selection sparked controversy because of his pro-Serb support during the Balkan wars.

Prior to that, the laureates in the fields of medicine, physics and chemistry were announced.

On Friday, Ethiopian Prime Minister Abiy Ahmed won the Peace Prize for his efforts to resolve the long-running conflict with neighbouring foe Eritrea.

Stay up to date on all the latest Nation news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp