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14 October 2019 10:48

Poverty United Kingdom Poverty

abhijit banerjee

2019 Nobel Prize in Economics awarded to Abhijit Banerjee, Esther Duflo and Michael Kremer

The Royal Swedish Academy of Sciences Monday awarded Abhijit Banerjee, Esther Duflo and Michael Kremer the prestigious Nobel Prize in Economic Sciences "for their experimental approach to alleviating global poverty." "The research conducted by the 2019 Economic Sciences 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 statement released by the Academy. The trio's experimental research methods have benefited more than five million Indian children, who are part of remedial tutoring programmes in schools, the Academy said. Banerjee and Duflo work at Massachusetts Institute of Technology while Kremer is at Harvard University. And Duflo has become the second woman to win the prize after Elinor Ostrom of the US in 2009.

abhijit banerjee

The Nobel win carries a 9 million-kronor ($918,000) cash award, a gold medal, and a diploma. Unlike other prizes, the Nobel prize for Economics, officially known as the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel, wasn't created by the prize founder. Austrian author Peter Handke is the winner of Nobel in literature this year and the postponed award for 2018 went to Polish author Olga Tokarczuk. Two Nobel Prizes in literature were announced as the 2018 award was delayed by one year following sex-abuse allegations that had rocked the Swedish Academy. David Keyton and Jan Olsen, The Associated Press STOCKHOLM--The 2019 Nobel Prize in Economic Sciences has been awarded Monday to Abhijit Banerjee, Esther Duflo and Michael Kremer "for their experimental approach to alleviating global poverty." Banerjee and Duflo are both at Massachusetts Institute of Technology while Kremer is at Harvard University.

abhijit banerjee

Duflo is the second woman to win the economics prize. Duflo, who was woken up by Goran Hansson, secretary general of the Royal Swedish Academy of Sciences on Monday, said that getting the prize "incredibly humbling." Duflo is only the second woman to win the economics prize, after Elinor Ostrom got it in 2009, and is also the youngest ever to receive the economics award. Officially known as the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel, the award wasn't created by the prize founder, but is considered to be part of the Nobel stable of awards. It was created by Riksbanken, the Swedish central bank, in 1968, and the first winner was selected a year later. All but the winner of the Peace Prize receive their awards on Dec. 10--the anniversary of Nobel's death in 1896--in Stockholm.

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Olsen reported from Copenhagen The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel has been awarded to Abhijit Banerjee, Esther Duflo and Michael Kremer Abhijit Banerjee, Esther Duflo, and Michael Kremer have won the Nobel prize in economic sciences "for their experimental approach to alleviating global poverty". "The research conducted by the 2019 Economic Sciences Laureates has considerably improved our ability to fight global poverty," the Nobel prize committee said on Monday. Duflo, who is married to Banerjee, becomes the second female winner of the prize 50 years after it was first awarded. "In just two decades, their new experiment-based approach has transformed development economics, which is now a flourishing field of research." The committee said their findings had "dramatically improved" the world's ability to fight poverty in practice. "As a result of one of their studies, more than five million Indian children have benefitted from programmes of remedial tutoring in schools," it said. Kremer, 54, is an economist at Harvard, and has won several prizes, including the MacArthur Fellowship, for his work on developing economies. Duflo said on Monday that it was "incredibly humbling" to have been awarded the prize, and said that they did not expect to be in contention for the Nobel until they were older. The three economists win a 9 million Swedish crown ($915,300) prize. The economics Nobel, officially known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, was established in 1969 by the Swedish central bank. It is thus a later addition to the original five awards that were created in the will of industrialist and dynamite inventor Alfred Nobel. In 2018, the Royal Swedish Academy of Sciences awarded the prize to two economists, William Nordhaus and Paul Romer, for integrating climate change and technological innovations into long-run macroeconomic analyses. The 2019 Nobel Prize for economics goes to Abhijit Banerjee, Esther Duflo and Michael Kremer "for their experimental approach to alleviating global poverty", the Royal Swedish Academy of Sciences announced on Monday. The research conducted by the 2019 Economic Sciences 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. 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, said a statement from the Nobel Committee. In the mid-1990s, Mr. 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. Mr. Banerjee and Ms. Duflo, often with Mr. Kremer, soon performed similar studies of other issues and in other countries, including India. Their experimental research methods now entirely dominate development economics. The 2019 Economic Sciences Laureates' research findings have dramatically improved our ability to fight poverty in practice. As a result of one of their studies, more than five million Indian children have benefitted from programmes of remedial tutoring in schools, the statement said. The prize is officially known as the 'Bank of Sweden Prize in Economic Sciences In Memory Of Alfred Nobel' wasn't created by the prize founder, but it is considered to be part of the Nobel stable of awards. The prize was created by Riksbanken, the Swedish central bank, in 1968, and the first winner was selected a year later. So far, 81 Nobel laureates in economic sciences have been awarded. All but the winner of the Peace Prize receive their awards on Dec. 10 the anniversary of Nobel's death in 1896 in Stockholm. The winner of the Peace Prize receives the award in Oslo, Norway.