Stockholm: The 2019 Sveriges Riksbank Prize in Economic Sciences has been awarded to Indian-origin MIT professor Abhijit Banerjee, Esther Duflo and Michael Kremer "for their experimental approach to alleviating global poverty", it was announced on Monday.
Banerjee was born in 1961 in Mumbai. He is a Ph.D. from Harvard University and a Professor of Economics at the Massachusetts Institute of Technology, an official statement said here.
Duflo, born in 1972, is the second woman and the youngest person to be awarded the Prize in Economic Sciences, the statement added.
Michael Robert Kremer is an American development economist, who is the Gates Professor of Developing Societies at Harvard University.
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.
Over 700 million people still subsist on extremely low incomes. Every year, five million children still die before their fifth birthday, often from diseases that could be prevented or cured with relatively cheap and simple treatments.
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.
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. It was created by Riksbanken, the Swedish central bank, in 1968.
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