The Royal Swedish Academy of Sciences announced on Monday, “The 2019 Nobel Prize for economics goes to Abhijit Banerjee, Esther Duflo, and Michael Kremer.”
The research conducted by the 2019 Economic Sciences Laureates has considerably enhanced our ability to fight global poverty. In just two decades, their new experiment-based approach has modified development economics, which is now a thriving field of research.
Over 700 million people still subsist on meager incomes. Every year, five million children even die before their fifth birthday, often from diseases that could be prevented or cured with relatively cheap and straightforward treatments.
“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 instance, the most effective intercession for improving child health”, said a statement from the Nobel Committee.
In the mid-1990s, Mr. Kremer and his colleagues signaled how powerful an experiment-based approach could 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 statement further had, “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 programs of remedial tutoring in schools.”
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.
With the glory comes a 9 million-kronor ($918,000) cash award, a gold medal, and a diploma.
Six Nobel Prizes were given last week, namely in medicine, physics, chemistry, two literature awards, and the coveted Peace Prize.
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.