Abhijit Banerjee, Esther Duflo and Michael Kremer have been awarded “for their experimental approach to alleviating global poverty”, as announced by the Royal Swedish Academy of Sciences on Monday morning. Duflo is the youngest person to win this award and the second woman in history to do so.
In a press release, the academy highlights that the three winners have introduced “a new approach to obtain reliable answers on the best ways to combat global poverty.”
“The results of the laureates’ research, and those of researchers who follow in their footsteps, have drastically improved our ability to combat poverty in practice,” stresses the Swedish Academy.
BREAKING NEWS:
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.”
— The Nobel Prize (@NobelPrize)
The work of Banerjee, Duflo and Kremer involves “breaking this issue down into smaller, more manageable questions,” as the institution that awards the Nobel Prize explains.
The laureates have shown that “these smaller, more precise questions are often best answered through carefully designed experiments among the people most affected.”
Award Winners
The Royal Swedish Academy of Sciences points out that already in the mid-1990s Michael Kremer and his colleagues “demonstrated how powerful this approach can be.” They carried out field experiments “to test a variety of interventions that could improve school outcomes in western Kenya.”
“His experimental research methods now completely dominate development economics”
Later, Abhijit Banerjee and Esther Duflo, often together with Kremer, carried out similar studies of other subjects and in other countries, they recall. “His experimental research methods now completely dominate development economics,” the agency said.
Michael Kremer, born in the US in 1964, in Cambridge, United States.
Banerjee was born in Bombay, India, in 1961, and (MIT), like the third laureate, the French Esther Duflo.
the second woman
Duflo was born in Paris in 1972 and has become the second woman in history to win the Nobel Prize in Economics. She also in it, with 46 years (she will turn 47 next week, on October 25).
The first woman to obtain the coveted award was the American Elinor Ostrom just a decade ago. She demonstrated with her studies that “local property can be managed successfully without any regulation by central authorities or privatization,” recalls the Swedish Academy on her website. Ostrom died in June 2012.
History of the Nobel Prize in Economics
The first time the Royal Swedish Academy of Sciences awarded a Nobel Prize in Economics was in 1969. Since then, a total of 51 prizes have been awarded to 84 different people.
The first winners were Ragnar Frisch and Jan Tinbergen. for his work on long-term sustainable growth in the global economy and the well-being of the population.
That of 2019 is the seventh prize that has gone to three people at the same time. Another 19 Nobel Prizes in Economics have been awarded to two people at the same time, and the remaining 25 to just one.
Despite being one of the great bets of recent days, it has not finally been done with the prestigious award. Therefore, we will have to wait at least one more year for a Spanish person to win the Nobel Prize in Economics for the first time.
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