The other two names that would be sharing the 2019 Nobel Prize for economics are Esther Duflo and Michael Kremer for their approach to alleviate global poverty.
The research conducted by 2019 Economic Sciences Laureates has improved our capability to fight against global poverty. In last 20 years, their new experimental approach has transformed development economics, which is now flourishing field of research.
Over 70 crore people still survive on extremely low incomes. Every year, 50 lakh people die before turning into infants, due to diseases that could be prevented or cured with comparatively cheap and simpler treatments.
This year’s Laureates have commenced a new approach to obtain reliable answers about the ways to fight global poverty. It divides the issues into smaller, more manageable lines of enquiry like, creating the most effective interventions for improving school results in Kenya.
Abhijit Banerjee and Esther Duflo have performed similar studies of other issues in various countries including India. Their experimental research are dominating development economics.
The prize which is known as “Bank of Sweden Prize in Economic Sciences in Memory Of Alfred Nobel’ wasn’t curated by the founder of the prize, yet is considered to be part of Nobel stable of awards.
The prize was created by Riksbanken, the Central bank of Sweden, in 1968. 81 Nobel laureates have been awarded, so far.
Along with the glory, comes a 90 lakh Kronos cash prize, a gold medal and a diploma. A week before, six Nobel prizes were awarded in the fields of Chemistry, Physics, Literature and in Peace.
All awardees except the peace prize will receive the awards on 10 December on the death anniversary of Alfred Nobel in Stockholm. The peace prize winner will receive the award in Oslo, Norway.