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Nobel in Economics Is Awarded for Work Toward Alleviating Poverty Nobel in Economics Is Awarded for Work Toward Alleviating Poverty
(about 1 hour later)
Three professors who have done experimental work toward alleviating poverty have been awarded the Nobel in economic sciences: Abhijit Banerjee and Esther Duflo, both of M.I.T., and Michael Kremer of Harvard University. Economists Abhijit Banerjee and Esther Duflo, both of M.I.T., and Harvard’s Michael Kremer have spent more than 20 years helping to start a movement in global poverty research.
Professor Duflo is the second woman and, at 46, the youngest person to win the economics prize. On Monday, their experimental approach toward poverty alleviation won them the 2019 Nobel Memorial Prize in Economic Sciences — making Ms. Duflo, 46, the youngest laureate ever and the second woman to win the distinction.
“It really reflects the fact that it has become a movement, a movement that is much larger than us,” Professor Duflo said, speaking at a news conference shortly after learning of the award.
The three researchers have taken a scientific approach to studying problems like education deficiencies and child health. They break those issues into smaller questions, and then search for evidence about which interventions work to resolve them.
According to the prize committee: “In just two decades, their new experiment-based approach has transformed development economics, which is now a flourishing field of research,” the Royal Swedish Academy of Sciences said in a statement.
This year’s laureates have introduced a new approach to obtaining reliable answers about the best ways to fight global poverty. In brief, it involves dividing this issue into smaller, more manageable, questions – for example, the most effective interventions for improving educational outcomes or child health. They have shown that these smaller, more precise, questions are often best answered via carefully designed experiments among the people who are most affected. More than 5 million Indian children have benefited from effective remedial tutoring thanks to one of their studies, the release noted, while other work of theirs has inspired public investment in preventive health care.
Abhijit Banerjee, born in 1961 in Mumbai, earned his doctorate from Harvard. He is the Ford Foundation International Professor of Economics at the Massachusetts Institute of Technology.
According to the prize committee:
The laureates’ research findings – and those of the researchers following in their footsteps – have dramatically improved our ability to fight poverty in practice. As a direct result of one of their studies, more than five million Indian children have benefited from effective programs of remedial tutoring in schools. Another example is the heavy subsidies for preventive health care that have been introduced in many countries.
Abhijit Banerjee, born in 1961 in Mumbai, earned his doctorate from Harvard. He is the Ford Foundation International Professor of Economics at M.I.T.
Esther Duflo, born in 1972 in Paris, is the second woman and the youngest person to be awarded the economics prize. She has a doctorate from M.I.T., where she is the Abdul Latif Jameel Professor of Poverty Alleviation and Development Economics.Esther Duflo, born in 1972 in Paris, is the second woman and the youngest person to be awarded the economics prize. She has a doctorate from M.I.T., where she is the Abdul Latif Jameel Professor of Poverty Alleviation and Development Economics.
Michael Kremer, born in 1964, has a doctorate from Harvard, where he is the Gates Professor of Developing Societies.Michael Kremer, born in 1964, has a doctorate from Harvard, where he is the Gates Professor of Developing Societies.
The researchers’ peers were quick to applaud the prize.
“Congratulations to Banerjee Duflo and Kremer on the Nobel and to the committee for making a prize that seemed inevitable happen sooner rather than later,” Richard Thaler, who won the award in 2017, said on Twitter.
“Fabulous news!” Cass Sunstein, a co-author with Mr. Thaler on a book about behavior economics and a professor at Harvard, wrote on Twitter. He described a recent study by one of the winners as “profound, implication-filled.”
William Nordhaus and Paul Romer, who have studied climate change and technological innovation, were honored last year. Professor Nordhaus, of Yale University, is a proponent of a tax on carbon emissions as a way to address climate change. Although he has convinced many members of the economics profession about the benefits of a carbon tax, the federal government has yet to adopt one.William Nordhaus and Paul Romer, who have studied climate change and technological innovation, were honored last year. Professor Nordhaus, of Yale University, is a proponent of a tax on carbon emissions as a way to address climate change. Although he has convinced many members of the economics profession about the benefits of a carbon tax, the federal government has yet to adopt one.
Professor Romer, of New York University, was cited for demonstrating how government policy could drive technological change. He noted the success of efforts to reduce emissions of ozone-depleting chlorofluorocarbons in the 1990s.Professor Romer, of New York University, was cited for demonstrating how government policy could drive technological change. He noted the success of efforts to reduce emissions of ozone-depleting chlorofluorocarbons in the 1990s.
The Nobel Peace Prize was awarded to Abiy Ahmed, the prime minister of Ethiopia, for his work in restarting peace talks with Eritrea and restoring some freedoms in his country after decades of repression.The Nobel Peace Prize was awarded to Abiy Ahmed, the prime minister of Ethiopia, for his work in restarting peace talks with Eritrea and restoring some freedoms in his country after decades of repression.
The prize for medicine and physiology was awarded to William G. Kaelin Jr., Peter J. Ratcliffe and Gregg L. Semenza for their work in discovering how cells sense and adapt to oxygen availability.The prize for medicine and physiology was awarded to William G. Kaelin Jr., Peter J. Ratcliffe and Gregg L. Semenza for their work in discovering how cells sense and adapt to oxygen availability.
The prize for physics went to three scientists who transformed our view of the cosmos: James Peebles, a cosmologist, shared half of the prize with two astronomers, Michel Mayor and Didier Queloz.The prize for physics went to three scientists who transformed our view of the cosmos: James Peebles, a cosmologist, shared half of the prize with two astronomers, Michel Mayor and Didier Queloz.
The prize for chemistry was awarded to three scientists who developed lithium-ion batteries: John B. Goodenough, M. Stanley Whittingham and Akira Yoshino will share the prize.The prize for chemistry was awarded to three scientists who developed lithium-ion batteries: John B. Goodenough, M. Stanley Whittingham and Akira Yoshino will share the prize.
The prize for literature was awarded to Olga Tokarczuk, a Polish author, and Peter Handke, an Austrian writer. Mr. Handke won this year’s prize, while Ms. Tokarczuk won the 2018 prize, which had been postponed for a year because of a scandal at the academy.The prize for literature was awarded to Olga Tokarczuk, a Polish author, and Peter Handke, an Austrian writer. Mr. Handke won this year’s prize, while Ms. Tokarczuk won the 2018 prize, which had been postponed for a year because of a scandal at the academy.