The 2019 Economics Nobel Prize has been awarded to Abhijit Banerjee, Esther Duflo and Michael Kremer “for their experimental approach to alleviating global poverty.”
The 2019 Economics Nobel Prize was on Monday 14th October 2019 presented to Abhijit Banerjee, Esther Duflo and Michael Kremer by Göran K. Hansson, Secretary-General of the Royal Swedish Academy of Sciences.
According to the statement by Göran K. Hansson, the 2019 Economics Nobel Prize was awarded to Abhijit Banerjee, Esther Duflo and Michael Kremer for the research they conducted, which considerably improved the world’s 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“.
“Despite recent dramatic improvements, one of humanity’s most urgent issues is the reduction of global poverty, in all its forms. More than 700 million people still subsist on extremely low incomes. Every year, around five million children under the age of five still die of diseases that could often have been prevented or cured with inexpensive treatments. Half of the world’s children still leave school without basic literacy and numeracy skills.
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 most affected people” Göran K. Hansson stated.
“The 2019 Economic Sciences Laureates have played a decisive role in reshaping research in development economics. Over just 20 years, the subject has become a flourishing, primarily experimental, area of mainstream economics. This new experiment-based research has already helped in alleviating global poverty and has great potential to further improve the lives of the most impoverished people on the planet” Göran K. Hansson added.