The Royal Swedish Academy of Sciences announced today that the 2019 Nobel Prize for Economics goes to Abhijit Banerjee, Esther Duflo and Michael Kremer.

They have won the award “for their experimental approach to alleviating global poverty”.

• Their work has considerably improved our ability to fight global poverty and obtained reliable answers to fight it.
• It also transformed development economics, which is now an important field of research.
• In the mid-1990s, Mr Kremer and his colleagues demonstrated how powerful an experiment-based approach could be to decreasing poverty.
• Mr Banerjee and Ms Duflo, often with Mr Kremer, soon performed similar studies of other issues and in other countries. In India, more than five million children have benefitted from their studies.
• Abhijit Banerjee was born in India but is an American citizen while Esther Duflo is French-American. Michael Kremer is also from the US.

 

The prize is officially known as the ‘Bank of Sweden Prize in Economic Sciences In Memory Of Alfred Nobel’.

• This is the only Nobel prize not created by Alfred Nobel, but it is considered to be part of the Nobel awards.
• Riksbanken, the Swedish central bank created the prize in 1968.

Last week, they announced Nobel prizes for medicine, physics and chemistry plus two literature awards, and the coveted Peace Prize. All awards except the Peace Prize will be awarded in Sweden. The winner of the Peace Prize will receive it in Oslo, Norway.

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