US Win Nobel Economics Prize For Work On Poverty

October 17, 2019

The Royal Swedish Academy of Sciences said that on Monday, three American economists won the Nobel Prize in Economics for their work in poverty eradication, including new initiatives in education and health care.

The jury said that the Indian-American Abhijit Banerjee, a French-American wife, Esther Duflo (former former US President Barack Obama) Former consultants and Michael Kremer of the United States were honoured to “recognize their experimental approach to alleviating global poverty”. .

The jury said: “This year’s winners have come up with a new way to get a reliable answer to the best way to eliminate global poverty.”

According to the Academy of Sciences, “more than 700 million people still live in very low incomes”, and about 5 million children under the age of five die every year from preventable or curable diseases.

The jury said the three had found effective ways to break down poverty into smaller, more manageable questions that could be answered through field experiments.

It said: “They show that these smaller, more precise questions can usually be best answered by well-designed experiments in the most affected population.”

The jury said: “Because of the direct results of a study, more than five million Indian children have benefited from effective school tutoring programs. Another example is that many countries have already provided huge subsidies for preventive health care.”

Following Elinoor Ostrom in 2009, Doflo was the second woman to win the Nobel Prize in Economics in 50 years.

Clinical Trials

Duflo, 46, is also the youngest person ever to receive an economics award. He told the Nobel Committee in a telephone interview that the honor was “unbelievable.”

She said: “Before the age of any one of the three of us is older, I think it is impossible to win the Nobel Prize in Economics.”

Duflo, along with her husband and her husband, conducted research on poor communities in India and Africa, trying to weigh the impact of policies, such as motivating teachers to take part in work or taking steps to empower women.

Her tests have been compared to clinical trials of drugs to find and prove which investments are worthwhile and have the greatest impact on the lives of the poorest.

In an interview in September 2017, she told AFP: “Our views on poverty are mainly comics and clichés.”

The 58-year-old Banerjee and Duflo are professors at the Massachusetts Institute of Technology (MIT), while the 54-year-old Kramer is a professor at Harvard University.

In the 1990s, Kremer used field experiments to test interventions to improve school performance in western Kenya.

He also helped develop plans to stimulate the distribution of disease vaccines in developing countries.

Only Nobel is absent

Unlike other Nobel Prizes awarded since 1901, the Economics Prize was not founded in 1895 by the founder, philanthropist and explosive inventor Alfred Nobel. It was designed in 1968 to commemorate the 300th anniversary of the Swedish central bank and was first awarded in 1969.

Each Nobel laureate will receive a prize of 9 million Swedish kronor ($914,000, €833,000), which can be shared if there are multiple winners in the discipline.

But unfortunately, due to the depreciation of the Swedish Krona, the bonuses of the past two years have lost about $185,000.

At the official ceremony held in Stockholm on December 10th, the anniversary of the death of Alfred Nobel in 1896, the three will be awarded the prize of King Carl XVI Gustaf.

Last year, the award was presented to William Nordhaus and Paul Romer in the United States for their “green growth” models that show how innovation and climate policy can be combined with economic growth.

The Economics Prize ended the season of winners of the Nobel Prize for Literature, which was known as the coronation of two literary prize winners, the Polish writer Olga Tokarczuk in 2018 – due to sexual harassment scandals Postponed for one year – Austrian novelist Peter Handke won the award in 2019. The reason for the controversy was that he supported the pro-Serbian during the Balkan war.

Prior to this, winners in the fields of medicine, physics and chemistry were announced.

On Friday, Ethiopian Prime Minister Abiy Ahmed won the Peace Prize for resolving the long-standing conflict with neighboring Eritrea.