The Nobel Prize for Economics also known as Sveriges Riksbank Prize in Economic Sciences 2019 was announced on Monday. Bringing proud to the nation an Indian origin Professor Abhijit Banerjee was amongst the winner.
The 2019 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel has been awarded to Abhijit Banerjee, Esther Duflo and Michael Kremer “for their experimental approach to alleviating global poverty.”#NobelPrize pic.twitter.com/SuJfPoRe2N— The Nobel Prize (@NobelPrize) October 14, 2019
Apart from Abhijit his wife Esther Duflo and Michael Kremer were awarded the Nobel “for their experimental approach to alleviating global poverty”, by the Royal Swedish Academy of Sciences.
The reserach conducted by the three laureates has improved the ability to fight global poverty. The new experiment-based approach has transformed the domain of development economics, which is now a flourishing field of research.
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Around 700 million people still subsist on extremely low incomes. Millions of children die every year before there birthday due to diseases that can be treated with simple and cheap treatments. Poverty today is not a localized or national but a global issue.
The approach presented by the Nobel laureates divides this issue into smaller, more manageable questions like interventions for Child health, education, employment, etc.
Six Nobel prizes were announced last week which include prize for medicine, physics and chemistry plus two literature awards, and the coveted Peace Prize.