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Economics Nobel
October 15 , 2019
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- The 2019 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel has been awarded jointly to Abhijit Banerjee, Esther Duflo and Michael Kremer.
- The Nobel Memorial Prize in Economic Sciences is officially known as the Sveriges Riksbank Prize.
- They were awarded for their “experimental approach to alleviating global poverty”.
- Duflo is married to Banerjee and in 2011 wrote the immensely popular book “Poor Economics: Rethinking Poverty & The Ways to End it together”.
- The couple are at the Massachusetts Institute of Technology; Michael Kremer is at Harvard University.
- Duflo is only the second woman, after Elinor Ostrom in 2009, to win the economics Nobel.
- The “new, powerful tool” employed by the Laureates is the use of Randomised Control Trials (RCTs).
- RCTs were largely used in medicine to test the effects of drugs.
Tamilnadu Connection – Abdul Latif Jameel Poverty Action lab (J-Pal)
- Abhijit Banerjee and his wife Esther Duflo have been working with the Tamil Nadu government for the last five years on improving governance.
- The Abdul Latif Jameel Poverty Action Lab (J-Pal) was founded by the couple in Tamilnadu.
- J-Pal assists the government in building internal capacity to evaluate and monitor ongoing or new schemes and to adopt a result/outcome-based approach.
About Abhijith Banerjee
- Abhijit Vinayak Banerjee (born 1961) is an Indian-born American economist.
- In 1981, he completed BSc in Economics at Presidency College, University of Calcutta and later M.A. in economics at the Jawaharlal Nehru University, Delhi in 1983.
- He earned a Ph. D in Economics at Harvard by doing a Doctoral thesis on "Essays in Information Economics."
- Together with Esther Duflo and Tamilnadu born American economist Sendhil Mullainadhan he founded the J-PAL in 2003.
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