This Trio Wins The Noble Prize In Economics

Mon Oct 14 2019 22:02:20 GMT+0530 (IST)

The Royal Swedish Academy of Sciences has announced that Abhijit Banarjee, Esther Duflo and Micheal Kremer have won the Nobel Prize for economics for the year 2019. The same was confirmed by the Swedish Academy through their twitter account. The recipients have won the Nobel Prize "for their experimental approach to alleviating global".

The research which was conducted by them has improved our ability to fight poverty globally significantly. Within two decades, the new experiment-based approach carried out by them has transformed development economics largely.

According to the reports, almost 700 million people still live with a very low income. Almost every year five million children die before they turn five with diseases that could be prevented or cured with very simple and low-cost treatments.

The trio has introduced a new approach to obtain reliable answers regarding the best ways to fight global poverty. Around the mid-1990s, Mr.Kremer and his colleagues gave a demonstration on the experiment-based approach that can work powerfully with the help of field experiments which can improve the school results in western Kenya.

The prize was started by Riksbanken, the Swedish central bank in the year 1968. The first Noble winner was selected in the year 1969. These laureates will be given 9 million kronor($918,000) cash award, a gold medal with a diploma.

With Abhijit winning Noble prize wishes are pouring in for him through social media. "Another Bengali is making India proud," said Mamata Banarjee.