Indian-American Abhijit Banerjee and his wife Esther Dufflo, economists at the Massachusetts Institute of Technology , along with co-winner Michael Kremer have won 2019 Alfred Nobel Prize for Economics for their evidence based work on welfare economics for benefit of the poor. The Sveriges Riksbank Prize in Economic Sciences, as it is officially called , has been given for Banerjee and Dufflo for their ”experimental approach to alleviating global poverty”.
The announcement was made by the Royal Swedish Academy of Sciences, which administers and gives away the most prestigious award in the world
According to MIT News, ” The work of Duflo and Banerjee, which has long been intertwined with Kremer’s, has been highly innovative in the area of development economics, emphasizing the use of field experiments in research in order to realize the benefits of laboratory-style randomized, controlled trials. Duflo and Banerjee have applied this new precision while studying a wide range of topics implicated in global poverty, including health care, education, agriculture, and gender issues, while developing new antipoverty programs based on their research”.
Banerjee was born in Mumbai on February 21, 1961 and was educated in Kolkata at the South Point School and the Presidency College. He did his Masters at the Jawahar Lal Nehru University in New Delhi PhD at Harvard. He is presently working at MIT as Ford Foundation International Professor of Economics.
His wife and co-winner of the Nobel Prize, Duflo was born in Paris and is the youngest ever and only secon woman in the world to have given his honour. The first was Elinor Ostrom , in 2009.
Banerjee has written a book ”Poor Economics”.