Abhijit Banerjee, Esther Duflo and Michael Kremer awarded Nobel Peace Prize for economics

Abhijit Banerjee, Esther Duflo and Michael Kremer awarded Nobel Prize for economics
Abhijit Banerjee, Esther Duflo and Michael Kremer awarded Nobel Prize for economics

The Nobel Prize for Economic sciences has been awarded to Abhijit Banerjee, Esther Duflo, and Michael Kremer “for their experimental approach to alleviating global poverty,” on Monday. The research by the Economic Sciences Laureates has improved the ability to fight global poverty. In almost two decades, the experiment-based approach has transformed the development of economics, which is now flourishing in the field of research.

The research has introduced a new approach to obtain reliable ideas about cheap and simple ways to fight global poverty. Therefore, more than 500 million Indian children have been benefitted from programs of the corrective tutorials in schools. The prize is officially known as the ‘Bank of Sweden Prize in Economic Sciences In Memory Of Alfred Nobel’. However, it wasn’t created by the prize founder, but it is said to be a part of the Nobel stable of awards.

Also Read | Ethiopian PM Abiy Ahmed Ali awarded the 2019 Nobel Peace Prize for resolving the border conflict

It was created by Riksbanken, the Swedish central bank, in 1968. So far, 81 Nobel laureates in economic sciences have been given this prestigious award. Along with the award, the Laureates will be given a 9 million-kronor ($918,000) cash award, a gold medal, and a diploma. All the winners of the Nobel Peace Prize will receive their awards on December 10, 2019, in Oslo, Norway.

-PTC News