The Nobel Memorial Prize in Economic Sciences from 1969 – 2019
The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, informally known as The Nobel Memorial Prize in Economic Sciences, is an award for outstanding contributions mainly to the … Wikipedia
Reward: 9 million SEK (2017)
Duflo, Banerjee and Kremer Win 2019 Nobel Economics Prize
Oct 14, 2019 Bloomberg Markets and Finance
Oct.14 — Abhijit Banerjee and Esther Duflo of the Massachusetts Institute of Technology and Michael Kremer of Harvard University were awarded the 2019 Nobel Prize in Economics “for their experimental approach to alleviating global poverty.” Randall Kroszner, Chicago Booth School of Business deputy dean and former Federal Reserve governor, reacts to the announcement on “Bloomberg Surveillance.”
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Esther Duflo: “Hopefully, it’s onward and forward from now on.”
Oct 14, 2019 Nobel Prize
Esther Duflo reflects on the relative lack of women working in the field of economics and how to adapt the profession to attract a wider sphere of people. In this conversation with Adam Smith, recorded just after the public announcement of the 2019 Prize in Economic Sciences to her, her husband Abhijit Banerjee, and Michael Kramer, she also discusses the way that local experiments can often uncover general principles that can be applied to problems of poverty worldwide.
Economics Won By Trio Tackling Global Poverty
Forbes: Camilo Maldonado Senior Contributor
French economist Esther Duflo gives a press conference at the Reconquista Hotel in Oviedo on October 22, 2015, in the eve of the Princess of Asturias awards ceremony. Duflo is part of the trio that has been awarded the 2019 Nobel Prize in Economics. AFP/Getty Images
The 2019 Nobel Prize in Economics was awarded to economists Abhijit Banerjee, Esther Duflo and Michael Kremer for their pioneering work alleviating global poverty. The winners were announced on Monday morning.
The Royal Swedish Academy of Sciences said the winners “considerably improved our ability to fight global poverty. In just two decades, their new experiment-based approach has transformed development economics, which is now a flourishing field of research”.
Duflo is the second woman and the youngest person to ever receive the prestigious award in the field of economics. The trio will evenly split the 9 million Swedish Krona prize ($916,474 USD).
“As a direct result of one of their studies, more than five million Indian children have benefitted from effective programs of remedial tutoring in schools. Another example is the heavy subsidies for preventive healthcare that have been introduced in many countries,” said the Swedish Academy of Sciences.
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Poor people are supposed to be either completely desperate or lazy or entrepreneurial but people don’t – we don’t try to … understand the deep root and interconnected root of poverty.
Their work, which tackles one of humanities most pressing issues, is based on the idea that to battle poverty, the issues should be broken down into smaller pieces and studied via small field experiments to answer precise questions within the communities who are most affected.
“The essence of our research is to make sure that the fight against poverty is based on scientific evidence,” Duflo said. “Often the poor are reduced to caricatures, and often even people that try to help them often do not actually understand what are the deep root of the problems that are addressing the poor,” she added.
“Poor people are supposed to be either completely desperate or lazy or entrepreneurial but people don’t we don’t try to … understand the deep root and interconnected root of poverty,” said Duflo.
Even with all of the work focusing on reducing global poverty, it is still the most pressing issue for humanity. According to the Swedish Academy, five million children under the age of five still die annually from diseases or ailments that could be treated with inexpensive medical treatments. In total, more than 1.3 billion people live in extreme poverty. That is, they subsist on less than $1.25 per day. In total, 1 billion children worldwide are living in poverty. Here in the U.S., income inequality is growing.
While many of their field studies have taken place in developing parts of the world, their work is helping Americans as well. According to the Center for Poverty Research at the University of California, Davis, “the official poverty rate is 12.3 percent, based on the U.S. Census Bureau’s 2017 estimates. That year, an estimated 39.7 million Americans lived in poverty according to the official measure.”
Asked by the Nobel Prize committee how it feels to be the second woman to win the Nobel Prize in Economics, Duflo responded, “We are at a time when we are starting to realize in the profession that the way we conduct each other privately and publicly, is not conducive all the time to a very good environment for women. Showing that it is possible for a women to succeed, and to be recognized for success, I hope will inspire many many other women to continue working, and many many other men to give them the respect they deserve, like every single human being.”
Banerjee, born in Mumbai, India earned a Ph.D. in 1988 from Harvard University and is the Ford Foundation International Professor of Economics at Massachusetts Institute of Technology. Duflo, born in Paris, France earned a Ph.D. in 1999 from Massachusetts Institute of Technology and is the Abdul Latif Jameel Professor of Poverty Alleviation and Development Economics at Massachusetts Institute of Technology. Kremer, born in the U.S.A., earned a Ph.D. in 1992 from Harvard University, and is the Gates Professor of Developing Societies at Harvard University.
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The Nobel Memorial Prize in Economic Sciences, officially known as The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel (Swedish: Sveriges riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne), is an award funded by Sveriges Riksbank and is annually awarded by the Royal Swedish Academy of Sciences to researchers in the field of economic sciences. The first prize was awarded in 1969 to Ragnar Frisch and Jan Tinbergen. Each recipient receives a medal, a diploma and a monetary award that has varied throughout the years. In 1969, Frisch and Tinbergen were given a combined 375,000 SEK, which is equivalent to 2,871,041 SEK in December 2007. The award is presented in Stockholm at an annual ceremony on December 10, the anniversary of Nobel’s death.
As of the awarding of the 2019 prize, 51 Nobel Memorial Prizes in Economic Sciences have been given to 84 individuals. Up to 2007, nine awards had been given for contributions to the field of macroeconomics, more than any other category. As of October 2018, the institution with the most affiliated laureates in economic sciences is the University of Chicago, which has 32 affiliated laureates.
List of Nobel Memorial Prize laureates in Economics 1969 – 2019
Year Laureate Country Rationale Ph.D. alma mater Institution(most significant tenure/at time of receipt)