AGENCYStockholm: Indian-American innovative MIT economist Abhijit Banerjee, his wife Esther Duflo and Harvard professor Michael Kremer jointly won the 2019 Nobel Economics Prize on Monday “for their experimental approach to alleviating global poverty”. Banerjee and French-American Duflo both work at the US-based Massachusetts Institute of Technology (MIT) while Kremer is at Harvard University. It was “wonderful” to receive the award, 58-year-old Banerjee said. “You don’t get this lucky many times in your life,” he added. Duflo, the 46-year-old former advisor to ex-US president Barack Obama, is the second woman and the youngest ever to win the economics prize. “We are incredibly happy and humbled,” Duflo was quoted as saying by the MIT News. “We feel very fortunate to see this kind of work being recognized.” The prize includes 9 million-kronor (USD 918,000) cash, a gold medal and a diploma. The winners will equally share the prize money. President Ram Nath Kovind, Prime Minister Narendra Modi, Congress President Sonia Gandhi and a host of other leaders congratulated Banerjee on winning the coveted prize. “Their research has helped economists better understand how to fight poverty in India and the world,” Kovind said. Prime Minister Modi said Banerjee has made notable contributions in the field of poverty alleviation. “Congratulations to Abhijit Banerjee on being conferred the 2019 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel,” Modi said. He also congratulated Duflo and Kremer for wining the prize. Congratulating Banerjee, Congress leader Rahul Gandhi said he had helped the party conceptualise its “Nyay” scheme to help remonetise the economy. Announcing the award, the Royal Swedish Academy of Sciences said the “research conducted by this year’s Laureates has 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.” Banerjee was educated at the University of Calcutta, Jawaharlal Nehru University (JNU) and Harvard University, where he received his Ph.D in 1988. He is currently the Ford Foundation International Professor of Economics at the MIT. In Kolkata, his mother Nirmala Banerjee said it was a proud moment for her. She said she is also happy as one of the joint winners of the prestigious award is her daughter-in-law. In 2003, Banerjee founded the Abdul Latif Jameel Poverty Action Lab (J-PAL), along with Duflo and Sendhil Mullainathan, and he remains one of its directors. He also served on the UN Secretary-General’s High-level Panel of Eminent Persons on the Post-2015 Development Agenda. Duflo is the Abdul Latif Jameel Professor of Poverty Alleviation and Development Economics in the Department of Economics at the MIT and a co-founder and co-director of the J-PAL. Banerjee supervised Duflo’s PhD with Joshua Angrist in 1990. The duo got married in 2015 and their co-authored book ‘Good Economics in Hard Times’ will hit the stands this week.
Abhishek Bachchan tests negative COVID-19
Sushant case: Bihar govt seeks dismissal of Rhea’s plea in SC
Defer statement recording till SC hears plea: Rhea to ED
Mumbai:Patna SP probing Sushant case quarantined, hand stamped
Amitabh Bachchan tests negative for COVID-19, discharged from hospital
© 2020 State Times Daily Newspaper