Economists win Nobel for research into poverty

Three economists were awarded the Nobel Prize for economics for their research into global poverty. 

Abhijit Banerjee and Esther Duflo of the Massachusetts Institute of Technology (MIT) and Michael Kremer of Harvard were given the award “for their experimental approach to alleviating global poverty,” according to a statement from The Royal Swedish Academy of Sciences.

The academy praised the the three for coming up with answers to fight global poverty that divides the issue into smaller and more manageable issues, such as improving child health or educational outcomes.

Designing experiments to answer these questions among the people involved, the academy said, can have real results.

{mosads}Kremer and colleagues began testing interventions to improve schools in western Kenya, it said, while Banerjee and Duflo, often with Kremer, performed similar studies with other issues in different countries. 

“Their experimental research methods now entirely dominate development economics,” the statement said.

“The Laureates’ research findings – and those of the researchers following in their footsteps – have dramatically improved our ability to fight poverty in practice,” it added. 

It said that their work has resulted in heavy subsidies for preventive health care in many countries. One study also gave remedial tutoring in schools to more than 5 million children in India. 

The Associated Press reported that Duflo, 46, is the youngest person and second woman to be given the economics award.

“Showing that it is possible for a woman to succeed and be recognized for success I hope is going to inspire many, many other women to continue working and many other men to give them the respect that they deserve like every single human being,” she said during a news conference, according to the wire service.