The 2019 Nobel Prize for economics goes to Abhijit Banerjee, Esther Duflo and Michael Kremer “for their experimental approach to alleviating global poverty”, the Royal Swedish Academy of Sciences announced on Monday.
The research conducted by the 2019 Economic Sciences 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.
Over 700 million people still subsist on extremely low incomes. Every year, five million children still die before their fifth birthday, often from diseases that could be prevented or cured with relatively cheap and simple treatments.
This year’s Laureates have introduced a new approach to obtaining reliable answers about the best ways to fight global poverty. It divides this issue into smaller, more manageable questions – for example, the most effective interventions for improving child health, said a statement from the Nobel Committee.
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