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Nobel Prize in economics awarded to trio for work on poverty

Nobel Prize in economics awarded to trio for work on poverty
Posted at 6:31 AM, Oct 14, 2019
and last updated 2019-10-14 06:43:44-04

Abhijit Banerjee, Esther Duflo and Michael Kremer were awarded the Nobel Prize in economics on Monday for research on alleviating global poverty.

(Photo by Jonathan NACKSTRAND / AFP) (Photo by JONATHAN NACKSTRAND/AFP via Getty Images)

The trio pioneered an approach to poverty reduction that was based on carefully designed experiments that sought answers to specific policy questions.

Duflo, a professor at the Massachusetts Institute of Technology, is the youngest person and second woman to be awarded the prize. Banerjee is also a professor at MIT.

Kremer, a professor at Harvard, used field work to test how school results could be improved in western Kenya during the mid-1990s.

“This year’s laureates have introduced a new approach to obtaining reliable answers about the best ways to fight global poverty,” organizers said in a statement.