Tag:GS 3 || Economy || Structure of the Indian Economy || Poverty

Why in News

Recently, The Royal Swedish Academy of Sciences has decided to award the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2019 to Abhijit Banerjee, Esther Duflo, Michael Kremer, “for their experimental approach to alleviating global poverty”

About the Awardees 

Abhijit Banerjee, born 1961 in Mumbai, India. Ph.D. 1988 from Harvard University, Cambridge, USA. Ford Foundation International Professor of Economics at Massachusetts Institute of Technology, Cambridge, USA.   Esther Duflo, born 1972 in Paris, France. Ph.D. 1999 from Massachusetts Institute of Technology, Cambridge, USA. Abdul Latif Jameel Professor of Poverty Alleviation and Development Economics at Massachusetts Institute of Technology, Cambridge, USA.
Michael Kremer, born 1964. Ph.D. 1992 from Harvard University, Cambridge, USA. Gates Professor of Developing Societies at Harvard University, Cambridge, USA.

Research

Their research 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.

Developmental Economics

• Developmental Economics is a branch of economics that deals with the improvement of the economies of developing countries.
• It aims at establishing strategies that apply to different developing countries depending on their unique social, political, and economic factors.

About the Award

• The official name of the award is Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.
• The prize was established in 1968 by a donation from Sweden’s central bank Sveriges Riksbank to the Nobel Foundation, to commemorate the bank’s 300^th
• The prize was first awarded in 1969.