Nobel Prize 2019 for Economics

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Abhijit Banerjee, an Indian origin economist, has been awarded the Nobel Prize in Economics for the year 2019. The Royal Swedish Academy has decided to award Nobel Prize 2019 in Economics to three economists – Abhijit Banerjee and his wife Esther Duflo from MIT and Michael Kremer from Harvard.

Abhijit Banerjee and other laureates have been awarded for their research and experimental approach to alleviating global poverty. 

• Abhijit Banerjee is an Indian-American economist. He was born in 1961 in Kolkata, India. 
• Abhijit Banerjee completed his Masters in Economics at JNU, New Delhi, in 1983.
• He got his Ph.D. degree in 1988 from Harvard University, USA. 
• He is an International Professor of Economics at Massachusetts Institute of Technology, Cambridge, USA.
• He is also a co-founder of the Abdul Latif Jameel Poverty Action Lab along with economists Sendhil Mullainathan and Esther Duflo.
• Abhijit Banerjee married MIT lecturer Arunadhathi Tuli Banerjee, but they later divorced. After this, Abhijit married economist Esther Duflo in the year 2015. Esther along with Abhijit has been jointly awarded the Nobel Prize for Economics this time.

The Nobel Prize authority said that this year’s Laureates have introduced a unique and new approach to obtaining reliable answers to fight global poverty. As per their research, they divided the issue into smaller but more manageable questions. For example – they showcased that the most effective interventions for improving the financial condition is educational outcomes or child health.