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Nobel Econ winners 'excited' about their work

Video Credit: Reuters Studio - Duration: 02:25s - Published
Nobel Econ winners 'excited' about their work

Nobel Econ winners 'excited' about their work

The winners of the 2019 Nobel Prize in Economics say they are excited about the work they are doing and they hope that their work inspires policy based on evidence and hard thinking.

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U.S.-based economists Abhijit Banerjee, Esther Duflo and Michael Kremer won the 2019 Nobel Economics Prize on Monday for work fighting poverty that has helped millions of children by favoring practical steps over theory.

French-American Duflo becomes only the second woman to win the economics prize in its 50-year history, as well as the youngest at 46.

She shared the award equally with Indian-born American Banerjee and Kremer, also of the United States.

The Royal Swedish Academy of Sciences said their work had shown how poverty could be addressed by breaking it down into smaller and more precise questions in areas such as education and healthcare, and then testing solutions in the field.

It said the results of their studies and field experiments had ranged from helping millions of Indian schoolchildren with remedial tutoring to encouraging governments around the world to increase funding for preventative medicine.

"It starts from the idea that the poor are often reduced to caricatures and even the people that try to help them do not actually understand what are the deep roots of (their) problems," Duflo told reporters in Stockholm by telephone.

"What we try to do in our approach is to say, 'Look, let's try to unpack the problems one-by-one and address them as rigorously and scientifically as possible'," she added.

The team pioneered "randomized controlled trials," or RCTs, in economics.

Long used in fields such as medicine, an RCT could for example take two groups of people and study what difference a treatment makes on one group while the other group is only given a placebo.

Applied to development economics, such field experiments found for example that providing more textbooks and free school meals had only small effects, while targeting help for weak students made a big difference to overall educational levels.

"It's a prize not just for us but for the whole movement," Banerjee later told a joint news conference at the Massachusetts Institute of Technology (MIT), where they both work.

Kremer is a researcher at Harvard University.

Citing Banerjee's methods as having transformed classroom teaching in state schools in New Delhi, the Indian capital's chief minister Arvind Kejriwal said on Twitter that it was a "big day for every Indian."




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