Winners announced for Nobel Prize in Economic Sciences

The 2019 Nobel Memorial Prize in Economic Sciences was awarded to MIT professors Abhijit Banerjee and Esther Duflo and Harvard Professor Michael Kremer for their 20-year ongoing economic research on poverty and potentials to relieve the issue.

Jeanna Smialek of The New York Times wrote that the economists seek to find which interventions can help resolve issues like education deficiencies and child health. The effects of their work have already been materialized, as Smialek explains that more than five million children in India have benefited from remedial tutoring practices that have come from their studies.

Their work is especially remarkable in this manner because it goes beyond simple economic theory, but is backed up by real world applications. Their model is to develop methodologies that can then be implemented by partnering with governments and non-governmental organizations for their actualization.

The group is only one of two winners of the prize who has worked on the relationship between economics and poverty infrastructure. 

Read more about the winners and their work here.

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