|The 2019 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel|
|Date||14 October 2019|
|Presented by||Royal Swedish Academy of Sciences|
|Hosted by||Göran K. Hansson|
|Reward(s)||10 million SEK (2019)|
|2019 laureates||Abhijit Banerjee, Esther Duflo-Banerjee and Michael Kremer|
|Website||2019 Nobel Memorial Prize in Economic Sciences|
The 2019 Nobel Memorial Prize in Economic Sciences was awarded jointly to the economist couple Abhijit Banerjee (b. 1961), Esther Duflo-Banerjee (b. 1972) and their colleague Michael Kremer (b. 1964) "for their experimental approach to alleviating global poverty."Banerjee and Duflo are the sixth married couple to jointly win a Nobel Prize. The pressed release of the Royal Swedish Academy of Sciences noted:
"The research conducted by this year's Laureates 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. They have laid the foundations of the best way to design measures that reduce global poverty"
Their key contribution to economics is the usage of randomized controlled trials (RCT) in development economics.
Abhijit Banerjee was born to a Bengali father and to a Marathi mother in Mumbai.His father, Dipak Banerjee, was a professor of economics at Presidency College, Calcutta, and his mother Nirmala Banerjee (née Patankar), a professor of economics at the Centre for Studies in Social Sciences, Calcutta. His father, Dipak Banerjee, earned a PhD in economics from the London School of Economics. He received his school education in South Point High School, a renowned educational institution in Calcutta. After his schooling, he took admission at Presidency College, then an affiliated college of the University of Calcutta and now an autonomous university, where he completed his BSc(H) degree in economics in 1981. Later, he completed his M.A. in economics at the Jawaharlal Nehru University (JNU), Delhi in 1983. While studying in JNU, he was arrested and imprisoned in Tihar Jail during a protest after students gheraoed the then Vice Chancellor PN Srivastava of the university. He was released on bail and charges were subsequently dropped against the students. Later, he went on to obtain a PhD from Harvard University in 1988. The subject of his doctoral thesis was "Essays in Information Economics." In 2015, Banerjee married his co-researcher, MIT professor Esther Duflo; they have two children.
Duflo was born in 1972 in Paris, the daughter of pediatrician Violaine Duflo and mathematics professor Michel Duflo. During Duflo's childhood, her mother often participated in medical humanitarian projects.After studying in the B/L program of Lycée Henri-IV's Classes préparatoires, Duflo began her undergraduate studies at École normale supérieure in Paris, planning to study history, her interest since childhood. In her second year, she began considering a career in the civil service or politics. She spent ten months in Moscow starting in 1993. She taught French and worked on a history thesis that described how the Soviet Union "had used the big construction sites, like the Stalingrad tractor factory, for propaganda, and how propaganda requirements changed the actual shape of the projects." She finished her degree in history and economics at École Normale Supérieure in 1994 and received a master's degree from DELTA, now the Paris School of Economics, jointly with the School for Advanced Studies in the Social Sciences (EHESS) of the Université Paris Sciences et Lettres (PSL) and the École Normale Supérieure, in 1995. Subsequently, she obtained a PhD degree in economics at MIT in 1999, under the joint supervision of Abhijit Banerjee and Joshua Angrist. Her doctoral dissertation focused on effects of a natural experiment involving an Indonesian school-expansion program in the 1970s, and it provided conclusive evidence that in a developing country, more education resulted in higher wages. Upon completing her doctorate, she was appointed assistant professor of economics at MIT and has been at MIT ever since, aside from a leave at Princeton University in 2001–2002, and at the Paris School of Economics in 2007 and 2017.
Michael Robert Kremer was born in 1964 to Eugene and Sara Lillian (née Kimmel) Kremer in New York City.He graduated from Harvard University (A.B. in Social Studies in 1985 and Ph.D. in economics in 1992). A postdoctoral fellow at Massachusetts Institute of Technology (MIT) from 1992 to 1993, Kremer was a visiting assistant professor at the University of Chicago in Spring 1993, and professor at MIT from 1993 to 1999. From 1999 to 2020, he was a professor at Harvard University. He joined the faculty at the University of Chicago as a professor in the Kenneth C. Griffin Department of Economics, the college, and the Harris School of Public Policy on September 1, 2020.
The MIT Department of Economics is a department of the Massachusetts Institute of Technology in Cambridge, Massachusetts.
Michael Robert Kremer is an American development economist who is University Professor in Economics And Public Policy at the University of Chicago. He is the founding director of the Development Innovation Lab at the Becker Friedman Institute for Economics. Kremer served as the Gates Professor of Developing Societies at Harvard University until 2020. In 2019, he was jointly awarded the Nobel Memorial Prize in Economics, together with Esther Duflo and Abhijit Banerjee, "for their experimental approach to alleviating global poverty."
Esther Duflo, FBA is a French–American economist who is a professor of Poverty Alleviation and Development Economics at the Massachusetts Institute of Technology (MIT). She is the co-founder and co-director of the Abdul Latif Jameel Poverty Action Lab (J-PAL), which was established in 2003. She shared the 2019 Nobel Memorial Prize in Economic Sciences with Abhijit Banerjee and Michael Kremer, "for their experimental approach to alleviating global poverty".
Abhijit Vinayak Banerjee is an Indian-born naturalized American economist who is currently the Ford Foundation International Professor of Economics at Massachusetts Institute of Technology. Banerjee shared the 2019 Nobel Memorial Prize in Economic Sciences with Esther Duflo and Michael Kremer "for their experimental approach to alleviating global poverty". He and Esther Duflo, who are married, are the sixth married couple to jointly win a Nobel Prize.
The Nobel Memorial Prize in Economic Sciences, officially the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, is an economics award administered by the Nobel Foundation.
Seva Mandir is a grassroots NGO based in Udaipur, in the Rajasthan state of India founded by Dr. Mohan Sinha Mehta in 1968. The organisation turned 50 in 2018. Seva Mandir works mainly in natural resource development and sustainability, village development, women empowerment, education and health care, continuing education, and children's welfare.
The Abdul Latif Jameel Poverty Action Lab (J-PAL) is a global research center working to reduce poverty by ensuring that policy is informed by scientific evidence. J-PAL conducts randomized impact evaluations to answer critical questions in the fight against poverty, and builds partnerships with governments, NGOs, donors, and others to generate new research, share knowledge, and scale up effective programs.
Dean Karlan is an American development economist. He is Professor of Economics and Finance at Northwestern University where, alongside Christopher Udry, he co-founded and co-directs the Global Poverty Research Lab at Kellogg School of Management. Karlan is the president and founder of Innovations for Poverty Action (IPA), a New Haven, Connecticut, based research outfit dedicated to creating and evaluating solutions to social and international development problems. He is also a Research Fellow and member of the Executive Committee of the board of directors at the Abdul Latif Jameel Poverty Action Lab (J-PAL) at the Massachusetts Institute of Technology. Along with economists Jonathan Morduch and Sendhil Mullainathan, Karlan served as director of the Financial Access Initiative (FAI), a consortium of researchers focused on substantially expanding access to quality financial services for low-income individuals.
Poor Economics: A Radical Rethinking of the Way to Fight Global Poverty (2011) is a non-fiction book by Abhijit V. Banerjee and Esther Duflo, both professors of Economics at Massachusetts Institute of Technology (MIT) and Nobel Memorial Prize in Economic Sciences laureates. The book reports on the effectiveness of solutions to global poverty using an evidence-based randomized control trial approach. It won the 2011 Financial Times and Goldman Sachs Business Book of the Year Award.
Edward "Ted" Andrew Miguel is the Oxfam Professor of Environmental and Resource Economics in the Department of Economics at University of California, Berkeley, US. He is the founder and faculty director of the Center for Effective Global Action (CEGA) at U.C. Berkeley.
Rohini Pande is an economist who is currently the Henry J. Heinz II Professor of Economics and Director of the Economic Growth Center at Yale University. She was previously the Rafik Hariri Professor of International Political Economy and Mohammed Kamal Professor of Public Policy at the Harvard John F. Kennedy School of Government. Pande was the Co-Director of CID's Evidence for Policy Design research program (EPoD) and serves on the Board of Directors of the Abdul Latif Jameel Poverty Action Lab, MIT. She also serves on the board of the Bureau for Research and Economic Analysis of Development (BREAD), the Committee on the Status of Women in the Economic Profession (CSWEP) and as a co-editor of the American Economic Association's (AEA) journal American Economic Review: Insights. She is a Faculty Research Associate at NBER, CEPR and the IFPRI. Her research focuses on the economic analysis of the politics and consequences of different forms of redistribution, principally in developing countries. Her outstanding and empirical findings in fields of governance and accountability, women’s empowerment, role of credit in poverty, the economic aspects of the environment and the potential of policy design in these areas, won her the Infosys Prize 2022 in Social Sciences.
Good Economics for Hard Times: Better Answers to Our Biggest Problems is a 2019 nonfiction book by Abhijit V. Banerjee and Esther Duflo, both professors of economics at MIT. It was published on November 12, 2019 by PublicAffairs (US), Juggernaut Books (India), and Allen Lane (UK). The book draws from recent developments in economics research to argue solutions to the issues facing modern economies and societies around the world, including slowing economic growth, immigration, income inequality, climate change, globalization and technological unemployment. It is their second collaborative book since the publication of their book Poor Economics: A Radical Rethinking of the Way to Fight Global Poverty (2011) and their first since becoming a married couple in 2015. The book's publication comes a month after Banerjee and Duflo were jointly awarded the Nobel Prize in Economics, shared with Harvard University professor Michael Kremer.
Jeanne Lafortune is a Canadian economist who currently works as an Full Professor in Economics and Director of Research at the Pontifical Catholic University of Chile. She is also a researcher at the Abdul Latif Jameel Poverty Action Lab, which is a global research center that aims to reduce poverty and improve life quality of people in the Caribbean and Latin America. Lafortune holds a Ph.D. in Economics from the Massachusetts Institute of Technology (MIT), Cambridge, Massachusetts. Her research interests focus on three main fields, including economic history, family and development economics.
The 2021 Nobel Memorial Prize in Economic Sciences was divided one half awarded to the American-Canadian David Card "for his empirical contributions to labour economics", the other half jointly to Israeli-American Joshua Angrist and Dutch-American Guido W. Imbens "for their methodological contributions to the analysis of causal relationships." The Nobel Committee stated their reason behind the decision, saying:
"This year's Laureates – David Card, Joshua Angrist and Guido Imbens – have shown that natural experiments can be used to answer central questions for society, such as how minimum wages and immigration affect the labour market. They have also clarified exactly which conclusions about cause and effect can be drawn using this research approach. Together, they have revolutionised empirical research in the economic sciences."
The 2022 Nobel Memorial Prize in Economic Sciences was divided equally between the American economists Ben S. Bernanke, Douglas W. Diamond, and Philip H. Dybvig "for research on banks and financial crises" on 10 October 2022. The award was established in 1968 by an endowment "in perpetuity" from Sweden's central bank, Sveriges Riksbank, to commemorate the bank's 300th anniversary. Laureates in the Memorial Prize in Economics are selected by the Royal Swedish Academy of Sciences. The Nobel Committee announced the reason behind their recognition, stating:
"This year’s laureates in the Economic Sciences, Ben Bernanke, Douglas Diamond and Philip Dybvig, have significantly improved our understanding of the role of banks in the economy, particularly during financial crises. An important finding in their research is why avoiding bank collapses is vital."