The Nobel Prize for Economic Sciences which is announced by the Royal Swedish Academy of Sciences is considered to be a massive recognition for work in the respective field. It includes prize money of 9 million SEK (Swedish kronor), a gold medal and a diploma.
This time the Sveriges Riksbank Prize in Economic Prizes in Memory of Alfred Nobel was shared among Indian origin American Mr. Abhijeet Banerjee and his colleague cum life partner Mrs. Esther Duflo along with Michael Kremer. All of them received this honour for their experimental research in the field of development economics for alleviating global poverty.
Duflo became the second and youngest woman to be awarded a Nobel prize for Economic Sciences. The couple was proud and content at the same time for their achievement. According to Mr. Banerjee being a couple and sharing such an honorary prize at the same time makes it easier for them for they will never overshadow each other. He said he is hoping to see more women in the field of Economics as a lot fewer women are seen in this field. Duflo will be an inspiration to many to bring laurels to this field. Both of them are professors at MIT and have been part of some 70 to 80 experiments in n number of countries to study the real face of poverty. They are of the view that in order to understand poverty and its trap one must observe the poor carefully, the insights into his thinking procedure holds all the answers to alleviate poverty. Michael Kremer is a professor at Harvard and have lend full dedication in understanding the poor and their lives to form certain theories which have helped governments to reduce poverty. More than 700 million people are poor all around the world, it is necessary to have some logical and practical theories at dispersal to cure the situation. African and Indian lands have been explored by the winners to have some important findings in this subject.
Banerjee and Duflo also published a book named “Poor Economics” which bagged Goldman sachs Business book award for the year 2011. The book contains all the experimental findings and observations that the couple had on their journey or attempt to find out some solid measures to break the trap of poverty. Many governments have brought policies such as subsidies for the health of the poor and remedial tutoring practices for school children which has helped a lot with their situation.
“The analysis conducted by this year’s Laureates has significantly improved our ability to fight international economic condition. In just 20 years, their new experiment-based approach has reworked development social science, that is currently a flourishing field of research” aforesaid the Royal Swedish Academy of Sciences.