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 The 2019 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel | ||||
|---|---|---|---|---|
| Abhijit Banerjee,Esther Duflo andMichael Kremer | ||||
.jpg) .jpg) .jpg) "for their experimental approach to alleviating global poverty". | ||||
| Date |
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| Location | Stockholm | |||
| Country | Sweden | |||
| Presented by | Royal Swedish Academy of Sciences | |||
| Reward | 10 millionSEK (2019)[1] | |||
| First award | 1969 | |||
| Website | Official website | |||
| ||||
The2019Nobel Memorial Prize in Economic Sciences was awarded jointly to the economist coupleAbhijit Banerjee (born 1961),Esther Duflo (born 1972) and their colleagueMichael Kremer (born 1964) "for their experimental approach to alleviating global poverty".[2][3][4] Banerjee and Duflo are thesixth married couple to jointly win a Nobel Prize.[5][6][7] The press release of theRoyal 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"[3][8]
Their key contribution to economics is the usage ofrandomized controlled trials (RCT) indevelopment economics.[3][4]
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Abhijit Banerjee was born to aBengali father and to aMarathi mother inMumbai.[9] His father,Dipak Banerjee, was a professor of economics atPresidency College, Calcutta,[10] and his mother Nirmala Banerjee (née Patankar), a professor of economics at theCentre for Studies in Social Sciences, Calcutta.[11][12] His father, Dipak Banerjee, earned a PhD in economics from theLondon School of Economics.[13] He received his school education inSouth Point High School, a renowned educational institution inCalcutta. After his schooling, he took admission atPresidency College, then an affiliated college of theUniversity 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 theJawaharlal Nehru University (JNU), Delhi in 1983.[14] While studying in JNU, he was arrested and imprisoned inTihar Jail during a protest after studentsgheraoed the then Vice Chancellor PN Srivastava of the university. He was released on bail and charges were subsequently dropped against the students.[15] Later, he went on to obtain aPhD fromHarvard University in 1988. The subject of his doctoral thesis was "Essays in Information Economics."[16] In 2015, Banerjee married his co-researcher, MIT professorEsther Duflo; they have two children.[17][18]
Duflo was born in 1972 in Paris, the daughter ofpediatrician Violaine Duflo and mathematics professorMichel Duflo. During Duflo's childhood, her mother often participated in medical humanitarian projects.[19][20] After studying in theB/L program ofLycée Henri-IV'sClasses préparatoires, Duflo began her undergraduate studies atÉcole 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 inMoscow starting in 1993. She taught French and worked on a history thesis that described how theSoviet Union "had used the big construction sites, like theStalingrad tractor factory, for propaganda, and how propaganda requirements changed the actual shape of the projects."[19] She finished her degree in history and economics at École Normale Supérieure in 1994 and received a master's degree from DELTA, now theParis School of Economics, jointly with theSchool for Advanced Studies in the Social Sciences (EHESS) of theUniversité Paris Sciences et Lettres (PSL) and the École Normale Supérieure, in 1995. Subsequently, she obtained aPhD degree in economics at MIT in 1999, under the joint supervision ofAbhijit Banerjee andJoshua Angrist. Her doctoral dissertation focused on effects of anatural 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.[19] Upon completing her doctorate, she was appointed assistant professor ofeconomics at MIT and has been at MIT ever since, aside from a leave atPrinceton University in 2001–2002, and at theParis School of Economics in 2007 and 2017.[21]
Michael Robert Kremer was born in 1964 to Eugene and Sara Lillian (née Kimmel) Kremer in New York City.[22] He graduated fromHarvard University (A.B. in Social Studies in 1985 and Ph.D. in economics in 1992).[23][24] A postdoctoral fellow atMassachusetts Institute of Technology (MIT) from 1992 to 1993, Kremer was a visiting assistant professor at theUniversity of Chicago in Spring 1993, and professor at MIT from 1993 to 1999. From 1999 to 2020, he was a professor atHarvard University. He joined the faculty at the University of Chicago as a professor in theKenneth C. Griffin Department of Economics, the college, and theHarris School of Public Policy on September 1, 2020.[23][25]
