Nobel Economics Prize Win 'wonderful', Explains Abhijit Banerjee

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As Abhijit Banerjee on Monday won Nobel prize in Economics for his extraordinary work to eradicate global poverty, he said that the award is for entire movement

Written By Navashree Nandini | Mumbai | Updated On:

As Abhijit Banerjee on Monday won Nobel prize in Economics for their extraordinary work to eradicate global poverty, along with Esther Duflo, and Michael Kremer, he said that the award is for the entire movement. He said that he is hopeful that the award will help them reach those who are unaware of the movement. 

"I wanted to start by saying that it is wonderful to get this prize. It is a prize not only for us but for the entire movement. It is a movement that we happened to be at the beginning of, mostly luck. There are about 400 professors who are in one form or the other related to our work, they all do randomise control trials on issues as diverse as US schools to governance problems in Indonesia to getting children to immunise in India. This is a movement we are beneficiaries of. We didn't take any money for any research. It just happened. It is wonderful thing winning this prize because it is going to help us penetrate the doors that were half open to us or not open to us and hopefully give a message of policy based on evidence and hard thinking to many other places as well," he said speaking at Massachusetts Institute of Technology.

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Banerjee, the Ford Foundation International Professor of Economics at the Massachusetts Institute of Technology is an Indian-American. He has pursued his education at the University of Calcutta, Jawarharlal Nehru University, and acquired his Ph.D. in 1988 from Harvard University. 

Abhijit Banerjee: Here's why he won the 2019 Nobel Prize in Economics

Why did he win?

The 58-year old Nobel Laureate founded the Abdul Latif Jameel Poverty Action Lab (J-Pal) in 2003 along with another Prize winner, Duflo with the mission to reduce poverty by ensuring policy is informed by scientific evidence. According to the foundation, the members do it through research, policy outreach, and training. J-PAL has also translated research into action, for the promotion of the culture of evidence-informed policymaking worldwide. The foundation's policy analysis and outreach have also helped governments, NGOs, donors, and the private sector apply evidence from randomised evaluations to their work, and contributes to public discourse around some of the most pressing questions in social policy and international development. The foundation has nearly a thousand ongoing as well as completed randomised evaluations in 83 countries.

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By 2030, 40% Indian will not have access to drinking water