The Nobel Prize in Economic Sciences was awarded to Michael Kremer on October 14 along with Esther Duflo and Abhijit Banerjee. However, when Kremer was first given the news through a Skype call, he thought it was a scam. Only when one of his friends from Sweden had informed that the person needed to speak with him urgently, did the Harvard economist realised that he had been awarded the Nobel Prize in Economics for his experimental approach to alleviate global poverty. The 54-year-old economist said that he has watched the world of economics change over the years to a discipline in which researchers engage more with people on the ground.
This year’s Economic Sciences Laureate Michael Kremer was born in 1964. He is the Gates Professor of Developing Societies at Harvard University, Cambridge, USA @Harvard#NobelPrizehttps://t.co/whm9aT7r0U— The Nobel Prize (@NobelPrize) October 14, 2019
Michael Kremer also believes that global poverty might seem “intractable”, however researchers are learning all the time about what works and what does not and the governments have also become more effective in addressing the real problems. Esther Duflo is the youngest person and the second woman to win a Nobel Prize in Economic Sciences in 2019, along with husband Abhijit Banerjee and Michael Kremer. Kremer also believes that a lot of people these days choose to study Economics to take action against poverty.
"A lot of people go into economics because they care about poverty."— The Nobel Prize (@NobelPrize) October 14, 2019
In our telephone interview with new laureate Michael Kremer, he talks of the hopeful, practical steps that are being taken to alleviate poverty.https://t.co/gCqBcqkRPu
The Swedish Academy announced the last set of this year’s Nobel prize which included an Indian-American. The Swedish Academy said that the winners have contributed towards the ability to fight global poverty with their work and research. “In just two decades, their new experiment-based approach has transformed development economics, which is now a flourishing field of research,” said the Academy. Over 700 million people still subsist on extremely low incomes. Every year, five million children still die before their fifth birthday, often from diseases that could be prevented or cured with relatively cheap and simple treatments,” it added.
(With AP inputs)