Three economists who study poverty win Nobel Prize
The 2019 Nobel Prize in economics was awarded Monday to Abhijit Banerjee, Esther Duflo and Michael Kremer for pioneering new ways to alleviate global poverty.
The Royal Swedish Academy of Sciences said the three economists created new ways to fight poverty by focusing on smaller, more manageable issues like education or child health.In India, Banerjee and Duflo’s research center, the Poverty Action Lab, devised a system reorganizing public school systems by learning level rather than age or grade. The academy says that, as a direct result, 5 million children benefited from remedial tutoring in schools.
Banerjee this year advised India’s opposition party, the Congress, ahead of national elections in May about offering financial aid to the poor. He has also criticized the Modi government about alleged political interference in statistical data and over a program to take cash out of the economy. In awarding the prize, the academy noted that over 700 million people survive on extremely low incomes and that 5 million children die every year of diseases that can be prevented or cured with inexpensive treatments. Half of all children leave school without basic literacy or numeracy skills.
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