Economists who study poverty win Nobel Prize

Published October 14, 2019, 6:11 PM

by Francine Ciasico

By the Associated Press

STOCKHOLM — The 2019 Nobel Prize in Economic Sciences has been awarded Monday to Abhijit Banerjee, Esther Duflo and Michael Kremer “for their experimental approach to alleviating global poverty.”

The 2019 Nobel Prize in Economic Sciences has been awarded Monday to Abhijit Banerjee, Esther Duflo and Michael Kremer "for their experimental approach to alleviating global poverty."
FILE – In this Monday, Dec. 10, 2018 file photo, a bust of the Nobel Prize founder, Alfred Nobel on display at the Concert Hall during the Nobel Prize award ceremony in Stockholm. Controversy stalks the Nobel prizes for peace and literature in a way it rarely does for science. The revamped panel at the Swedish Academy who will hand out the Nobel literature prizes Thursday Oct. 10, 2019, for both 2018 and 2019 would relish arguments about the winners, rather than intrigue about the #MeToo scandal that forced the institution to suspend the prize last year. (Henrik Montgomery/Pool Photo via AP, File / MANILA BULLETIN)

Banerjee and Duflo are both at Massachusetts Institute of Technology while Kremer is at Harvard University. Duflo is the second woman to win the economics prize.

Officially known as the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel, the award wasn’t created by the prize founder, but is considered to be part of the Nobel stable of awards.

It was created by Riksbanken, the Swedish central bank, in 1968, and the first winner was selected a year later.
With the glory comes a 9 million-kronor ($918,000) cash award, a gold medal and a diploma.

Last week, six Nobel prizes were given — medicine, physics and chemistry plus two literature awards, and the coveted Peace Prize.

All but the winner of the Peace Prize receive their awards on Dec. 10 — the anniversary of Nobel’s death in 1896 — in Stockholm. The winner of the Peace Prize receives the award in Oslo, Norway.

 
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