Stockholm: Indian-American Economist Abhijit Banerjee was among the three recipients of the prestigious 2019 Nobel prize for Economics announced Monday. Banerjee shares the prize with Esther Duflo and Michael Kremer “for their experimental approach to alleviating global poverty.”
Both Banerjee and Duflo, who incidentally are a couple and have written a noted book titled Poor Economics, are associated with the Massachusetts Institute of Technology while Kremer is with the Harvard University.
The Academy said the work of the three economists had shown how the problem of poverty could be tackled by breaking it down into smaller and more precise questions in areas such as education and healthcare, making problems easier to tackle.
Abhijit Vinayak Banerjee, 58, has degrees from the University of Calcutta, Jawaharlal Nehru University and Harvard University, where he received his Ph.D in 1988. In 2003, he founded the Abdul Latif Jameel Poverty Action Lab (J-PAL), along with Esther Duflo and Sendhil Mullainathan, and he remains one of the lab’s directors. He is currently the Ford Foundation International Professor of Economics at MIT.
Congratulating him on winning the Nobel, the Congress party said the renowned economist was a key consultant for the NYAY programme presented by the party as a poll promise ahead of the Lok Sabha elections.
West Bengal chief minister Mamata Banerjee said about him: “Another Bengali has done the nation proud. We are overjoyed.”