Indian-American Abhijit Banerjee, his wife Esther Duflo, and Michael Kremer will share the Nobel Prize for Economics for their “experimental approach to alleviating global poverty”, announced the Swedish Academy on Monday. 

Mr. Banerjee was born in Mumbai, now is in America, his French-American wife Esther Duflo – a former advisor to the former United President Barack Obama and Michael Kremer of the United States were honored “for their experimental approach to alleviating global poverty,” said the jury. 

In two decades, the new experiment of the trio is based on approach has transformed development economics, which is at present a flourishing field of research, said the Swedish Academy in the release. 

58-year-old Abhijit Banerjee, and 46-year-old Esther Duflo, are both professors at the Massachusetts Institute of Technology (MIT) in the United States, while 54-year-old Michael Kremer is a professor at Harvard University.

Ms. Duflo is the second woman to win the Nobel Economics Prize in its 50-year existence, followed by Elinor Ostrom in 2009. The prize amount of 9 million Swedish Krona will be shared equally between the three researchers. 

Ms. Duflo is the youngest person to ever receive the Economics Prize, informed the Nobel Committee in a telephonic interview the honor was “incredibly humbling”. 

She continued, “I didn’t think it was possible to win the Nobel Prize in Economics before being significantly older than any of the three of us.”

Mr. Banerjee, Ms. Duflo, often with Mr. Kremer has performed the same studies of other issues and in other nations. The Swedish Academy has further said that their experimental research methods now entirely dominate development economics. 

Mr. Banerjee remains one of the Lab’s Directors, informed the MIT website. He also became an American Citizens in 2017. 

Abhijit Banerjee is a former President of the Bureau for the Research in the Economic Analysis of Development, a CEPR research fellow, a Research Associate of the NBER, International Research Fellow of the Kiel Institute, the Econometric Society, and a fellow of the American Academy of Arts and Sciences. He has been a Guggenheim Fellow, and an Alfred P Sloan Fellow, as well as a winner of the Infosys Prize. 

Mr. Banerjee is also the author of a large number of articles, and four books, including ‘Poor Economics’ that won the Goldman Sachs Business Book of the Year.

The trio will receive the Nobel Prize from King Carl XVI Gustaf at a formal event in Stockholm on December 10, the anniversary of the 1896 death of Alfred Nobel.

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