The 2019 Nobel Prize in Economics was announced on October 14, with the winners Abhijit Banerjee, Esther Duflo and Michael Kremer in recognition of their "experimental approach to reducing global poverty."
Interestingly, Abijit Banaji and Esther Dufro are husband and wife and serve at the Massachusetts Institute of Technology (MIT). The two won the Nobel Prize together, known as "the strongest academic couple file".
It's worth noting that only one woman has previously won the Nobel Prize in Economics, Elinor Ostrom. The Esther Duflo award means the birth of a second female Nobel laureate in economics.
Nobel officials say the research conducted by the 2019 economics laureates has greatly improved the ability to combat global poverty. In just two decades, their new experiment-based approach has transformed development economics, which is now a thriving field of study.
Unlike other Nobel Prizes, which are easier to measure of importance, economics prizes have a typical Western perspective, and there are few cases in which Asian economists have won Nobel Prizes. Even Japan, which won the Nobel Prize, failed to make progress on the Nobel Prize in Economics.
MIT Laboratories Eradicate Poverty in India?
The Nobel Prize in Economics, which is not actually known to Nobel himself, was not established on the will of Alfred Nobel. However, it is similar to the Nobel Prize in terms of selection steps and awarding ceremonies. Awards have been awarded annually by the Royal Swedish Academy of Sciences since 1968 and are awarded in accordance with the principle of making the greatest contribution to the interests of mankind. In 1969, the first award was awarded in celebration of the 300th anniversary of the founding of the National Bank of Sweden, which was jointly won by the Norwegian Frich and the Dutchman Jan Timberham, and the American economists Samuelson, Friedman and others have won this award, so the economics prize is the youngest nobel prize.
It is reported that as of 2019, a total of 81 people have won the Nobel Prize in Economics. The Nobel Prize in Economics was won by Indians, France and the United States.
Abigit Banaji
Abhijit V. Banerjee is a professor of international economics at the Ford Foundation at the Massachusetts Institute of Technology. He studied at the University of Kolkata, Jawaharlal Nehru University and Harvard University in the United States; he was the Director of the Bureau of Analytical Research for Development Economics, a Fellow of the American Academy of Arts and Sciences and the Econometric Society, and a Fellow of the Guggenheim Foundation and the Alfred Sloan Foundation. Winner of several awards such as the 2009 Infosys Awards, he has served as an honorary advisor to organizations such as the World Bank and the Government of India.
Esther Duflo
French economist and co-founder of the Abdel Latif Jameel Poverty Action Laboratory (J-PAL) and a professor of development economics at the Massachusetts Institute of Technology in the United States.
Dufrough was born into a Protestant family in Paris, to mathematical parents. She studied liberal arts at the École Henri IV and was admitted to the École Normale Supérieure de Paris to study history, but after a deep conversation with Thomas Piketty, who was then teaching at the École Normale Supérieure de Paris, decided to switch to applied economics. In 1994, he received a master's degree in history from the École Normale Supérieure de Paris, a thesis on the Soviet Five-Year Plan, a master's degree in economics (DEA) from the Higher School of Social Sciences in 1995, a graduate of the Institute of Economics at the Massachusetts Institute of Technology in the same year, and a doctoral thesis in 1999 under the guidance of Professor Abigit Bannaji of Indian origin. In 2004, he was awarded tenure in the Economics Department of Princeton University. She is also the wife of Abigit Banaji.
Michael Kramer
Michael Kramer is a professor of economics at Harvard University and a senior fellow at the Brookings Institution. He is a Fellow of the Academy of Arts and Sciences, a macArthur Fellowship and a President's College Fellowship, and a nomination as a Young Global Leader of the World Economic Forum. His recent research focuses on education, sanitation, water supply and agriculture in developing countries.
As for the reasons why the three won the Nobel Prize in Economics, Nobel prize officials said that their research is helping humanity eradicate poverty. In just 20 years, their new experimentally-based approach transformed development economics, and today it is a thriving field of study in economics.
Indians appearing on the list of Nobel Prizes in Economics are also related to the winning research theories based on India's poverty problem. Nobel officials believe that more than 700 million people around the world today still live at extremely low income levels, a significant portion of them in India and Africa. Every year, some 5 million children under the age of 5 still die from diseases that could normally be prevented or cured with inexpensive treatment. Half of the world's children leave school without basic literacy and numeracy skills. This year's winners introduced a new approach to obtain reliable answers about the best way to end global poverty. In short, it includes dividing the problem into smaller, more manageable ones – for example, the most effective interventions to improve educational outcomes or children's health. They have shown that these smaller, more precise questions can often be answered best in the most affected populations through well-designed experiments.
According to media reports, Dufro, Bannaji, and Kramer are based primarily on the Abdul Latif Jameel Poverty Action Lab at the Massachusetts Institute of Technology (MIT), which was founded by Sindhil Mullainathan, an Indian professor at Dufro, Banaji, and Harvard, whose research sites are mainly in India and Kenya to implement anti-poverty programs with the government and non-governmental organizations.
Around the "Poverty Action Lab", a large number of young development economists are gathered to focus on microeconomic problems in developing countries, and the research methods are mainly large-scale field experiments. The World Bank and other funded organizations have given great attention and support to their research. In some notable studies, Dufro found that in northern India, when families who were given vaccination measures were rewarded with one bag of lentils per household, the vaccination rate of family members rose from 5% to 40%, and Dufro and Kramer and others conducted repeated experiments in kenya to help local farmers use fertilizers more efficiently.
Why is it so hard for Japan to win an economics prize?
It is worth mentioning that the Nobel Prize in Economics is largely based on the concept of Western economics, unlike other Nobel Prizes that are easier to measure the importance of, economics prizes have a typical Western perspective, Asian economists have rarely won Nobel Prizes, and even Japanese scholars who have won the Nobel Prize have failed to make progress on the Nobel Prize in Economics.
Although Japan and South Korea have ranked among developed countries in terms of per capita GDP, they do not seem to be in line with the Western economic model, so the Nobel Prize in Economics is more inclined to European and American countries, and the Nobel Prize in Economics in 2006, 2007, 2008, 2009, 2011, 2012, 2013, 2017, etc. the Nobel Prize in Economics was all contracted by the Americans. Two of the three winners of the 2010 Nobel Prize in Economics were Americans.
For example, the 2018 Nobel Prize in Economics was awarded to Paul Romer and William Nordhaus, both Americans, for their outstanding contributions to innovation, climate and economic growth, designing a range of approaches to solve the most fundamental and pressing problem of our time – how to create long-term sustainable economic growth.
In addition, looking at the reasons for the awards of nobel laureates in the past, the stock market is closely related to the stock market, including the three winners of the 2001 award, Michael Spence, George Akerlov, and Joseph Stiglitz, who won the award for "analyzing the market full of asymmetric information". In addition, eugene Fama, Lars Pitt Hansen and Robert Shearer, who won the 2013 award for their empirical analysis of asset prices, and Jean Tyrol, who won the 2014 award, were particularly outstanding in theoretical research on understanding and regulating a small number of important companies in the industry, that is, his study of oligopoly phenomenon, but also largely directed to the study and governance of listed companies.
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