Nobel Prize in Economic Sciences 2019

The 2019 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel has been awarded to Abhijit Banerjee, Esther Duflo and Michael Kremer “for their experimental approach to alleviating global poverty.”

Nobel Prize Twitter Account

There are so many reasons why this award is important, partly because of its general effect on the world but also because Esther Duflo is only the second woman to have won the prize in its history. Apparently quite shocked she didn’t think she would win because of her demographic, being that winners were usually older and male, this is a definite positive step for women in the world of the Nobel Prize.

Making lasting changes in global poverty is something that we as a world have struggled with, our approach was maybe too generalised and as we know its a far more complex issue than we like to admit. The advances that this years Laureates have made in the field has shown that breaking down the issue into smaller more easily managed questions and problems. Duflo observes “Poor people are supposed to be either completely stupid, desperate, lazy or entrepreneurial. But we don’t try to understand the deep root, the interconnected root of the problem.” It is time to start unpacking the problems and breaking them down.

“As a direct result of one of their studies, more than 5 million Indian children have benefited from effective programmes of remedial tutoring in schools. Another example is the heavy subsidies for preventive healthcare that have been introduced in many countries,”

Royal Swedish Academy of Sciences

It is important to encourage and celebrate positive change, the future can only be improved by what we have learnt.

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