Abhijit Banerjee: India’s A+ in economics: After Amartya, it’s Abhijit | India News
Kolkata-bred economist Abhijit Banerjee
– an alumnus of JNU – will proportion the 2019 Nobel Prize in financial sciences along with his colleague and spouse Esther Duflo and fellow researcher Michael Kremer for his or her groundbreaking experiment-based analysis into find out how to cut back international poverty.
“The analysis carried out via this 12 months’s Laureates has significantly progressed our skill to combat international poverty. In simply 20 years, their new experiment-based way has reworked construction economics, which is now a flourishing box of analysis,” the Nobel Prize Committee mentioned in its announcement of the $ 1.1 million prize.
At 46, Paris-born Duflo is the youngest ever – and best 2d lady (after Elinor Ostrom in 2009) – to win an economics Nobel. She was once Banerjee’s doctoral scholar at MIT.
Currently the Ford Foundation International Professor of Economics at MIT, the 1961-born Banerjee, born to a Maharashtrian mom and Bengali father, and Duflo are highest identified for anti-poverty analysis emphasising using box experiments to carry the foundations of laboratory-style randomised, managed trials to empirical economics.
MIT mentioned they’ve studied a variety of subjects implicated in international poverty, together with well being care provision, schooling, agriculture, and gender attitudes. In 2003, Duflo and Banerjee (along side Sendhil Mullainathan, additionally from India and now of the University of Chicago) co-founded the Abdul Latif Jameel Poverty Action Lab (J-PAL), an international community of anti-poverty researchers that conducts box experiments. J-PAL works to each discern which forms of native interventions have the best affect on social issues, and to put in force the ones programmes in cooperation with governments and NGOs. Among J-PAL’s notable interventions are deworming programmes which were followed broadly.
Much of Banerjee’s paintings centres on financial insurance policies and analysis in relation to India, specifically within the box of microfinance and monetary inclusion. He was once a number of the advisors to the Congress Party on its Nyuntam Aay Yojana (NYAY scheme), proposed forward of 2019 common elections, which pledged to distribute money to 20% of India’s poorest households at the least ensure program.
Banerjee took a dim view of the Modi executive’s demonetisation transfer and GST implementation, and has cited them amongst causes for India’s financial slowdown.
News of his Nobel win was once a lightning rod for some partisan-needling in India inside hours of the announcement. ”Delighted to listen to that Abhijit Banerjee and Esther Dufflo have gained the Nobel Prize for Economics. Richly deserved. Abhijit is a proud graduate of that much-maligned college, JNU, and his paintings has impressed many more youthful Indian students,” tweeted the historian Ramachandra Guha, a trenchant critic of the present dispensation.
Prime Minister Narendra Modi congratulated Banerjee on his honor, noting in a short lived tweet that “he has made notable contributions within the box of poverty alleviation”. Finance minister Nirmala Sitharaman, a fellow JNU alumnus, tweeted, “Congratulations #AbhijitBanerjee on being awarded the 2019 Nobel Prize to your contribution for alleviating poverty. #JNU Also wishing Esther Duflo and Michael Kremer. #NobelPrize2019”.
Congratulations to Abhijit Banerjee on being conferred the 2019 Sveriges Riksbank Prize in Economic Sciences in Mem… https://t.co/5XfZ4BF1Os
— Narendra Modi (@narendramodi) 1571060683000
Banerjee’s more than one affiliations – Presidency College (Kolkata), JNU, Harvard, Princeton, MIT – allowed everybody to stake a declare to its superstar profitable the Nobel.
“Hearty congratulations to Abhijit Banerjee, alumnus of South Point School & Presidency College Kolkata, for profitable the Nobel Prize in Economics. Another Bengali has performed the country proud. We are delighted,” tweeted West Bengal leader minister Mamata Banerjee. Amartya Sen, additionally of Presidency College, and later Harvard, gained the Economics Nobel in 1998.
Banerjee and Duflo additionally changed into the 6th husband-wife couple to be awarded the Nobel, even though some gained it in combination (Marie and Pierre Curie for the invention of polonium and radium) and a few gained it one at a time in numerous years (Gunnar Myrdal for Economics in 1974 and Alva Myrdal in 1982 for Peace).
By some accounts, Banerjee additionally changed into best the 3rd male who isn’t white to win the highest prize in economics (the opposite two being Arthur Lewis in 1979 and Amartya Sen in 1998). Banerjee gained his undergraduate stage from Presidency and a Master’s from JNU. He earned his PhD in Economics from Harvard University in 1988. He spent 4 years at the school at Princeton University, and 12 months at Harvard, earlier than becoming a member of the MIT school in 1993.
Duflo and Banerjee are acquainted teachers at the India circuit and feature printed dozens of analysis papers, in combination and with different co-authors. They have additionally co-written two books in combination, “Poor Economics” (2011) and the approaching “Good Economics for Hard Times” (2019).
In Video:Abhijit Banerjee, Michael Kremer and Esther Duflo win Nobel Prize for Economics