Economists who study poverty win Nobel Prize
1 / 6France Nobel EconomicsThis 2011 photo provided Monday Oct. 14, 2019 by the CNRS shows Esther Duflo. The 2019 Nobel prize in economics has been awarded to Abhijit Banerjee, Esther Duflo and Michael Kremer"for their experimental approach to alleviating global poverty." The Royal Swedish Academy of Sciences announced the prize on Monday Oct. 14, 2019.
"Without spending some time understanding the intricacies of the lives of the poor and why they make the choices they make ... it is impossible to design the right approach," Duflo told a news conference held by the Royal Swedish Academy of Sciences, who awarded the prize. Kremer and others found that providing free health care makes a big difference: Only 18% of parents gave their children de-worming pills for parasitic infections when they had to pay for them, even though the heavily subsidized price was less than $1. But 75% gave their kids the pills when they were free. The World Health Organization now recommends that the medicine be distributed for free in areas with high rates of parasitic worm infections.
Despite enormous progress, global poverty remains a huge challenge, the academy noted. More than 700 million people live in extreme poverty. Five million children die before age 5, often from diseases that can be prevented or cured easily and inexpensively. Half the world's children leave school without basic literacy and mathematical skills."Well deserved!" tweeted French economist Thomas Piketty, author of a bestselling book on inequality.
"Showing that it is possible for a woman to succeed and be recognized for success I hope is going to inspire many, many other women to continue working and many other men to give them the respect that they deserve like every single human being," she said. Banerjee frequently returns to India to contribute to the work of the Poverty Action Lab, an international research center he and Duflo co-founded in 2003."This is huge for us," Shobhini Mukerji, the South Asia branch's executive director told The Associated Press from New Delhi."India is where the seeds were sown for their research."
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