The Royal Swedish Academy of Sciences has recognised Abhijit Banerjee, Esther Duflo, Michael Kremer for “for their experimental approach to alleviating global poverty”.
Banerjee, Duflo and Kremer have won the Nobel Prize in economics for their experiment-based approach to tackling poverty — in the fast-growing area of development economics .
The key to their research is to take the daunting issue of global poverty, and break it down into smaller questions — which can be more credibly answered.
For example, to find ways to imprive children health you would examine various experimental approaches, such as education methods, health systems, agricultural approaches, and access to credit.
The $915,300 economics prize is a later addition to the five awards created in the will of industrialist and dynamite inventor Alfred Nobel, established by the Swedish central bank and first awarded in 1969.
