Nobel Prize in Economics Awarded for Work on Poverty - Wall Street Journal

Written by Swiss America

319px Abhijit Banerjee FT Goldman Sachs Business Book of the Year Award 2011

"Three economists whose work on poverty alleviation has taken them out of universities and into remote villages, fields and schools around the world were awarded the Nobel Prize in economics Monday.

, Esther Duflo, and Michael Kremer were recognized for their experimental work testing ways to improve education or health in the developing world or to address some of the other problems affecting the very poor....Prof. Kremer teaches at Harvard University. Profs. Banerjee and Duflo, who are married to each other, teach at the Massachusetts Institute of Technology. The Nobel committee said their work has led to improvements in the lives of many poor people, noting that as a direct result of one study, five million Indian children have benefited from remedial teaching in their schools, while a number of countries have increased their spending on preventive health care....Speaking with reporters following the announcement, Prof. Duflo said the experimental techniques she helped pioneer in developing countries could be applied to 'people in rich countries who also have difficult lives.' 'We have to do much deeper work to understand the lives of the less fortunate in our societies in the face of all the disruption they face,' she said....Prof. Duflo became only the second woman to have won the prize in economics since it was first awarded in 1969 and, at 46, is its youngest recipient."