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Indian-American Abhijit Banerjee, his wife Esther Duflo and Michael Kremer jointly won the 2019 Nobel Prize for Economics “for their experimental approach to alleviating global poverty.”

The research conducted by this year’s Laureates has considerably improved our ability to fight global poverty. In just two decades, their new experiment-based approach has transformed development economics, which is now a flourishing field of research,” said the Nobel committee in a statement.

Banerjee, 58, graduated from University of Calcutta, then did his post-graduation in Economics from Jawaharlal Nehru University. He received his Ph.D in 1988 from Harvard University. He is currently the Ford Foundation International Professor of Economics at the Massachusetts Institute of Technology.

 In 2003, Banerjee founded the Abdul Latif Jameel Poverty Action Lab (J-PAL), along with Duflo and Sendhil Mullainathan, and he remains one of the lab’s directors.

He also served on the UN Secretary-General’s High-level Panel of Eminent Persons on the Post-2015 Development Agenda.

Mr Banerjee is also the author of a large number of articles and four books, including Poor Economics, which won the Goldman Sachs Business Book of the Year.

Ms Duflo is only the second woman to win the Nobel Economics Prize in its 50-year existence, following Elinor Ostrom in 2009. The prize amount of 9 million Swedish krona will be shared equally between the three Laureates.

The trio will receive the prize from King Carl XVI Gustaf at a formal ceremony in Stockholm on December 10, the anniversary of the 1896 death of Alfred Nobel.

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