Nobel Prize in Economics 2019 :EMPOWER IAS

Nobel Prize in Economics 2019

Nobel Prize in Economics won by Banerjee, Duflo and Kremer for fighting poverty .

The research conducted by this year's Laureates has consider 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.

Banerjee was educated at the University of Calcutta, Jawaharlal Nehru University and Harvard University, where he received his Ph.D in 1988.
He is currently the Ford Foundation International Professor of Economics at the Massachusetts Institute of Technology, according to his profile on the MIT website.
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.

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The Nobel Prize is a set of annual international awards bestowed in several categories by Swedish and Norwegian institutions in recognition of academic, cultural, or scientific advances.
The will of the Swedish scientist Alfred Nobel established the prizes in 1895
The prizes in Chemistry, Literature, Peace, Physics, and Physiology or Medicine were first awarded in 1901.
In 1968, Sweden's central bank Sveriges Riksbank established the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, which, although not being a Nobel Prize, has become commonly known as the Nobel Prize in Economics.
The Royal Swedish Academy of Sciences awards the Nobel Prize in Physics, the Nobel Prize in Chemistry, and the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.
The Nobel Assembly at the Karolinska Institute awards the Nobel Prize in Physiology or Medicine; the Swedish Academy grants the Nobel Prize in Literature; and the Nobel Peace Prize is awarded by the Norwegian Nobel Committee.
The prize is not awarded posthumously; however, if a person is awarded a prize and dies before receiving it, the prize may still be presented.

Nobel Prize in Economic Sciences is officially called Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.
It was not part of original group of awards (Chemistry, Literature, Peace, Physics, and Physiology or Medicine) set out in dynamite tycoon Alfred Nobel’s 1895 will.
It was instituted in 1968 by Sveriges Riksbank (Sweden’s central bank).
It is awarded annually by the Royal Swedish Academy of Sciences according to the same principles as for Nobel Prizes.

William Nordhaus and Paul Romer, from the US, won the 2018 Nobel Economics Prize for work in integrating climate change and technological innovation into economic analysis
William D. Nordhaus was awarded for integrating climate change into the long-run macroeconomic analysis.

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