ECONOMICS NOBEL FOR ABHIJIT AND TWO OTHERS

Why was this award given ?

For the experimental approach to alleviate Global poverty

Who gives the award?

Royal Swedish Academy of Sciences

Name of the award :

Sveriges Riksbank Prize in economic Sciences

Awardees :

a. Abhijit Banerjee
b. Esther Duflo
c. Michael Kremer

Impact of this approach :

a. To fight Global poverty
b. Effective interventions for improving educational outcomes and child health.

Approach :

"Evidence-based approach"- based on the concept of clinical trials of the pharmaceutical industry.

Technique used :

Breaking down the big picture questions into smaller and more manageable and measurable questions. These questions would be answered by the most affected.

Eg. the Rajasthan vaccination program was a huge success when the women were given free bags of pulses in return of bringing their child to vaccination.

Institutions that choose winners: (Pt Shots)

1. Nobel prize in Physics and Chemistry: by The Royal Swedish Academy of Sciences

2. Nobel prize in Physiology or Medicine: by The Karolinska Institutet

3. Nobel prize in Literature: by The Swedish Academy

4. Nobel Peace prize : 5-member Committee elected by the Norwegian Parliament

5. Prize in Economic prizes: The Royal Swedish Academy of Sciences

Source: THE HINDU

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