Traditionally dressed Abhijit Banerjee receives Nobel Prize |
Indian-American Economist Abhijit Banerjee received the Nobel Prize in Economics in Sweden on Tuesday along with wife Esther Duflo and colleague Michael Kremmer. The trio were awarded the Nobel for their work on “experimental approach to alleviating global poverty.” Abhijit dressed in a bandhgala jacket and dhoti while wife Esther, was dressed in a blue sari. Michael Kremmer, meanwhile, wore a suit. The award carries a purse of 9 million Swedish krona equivalent to about 6.5 crore rupees, which is to be shared among the three winners. Born in Mumbai, Banerjee is the second Indian after Amartya Sen to win the Nobel prize in Economics. Like Sen, Banerjee, too, is an alumnus of Presidency College, now Presidency University. While the couple, Banerjee and Duflo, are professors in the department of economics at the Massachusetts Institute of Technology (MIT), Kremmer is a professor in the department of economics at Harvard University. The trio`s research has, over the last two decades, helped obtain reliable answers about the best ways to fight global poverty. Their work has revolved around identifying “low-hanging fruit”, which are often the most effective interventions in improving outcomes in health and education for the poor. Their work, breaking down the problem of global poverty into a number of smaller and more precise questions at individual and group level — has redefined research in development economics over the last 20 years.
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