Explained: Breaking down Nobel Laureates’ work

“The research conducted by this year’s Laureates has considerably improved our ability to fight global poverty,” the Nobel citation says. “Their new experiment-based approach has transformed development economics.”

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Nobel Laureates Abhijit Banerjee and Esther Duflo at The Indian Express office in New Delhi on January 15, 2015. (Express Photo)

The 2019 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel has been awarded jointly to Abhijit Banerjee, Esther Duflo and Michael Kremer “for their experimental approach to alleviating global poverty”. The award carries a purse of 9 million Swedish krona (about Rs 6.5 crore) to be shared among the three winners.