MIT, in a release, said the 'work of Duflo and Banerjee has emphasised the use of field experiments in research, to bring the principles of laboratory-style randomised, controlled trials to empirical economics'.
Banerjee, 58, 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.
This year's Laureates have shown how the problem of global poverty can be tackled by breaking it down into a number of smaller - but more precise - questions at individual or group levels, he Royal Swedish Academy of Sciences said.
Intuitively solving a problem like multiplying 43 by 11, they might first multiply 43 by 10, and then add 43, reaching the final answer of 473.
Former National Security Advisor (NSA) Shivshankar Menon has stated that the political dynamics between India and Pakistan have resulted in a "controlled level of hostility" that benefits the ruling elites in both nations. Speaking at the Kerala Literature Festival, Menon described Pakistan as a "brand new state" still grappling with its national identity. He argued that India's foreign policy towards Pakistan is influenced by its domestic politics, resulting in an uneasy equilibrium characterized by a "controlled level of hostility." Menon also questioned the concept of a multipolar world, stating that the current global order is merely "confused." He emphasized that the United States remains the world's true military hegemon, while other nations, including China, are regional powers. Menon further argued that there is no binding international order, leading to a state of "between orders." He highlighted the absence of definitive international agreements on crucial issues in recent decades.
Nobel laureate economist Abhijit Banerjee has said the current situation in Bangladesh is unlikely to trigger a fresh round of exodus of minority Hindus into India. He believes that migration is primarily driven by social networks and economic opportunities rather than persecution. Banerjee, known for his work in poverty alleviation, further emphasized that India's overt preference for Hindu migrants from Bangladesh in the past has been a significant factor in their migration, rather than attacks on the community.
The Tamil Nadu government will constitute an 'economic advisory council' to the chief minister comprising Nobel laureates, former Reserve Bank of India governor and other economic experts from around the globe to advise the state on how to reverse the economic slowdown.
"I am very happy and proud of his achievements. I am yet to speak to him. I think he must be sleeping as it's still night in the United States," she said.
Indian-American economist Abhijit Banerjee and his French-American wife Esther Duflo along with their colleague Michael Kremer received the 2019 Nobel Prize in Economic Sciences on Tuesday for their work to alleviate global poverty that has helped millions of children in an experimental approach that favours practical steps over theory.
On Monday, the Royal Swedish Academy of Sciences announced that Abhijit Banerjee, Esther Duflo and Michael Kremer had won the 2019 Nobel Prize for economics "for their experimental approach to alleviating global poverty". The research conducted by them has considerably improved the 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 Royal Swedish Academy of Sciences. Here are some interesting facts about the Indian-origin Abhijit Banerjee.
Rahul Gandhi said he had helped the party conceptualise its 'Nyay' scheme to help remonetise the economy.
American economic historian and labour economist Claudia Goldin won the 2023 Nobel Economics Prize for her work examining wage inequality between men and women, the Royal Swedish Academy of Sciences said on Monday. The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2023 was awarded to 77-year-old Claudia Goldin "for having advanced our understanding of women's labour market outcomes" the prize-giving body said in a statement. Goldin will receive 11 million Swedish kronor, or around $1 million, as the sole winner of this year's prize.
From his economist mother to politicians and academia -- all hailed Banerjee's achievement.
Amartya Sen was the other Presidency alumni to win the Economics Nobel. Banerjee won the 2019 Nobel Economics Prize along with two others - his wife Esther Duflo and Michael Kremer on Monday "for their experimental approach to alleviating global poverty."
Get more people working, get more people working in modern manufacturing and services in our cities, and get people working better and longer, suggests Naushad Forbes, past president, CII.
Delhi government had introduced the scheme in 2016 seeking to check dropout of the students and improve education quality with special focus on the weakest students.
BCCI president-elect Sourav Ganguly said the achievement of Nobel prize winner and fellow Bengali Abhijit Banerjee is much bigger than his.
People from all walks of life carrying posters, pictures and placards gathered at the airport to welcome Banerjee. Slogans of 'Bharater Gorbo (pride of India) Abhijit Banerjee' echoed in the airport.
'In the last five-six years, at least we could witness some growth, but now that assurance is also gone,' Banerjee told a news channel from the US.
'The bhadralok would have earlier baulked at the very idea of wearing a coloured dhoti; now, with Dr Banerjee wearing, it is quite likely to be the hot fashion item during Durga Puja next year,' says Uttaran Das Gupta.
The West Bengal chief minister during the meet said that the state government was keen to utilise the Nobel winner's services.
Banerjee joins the list of Indians and people of Indian origin who have received the prestigious Nobel prize in fields like Physics, Chemistry, Peace, Economic Sciences and Medicine.
For Duflo and Banerjee, an important part of their work has been ensuring that the agency of the "beneficiaries" -- usually, in developing countries like India, poorer individuals -- is put at the centre of any policy design. This is a crucial way in which experimental results are often better than large scale data-based inference, says Mihir S Sharma.
From social engineering to bearing the cost of COVID-19 treatment to financial reconstruction of Tamil Nadu's debt the debutant chief minister is emerging as a leader with a difference, says Shjne Jacob
What does Nobel Laureate Abhijit Banerjee thinks about India's education sector?
"Excellent meeting with Nobel Laureate Abhijit Banerjee. His passion towards human empowerment is clearly visible. We had a healthy and extensive interaction on various subjects. India is proud of his accomplishments. Wishing him the very best for his future endeavours," Modi said in a tweet, sharing a picture of their meeting at his official residence.
According to a 2011 impact assessment study of the programme by Banerjee and Duflo, along with economists Raghabendra Chattopadhyay and Jeremy Shapiro, Bandhan's THP results in a 15 per cent increase in household consumption and had a positive impact on wealth and welfare, such as assets and emotional well being.
Uddalok Bhattacharya looks back at his friendship with 'Jhima', the Nobel Laureate.
'Since the NDA took office in 2014, and aggressively since 2019, the Union government seems hell bent on centralising all power and resources, only to fail spectacularly.'
'The fruition of Nobel's hope lies in the response of a caring government that can rise above politics and propaganda, not in the frenetic raptures of a public that worships fame for fame's sake,' says Sunanda K Datta-Ray.
Namrata Acharya finds out more about a movement aimed at preserving not only the mansions of north Calcutta and the grand colonial buildings of central Calcutta, but also the architecturally modest, yet unique, houses of south Kolkata.
'Surprised by the absence of any sloganeering or even mild protest in an ambience so free and self-regulated, I asked a friend from Delhi whether he too, with sharp political antenna, was surprised at how smooth and easy going everything was,' notes Ambassador B S Prakash.
If the country is to meet its jobs and income challenge, there has to be a parallel focus on jobs in the formal sector.
There's no silver bullet to get rid of poverty, says Alok Sheel.
India's primary failings have been in its inability to deliver health and education for all.
Chief Minister MK Stalin has shown that he is cut from a different cloth when it comes to embracing what is current, modern and absolutely necessary. Thus, even while retaining the spirit and content of the pan-Tamil, Dravidian socio-political and socio-economic ideology to the 't', his government has also acknowledged the need to accepting scientifically-proven facts in operational matters, says N Sathiya Moorthy.
'This is social reform, which has to be conducted from within society and by its institutions, like religious bodies, not by public officials and ministers. That is why I think the big change Modi seeks is actually not in his power to bring about,' says Aakar Patel.
The year is coming to an end and overall, it's been one hell of a year! We have had our share of ups and downs and we look forward to a better 2020. While we count down the days to the new year, let's also reflect on those who gave us strength to stand up in what we believe, the courageous who didn't bow down and the ones with gumption who inspired us to be better. We, Rediff.com, have selected 26 personalities, who we think are worthy of the title -- HERO OF THE YEAR -- and we want you, dear readers, to choose your hero!
'The CAA should be kept in abeyance, without making it a prestige issue.'
'Laying down a clear policy on the future of illegal migrants will dispel anxieties and help in implementing the CAA, NPR and also the NCR,' suggests former Union home secretary Dr Madhav Godbole.
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