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

[JaDed]

Three economists have won the biggest prize in economics for their work into the causes of poverty, including only the second-ever female winner.

The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel has been handed to Abhijit Banerjee and Esther Duflo of Massachusetts Institute of Technology, and Michael Kremer of Harvard.

All three were recognised for their “experiment-based approach” to tackling global poverty, and using randomised control trials to discover which educational outcomes or child health initiatives actually work.

The Royal Swedish Academy of Sciences declared:

The Laureates’ research findings – and those of the researchers following in their footsteps – have dramatically improved our ability to fight poverty in practice. As a direct result of one of their studies, more than five million Indian children have benefitted from effective programmes of remedial tutoring in schools.

Another example is the heavy subsidies for preventive healthcare that have been introduced in many countries.

This post explains how Kremer conducted pioneering work with Kenyan schools in the mid-1990s, which was further developed by Duflo and Banerjee.

This research showed how to raise vaccination rates and educational standards in schools, touching hundreds of millions of people across the globe.

Although not an official Nobel prize, the Economics Sciences award is massive recognition for academic achievement - and comes with 9 million Swedish krona (£720,000) to share.

French-born Esther Duflo said she was “deeply humbled” by the news - which makes her the youngest ever laureate, and the second woman after Elinor Ostrom a decade ago.

Three economists have won the biggest prize in economics for their work into the causes of poverty, including only the second-ever female winner.

The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel has been handed to Abhijit Banerjee and Esther Duflo of Massachusetts Institute of Technology, and Michael Kremer of Harvard.

All three were recognised for their “experiment-based approach” to tackling global poverty, and using randomised control trials to discover which educational outcomes or child health initiatives actually work.

The Royal Swedish Academy of Sciences declared:

The Laureates’ research findings – and those of the researchers following in their footsteps – have dramatically improved our ability to fight poverty in practice. As a direct result of one of their studies, more than five million Indian children have benefitted from effective programmes of remedial tutoring in schools.

Another example is the heavy subsidies for preventive healthcare that have been introduced in many countries.

This post explains how Kremer conducted pioneering work with Kenyan schools in the mid-1990s, which was further developed by Duflo and Banerjee.

This research showed how to raise vaccination rates and educational standards in schools, touching hundreds of millions of people across the globe.

Although not an official Nobel prize, the Economics Sciences award is massive recognition for academic achievement - and comes with 9 million Swedish krona (£720,000) to share.

French-born Esther Duflo said she was “deeply humbled” by the news - which makes her the youngest ever laureate, and the second woman after Elinor Ostrom a decade ago.

https://www.theguardian.com/business/live/2019/oct/14/nobel-prize-in-economic-sciences-2019-sveriges-riksbank-live-updates

 

[JaDed]

Banerjee's mother:

I am happy that he has won the prize at a time when our country is witnessing some strange economic decisions. I wonder if at all the decisions are benefitting the common men or the poor,” the mother chuckled.

[MENTION=147527]MP2011[/MENTION] [MENTION=143530]Swashbuckler[/MENTION] [MENTION=76058]cricketjoshila[/MENTION] [MENTION=142162]Napa[/MENTION]

https://timesofindia.indiatimes.com/india/abhijit-was-an-economist-by-accident-but-is-an-ace-cook-says-mother-nirmala/articleshow/71589170.cms

 

[JaDed]

Bengali origin people from India to win the award, Banerjee is third, IMO , Bengali politics caused a massive Brain Drain.

 

[Napa]

Banerjee's mother:


[MENTION=147527]MP2011[/MENTION] [MENTION=143530]Swashbuckler[/MENTION] [MENTION=76058]cricketjoshila[/MENTION] [MENTION=142162]Napa[/MENTION]

https://timesofindia.indiatimes.com/india/abhijit-was-an-economist-by-accident-but-is-an-ace-cook-says-mother-nirmala/articleshow/71589170.cms

I have some rather close connections with Banerjee.

Nobel Prizes in non-physical sciences are heavily politicized. Banerjee actually made his name in academic circles for his work on herding behavior rather than development economics.

https://economics.mit.edu/files/8869

The above paper is what got him tenure at MIT, after that whatever he said was going to get attention. Of course, developmental economics is the kind of thing that the Swedes like giving the prize to. Good for him to get the prize.

Amartya Sen (another person with whom I have close connections) also made his name in academic circles for his work on a very mathematical "social choice", but was awarded the prize for work on poverty.

Not to put down Banerjee and Sen, they are definitely among the best in the profession. It is just that I think the profession is constrained by political correctness and doesn't offer solutions that actually work in the real world.

As for Bengal, it is now almost history. About 95% of those with talent that I know have left, and even outside Bengal they produce very few babies.

As I said, the Nobel Prize is heavily politicized and one needs to be PC to be considered. It should be blindingly obvious that Trump deserves any sort of peace prize far more than Obama, who had a hand in starting the Syria, Ukraine, Libya and Yemen wars.

 

[JaDed]

I have some rather close connections with Banerjee.

Nobel Prizes in non-physical sciences are heavily politicized. Banerjee actually made his name in academic circles for his work on herding behavior rather than development economics.

https://economics.mit.edu/files/8869

The above paper is what got him tenure at MIT, after that whatever he said was going to get attention. Of course, developmental economics is the kind of thing that the Swedes like giving the prize to. Good for him to get the prize.

Amartya Sen (another person with whom I have close connections) also made his name in academic circles for his work on a very mathematical "social choice", but was awarded the prize for work on poverty.

Not to put down Banerjee and Sen, they are definitely among the best in the profession. It is just that I think the profession is constrained by political correctness and doesn't offer solutions that actually work in the real world.

As for Bengal, it is now almost history. About 95% of those with talent that I know have left, and even outside Bengal they produce very few babies.

As I said, the Nobel Prize is heavily politicized and one needs to be PC to be considered. It should be blindingly obvious that Trump deserves any sort of peace prize far more than Obama, who had a hand in starting the Syria, Ukraine, Libya and Yemen wars.

Thanks for the link to the paper , amazing read.

 

[Napa]

Thanks for the link to the paper , amazing read.

Yes, herd behavior is a very important facet of human behavior and kudos to Banerjee for this paper. It explains many things that we see in the real world, including stock market booms and crashes.

 

[MMHS]

Great achievement by a fellow Bengali. 3rd Indian with Bengali origin, 4th among people with Bangla as mother tongue. Out of 7-8 south Asian, 4 are from the former British state of Bengal. Kolkata (Calcutta) being the intellectual capital of British India had been the pioneer of south Asian intellectuality for many many decades. Sadly, we are losing out our heritage, our culture, our movies, our music, our literature, our dramas, our festivals .... our origin.

Still, a great day of honour for all people with Bangla as mother tongue.

 

[Napa]

Great achievement by a fellow Bengali. 3rd Indian with Bengali origin, 4th among people with Bangla as mother tongue. Out of 7-8 south Asian, 4 are from the former British state of Bengal. Kolkata (Calcutta) being the intellectual capital of British India had been the pioneer of south Asian intellectuality for many many decades. Sadly, we are losing out our heritage, our culture, our movies, our music, our literature, our dramas, our festivals .... our origin.

Still, a great day of honour for all people with Bangla as mother tongue.

Indeed, Banerjee winning the prize is reason for all Bengalis to celebrate.

There are actually 2 Bengalis in the past who deserved the prize but did not get it. Satyandrenath Bose (definitely) and Meghnad Saha (likely). Bose developed Bose-Einstein statistics, and after whom bosons are named.

"The impetus given to astrophysics by Saha's work can scarcely be overestimated, as nearly all later progress in this field has been influenced by it and much of the subsequent work has the character of refinements of Saha’s ideas." — Svein Rosseland

If there was a Nobel Prize for civil engineers, then Fazlur Rahman Khan would definitely have won!

 

[Slog]

Great achievement! Indian Americans doing great!

Here at MIT he was caught in a scandal where he divorced his indian wife and married a PHD student for whom he was also the doctoral advisor.

 

[Bewal Express]

Great achievement! Indian Americans doing great!

Here at MIT he was caught in a scandal where he divorced his indian wife and married a PHD student for whom he was also the doctoral advisor.

They do say that teachers need to get to know their students!

 

[anikrc1]

Great achievement! Indian Americans doing great!

Here at MIT he was caught in a scandal where he divorced his indian wife and married a PHD student for whom he was also the doctoral advisor.

The student you are talking about is his fellow Nobel winner Eshter Duflo.

 

[GBK_Fan]

Great achievement! Indian Americans doing great!

Here at MIT he was caught in a scandal where he divorced his indian wife and married a PHD student for whom he was also the doctoral advisor.

Good job skipping over the part, that the student in question is Esther Duflo, who received the Nobel prize with him.

 

[Swashbuckler]

Bengali origin people from India to win the award, Banerjee is third, IMO , Bengali politics caused a massive Brain Drain.

Don't forget Satyendranath Bose and Jagdish Chandra Bose, legends who were unlucky to miss Nobel Prize.

But when it comes to intellectual accomplishments at the highest level in the last 100 years Tamizhans are ahead by a significant distance. 2 Nobels in Physics but also wins in Abel, Fields, then who can forget Ramanujan? Many other elite names in academia, we also have Vishy Anand.

 

[JaDed]

Don't forget Satyendranath Bose and Jagdish Chandra Bose, legends who were unlucky to miss Nobel Prize.

But when it comes to intellectual accomplishments at the highest level in the last 100 years Tamizhans are ahead by a significant distance. 2 Nobels in Physics but also wins in Abel, Fields, then who can forget Ramanujan? Many other elite names in academia, we also have Vishy Anand.

Indeed, I used to have an inferiority in this regional intellectual capability being Punjabi and growing up in Chennai and my flats were full of Bengalis but have accepted the good among Punjabi culture now.

And i think Ramnujan is above all, that person was blessed , its unfair to include him with everyone else because he was gifted.

 

[Napa]

Don't forget Satyendranath Bose and Jagdish Chandra Bose, legends who were unlucky to miss Nobel Prize.

But <b>when it comes to intellectual accomplishments at the highest level in the last 100 years Tamizhans are ahead by a significant distance</b>. 2 Nobels in Physics but also wins in Abel, Fields, then who can forget Ramanujan? Many other elite names in academia, we also have Vishy Anand.

That's just a childish troll.

Intelligence has many dimensions. Ramanujan was supreme in his field, but so was Tagore. One would be ignorant to say that one was superior to the other. Comparing the two would be childish.

Physics is important, but so is Economics.

Some can reasonably claim that success in Business shows the greatest intelligence, and that Gujaratis and Marwaris leave others far behind. As Americans like to say "if you are so smart why aren't you rich".

Definitely, Chandrashekar and Anand are exceptional. Satyendranath Bose and Meghnad Saha were exceptional too, with contributions that far far exceeded in impact the Raman effect. Bose and Saha didn't however care to lobby for the Nobel, unlike Raman.

It may be argued that Meghnad Saha was the greatest Indian thinker of the 20th century, with not only a monumental contribution to Physics, but also ideas for the development of the country.

The greatest living Indian Physicist is Ashoke Sen, while two living Bengali economists have the Nobel Prize.

Tamil Brahmins do better than others in intellectual endeavors that require quantitative analysis, like the achievements of Ramanujan and Anand show. However, there are other equally important dimensions of intelligence like literature, understanding how economies work, and success in business.

I repeat, it is childish to compare intellectual achievements, just admire what people have achieved without making comparisons.

 

[Napa]

I would also note that in recent times, North Indian baniyas have done very well in the IIT JEE exam, which is very admirable.

When I was a student at IIT, there were many Sikhs who were exceptional. Tarsem Singh can lay a claim to being supreme in his field.

Ravi Shankar, Nora Jones, Akbar Ali Khan are all behind no one else in their area of intellectual achievement.

Different communities, different achievements in different intellectual areas. It's childish to say one is ahead of another in terms of "intellectual achievements".

 

[RajBan]

Let's not turn this into one versus another. As some already said, intellect has many dimensions. Science, Literature, Economics and others.

But I agree on the point of having right connections and being able to successfully appeal to the European crowd. Tagore rightly got Nobel for Gitanjali but there were contemporary writers who produced great works of Bengali literature ( critical say even better than Tagore) but never was considered for Nobel because they were in Bengali and not translated into English and lacked the overall visibility of Tagore amidst the European society.

JC Bose has missed out during his time but later posthumously credited for his accomplishments in recent years. Did not get a Nobel though.

 

[Napa]

Let's not turn this into one versus another. As some already said, intellect has many dimensions. Science, Literature, Economics and others.

But I agree on the point of having right connections and being able to successfully appeal to the European crowd. <b>Tagore rightly got Nobel for Gitanjali but there were contemporary writers who produced great works of Bengali literature ( critical say even better than Tagore) but never was considered for Nobel because they were in Bengali and not translated into English and lacked the overall visibility of Tagore amidst the European society.</b>

JC Bose has missed out during his time but later posthumously credited for his accomplishments in recent years. Did not get a Nobel though.

It is true that there were other Bengali authors whose individual works rival Tagore's, but Tagore were multifaceted and prolific. Not only an author and a poet, but also a songwriter and composer. In terms of the sheer volume of high quality creations, the only other person I know of who is at par with Tagore is Shakespeare.

 

[RajBan]

It is true that there were other Bengali authors whose individual works rival Tagore's, but Tagore were multifaceted and prolific. Not only an author and a poet, but also a songwriter and composer. In terms of the sheer volume of high quality creations, the only other person I know of who is at par with Tagore is Shakespeare.

Yes, I am not saying Tagore did not deserve or he only won it for connections with the Brits. He actually deserved it for a masterpiece like Gitanjali. And there is no doubt he is extremely versatile and have rich contributions across the various art forms.

All I am saying is Michael, Bibhutibhushan, Taranath, Manik and many others had great literary works , worthy of Nobel prize but they missed out because lack of proper translation and visibility among the Brits. Tagore's cause was helped because he had that collaboration with them , facilitated them at Santiniketan for cultural exchanges etc. Note that he did not lobby for it, it was not something that he aspired to achieve through these connections but more of a natural process for him given his and his families social stature in then Bengali/British society.

 

[Swashbuckler]

Indeed, I used to have an inferiority in this regional intellectual capability being Punjabi and growing up in Chennai and my flats were full of Bengalis but have accepted the good among Punjabi culture now.

And i think Ramnujan is above all, that person was blessed , its unfair to include him with everyone else because he was gifted.

Punjabis have had intellectual heavyweights as well, I think even Dr Abdus Salam was Punjabi. Besides every area has its strength, why any feeling of inferiority? Punjabis are jovial people and their culture is prominent in India, many associate Indian culture with Punjabi one, same with cuisine. Great at sports, imagine an all time Punjabi cricket XI from both sides of the border. Over represented in Bollywood, great presence in the business world. We must embrace the diversity and strengths of all states.

 

[Napa]

Yes, I am not saying Tagore did not deserve or he only won it for connections with the Brits. He actually deserved it for a masterpiece like Gitanjali. And there is no doubt he is extremely versatile and have rich contributions across the various art forms.

All I am saying is Michael, Bibhutibhushan, Taranath, Manik and many others had great literary works , worthy of Nobel prize but they missed out because lack of proper translation and visibility among the Brits. Tagore's cause was helped because he had that collaboration with them , facilitated them at Santiniketan for cultural exchanges etc. Note that he did not lobby for it, it was not something that he aspired to achieve through these connections but more of a natural process for him given his and his families social stature in then Bengali/British society.

Everything you write is true. Did you miss Saratchandra due to an oversight or do you not consider him on par with Michael, Bibhutibhushan, Taranath and Manik?

 

[CricketCartoons]

Typical of narrow minded and loser indians. Someone with india connection wins something in the West and they start fighting for ethnic pride.

 

[JaDed]

Punjabis have had intellectual heavyweights as well, I think even Dr Abdus Salam was Punjabi. Besides every area has its strength, why any feeling of inferiority? Punjabis are jovial people and their culture is prominent in India, many associate Indian culture with Punjabi one, same with cuisine. Great at sports, imagine an all time Punjabi cricket XI from both sides of the border. Over represented in Bollywood, great presence in the business world. We must embrace the diversity and strengths of all states.

Oh , Im not anymore, it was only growing up. Much more in peace with my identity and culture.

 

[RajBan]

Everything you write is true. Did you miss Saratchandra due to an oversight or do you not consider him on par with Michael, Bibhutibhushan, Taranath and Manik?

The way I see it, Sarat is not at par with them. His works were pretty good but more for mass consumption and did not have multiple critical dimensions unlike others.

Again this is something that can be alleged as subjective bias. But it's like a difference between a great mainstream Bollywood movie which is a complete package(let's say Golmaal by Hrishikesh Mukherjee) and a parallel movie with power packed cast(Jaane Bhi do Yaaron) , storyline and direction.

 

[Swashbuckler]

That's just a childish troll.

Intelligence has many dimensions. Ramanujan was supreme in his field, but so was Tagore. One would be ignorant to say that one was superior to the other. Comparing the two would be childish.

Physics is important, but so is Economics.

Some can reasonably claim that success in Business shows the greatest intelligence, and that Gujaratis and Marwaris leave others far behind. As Americans like to say "if you are so smart why aren't you rich".

Definitely, Chandrashekar and Anand are exceptional. Satyendranath Bose and Meghnad Saha were exceptional too, with contributions that far far exceeded in impact the Raman effect. Bose and Saha didn't however care to lobby for the Nobel, unlike Raman.

It may be argued that Meghnad Saha was the greatest Indian thinker of the 20th century, with not only a monumental contribution to Physics, but also ideas for the development of the country.

The greatest living Indian Physicist is Ashoke Sen, while two living Bengali economists have the Nobel Prize.

Tamil Brahmins do better than others in intellectual endeavors that require quantitative analysis, like the achievements of Ramanujan and Anand show. However, there are other equally important dimensions of intelligence like literature, understanding how economies work, and success in business.

I repeat, it is childish to compare intellectual achievements, just admire what people have achieved without making comparisons.

I was having a conversation with a fellow Chennai lad. Why bump in needlessly and use labels like 'childish' and 'troll'. I thought you were done engaging with me. For future references if you disagree do so in a polite manner.

I have never denied the greatness of Bengali scientists or their literary figures. I think an average Tamil or Bengali or Punjabi is more or less same, but specifically talking about the creme de la creme I said Tamils have more to show at the highest level, in terms of prizes won or honours held. This was based on my limited GK. That too just in the last 100 years, if you go back in time it was modern day Bihar which was the intellectual capital of not just India but the Orient.

Culturally I do think Bengal is way ahead of the rest in the last 200 years, I won't deny. They also had a great contribution towards our freedom movement and reformation in Hindu society.

Who was the greatest thinker or who is the greatest XYZ etc, those are arguable. I only talked about tangibles. Bengalis have contributed a lot in Chemistry but their accomplishments aren't captured in terms of Nobel Prize, but a Tamizhan won Nobel in Chemistry a few years back. Doesn't change the fact that Bengalis have historically dominated that field.

In terms of lobbying for Nobel, that may be true. I also made my point in that post (#13) that 2 Bengalis were unlucky to miss the prize. Similarly it is a travesty that Subramania Bharati is largely unknown outside TN, no less than Tagore in my opinion but his translations to English didn't click, he also wasn't associated with leading national figures of Congress. Many other Tamil literary and cultural greats who haven't marketed themselves as well.

Agree with your Tamil Brahmins quantitative analysis part. They are disproportionately represented in high level STEM, especially maths where Ramanujan is the torch bearer, also Fields and Abel winners. In chess they dominate the scene across all levels. Even in Tamil literature and culture scene they dominate. They are like our Jews .

Not my intention to make a state vs state comparison, as I told Jaded all our states have their strengths.

Are you Bengali?

 

[RajBan]

Typical of narrow minded and loser indians. Someone with india connection wins something in the West and they start fighting for ethnic pride.

On the contrary that competitiveness between different cultures and ethnicities make it such a vibrant and diverse country. A lot of ******** happens, but there is lot of concurrence amidst all the differences.

 

[Napa]

The way I see it, Sarat is not at par with them. His works were pretty good but more for mass consumption and did not have multiple critical dimensions unlike others.

Again this is something that can be alleged as subjective bias. But it's like a difference between a great mainstream Bollywood movie which is a complete package(let's say Golmaal by Hrishikesh Mukherjee) and a parallel movie with power packed cast(Jaane Bhi do Yaaron) , storyline and direction.

Thanks for your insightful reply.

I personally found Saratchandra was too dramatic and too much wallowing in misery, but apparently he was also the most successful Indian writer.

 

[Napa]

Are you Bengali?

Yes, I am Bengali.

 

[RajBan]

Thanks for your insightful reply.

I personally found Saratchandra was too dramatic and too much wallowing in misery, but apparently he was also the most successful Indian writer.

In terms of commercial success - yes. His novels were tailor made for 50-60s Bengali and Hindi movie industry. It was total filmy package.

Some of his short stories are really good though.

 

[Slog]

The student you are talking about is his fellow Nobel winner Eshter Duflo.

Wait how does that change anything?

When this happened he was her advisor. Any research for Nobel was long away and wasn’t what was gossiped about

 

[Napa]

Wait how does that change anything?

When this happened he was her advisor. Any research for Nobel was long away and wasn’t what was gossiped about

Such behavior is unfortunately rather common and not particular to Banerjee. Amartya Sen has married and been divorced multiple times. Debraj Ray (co-editor of the world's leading economics journal American Economic Review) has been divorced once and is now with someone else.

 

[anikrc1]

Wait how does that change anything?

When this happened he was her advisor. Any research for Nobel was long away and wasn’t what was gossiped about

Because you are identifying a nobel winner as a student who had affair with his professor?

 

[Abhilash93]

I have some rather close connections with Banerjee.

Nobel Prizes in non-physical sciences are heavily politicized. Banerjee actually made his name in academic circles for his work on herding behavior rather than development economics.

https://economics.mit.edu/files/8869

The above paper is what got him tenure at MIT, after that whatever he said was going to get attention. Of course, developmental economics is the kind of thing that the Swedes like giving the prize to. Good for him to get the prize.

Amartya Sen (another person with whom I have close connections) also made his name in academic circles for his work on a very mathematical "social choice", but was awarded the prize for work on poverty.

Not to put down Banerjee and Sen, they are definitely among the best in the profession. It is just that I think the profession is constrained by political correctness and doesn't offer solutions that actually work in the real world.

Actually, to the contrary he was given the prize because he offered solutions that WORKED in the real world. He pioneered the use of RCT (randomised control trials) in developmental economics. That paper on herding behaviour is just a tiny speck against his work on poverty at the Abdul Lateef Jameel Poverty Action Lab (JPAL).

Pls read the below article for an explanation on his experiments with RCT among the poor communities in Africa, South America and India.

https://finshots.in/archive/abhijeet-banerjee-nobel-prize/

 

[Slog]

Because you are identifying a nobel winner as a student who had affair with his professor?

I am just mentioning that before the Nobel prize his last moment of fame was when this ‘scandal’ broke out. Obv since it’s PhD economics it was talk of campus for only a day or two. See it as a fun fact if you will.

That’s all. Geez!