Nobel Prize: On International Human Solidarity Day…
On International Human Solidarity Day, we highlight the work done by 2019 Economic Sciences Laureates Abhijit Banerjee, Esther Duflo and Michael Kremer, who used innovative research based on field experiments to develop a new approach to alleviate global poverty.
Despite recent dramatic improvements, one of humanity’s most urgent issues is the reduction of global poverty, in all its forms. More than 700 million people still subsist on extremely low incomes. Every year, around five million children under the age of five still die of diseases that could often have been prevented or cured with inexpensive treatments. Half of the world’s children still leave school without basic literacy and numeracy skills.
The 2019 laureates introduced a new approach to obtaining reliable answers about the best ways to fight global poverty. In brief, it involves dividing this issue into smaller, more manageable, questions – for example, the most effective interventions for improving educational outcomes or child health. They have shown that these smaller, more precise, questions are often best answered via carefully designed experiments among the people who are most affected.
Photo: The three laureates after finishing their Nobel Lectures in Stockholm, Sweden in December 2019.
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