US triad wins Nobel Economic Prize for work on poverty

Brian Snyder/Reuters

American trio won the Nobel Economics Prize for their work to fight against poverty.

Esther Duflo, the youngest economics laureate, who served as an adviser to ex-US president Barack Obama, shared the Nobel with her husband, Indian-born Abhijit Banerjee and American Micheal Kremer.

Royal Swedish Academy of Sciences said “their experimental approach to alleviating global poverty” led them to win the Nobel.

In addition, “This year’s laureates have introduced a new approach to obtaining reliable answers about the best ways to fight global poverty.”

Furthermore, the science academy said that that “more than 700 million people still subsist on extremely low incomes”, and at least 5 million children under the age of 5 die every year from diseases that can still be cured.

The triad found sustainable ways to combat poverty by simplifying issues to manageable questions, which can be solved by field experiments, the jury said.

Duflo is the only second woman to win the Nobel Economic Prize in its 50-year existence, first was American economist, Elinor Ostrom, in 2009.