3 days ago
2019 Nobel Prize in Economic Sciences
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On Monday, October 14, the "Sveriges Riksbank Prize" in #Economic #Sciences has been jointly assigned to Abhijit Banerjee, Esther Duflo, and Michael Kremer “for their experimental approach to alleviating global poverty”.
According to #World #Bank data, in 2015 roughly 10% of the global population lived below the #poverty line, set at 1.9$ per day in 2011 PPP. Although this number has steadily declined in the last 40 years (in 1981 it was at 42.1%), 770 million people, particularly concentrated in the Sub-Saharan #region , continue to face daily challenges such as water and food availability.
In analyzing a problem as wide as global poverty, this year’s Laureates, following the method introduced by #Kremer in the 90s, decided to approach relatively small and manageable issues that, while very relevant for the affected people, can be addressed by carefully designed experiments.
While studies about income inequality and the #Gini coefficient have flourished, the awarded trio has pursued practical solutions to problems such as education, widening our understanding of the “learning crisis” and stressing that “being in school is not the same as learning”.
The fact that building infrastructures and providing textbooks is not enough to grant education challenges the current “macro” stance towards global issues, rather focusing on a “micro” approach that has directly affected 5 million Indian students, who significantly benefitted from a structural reform of teaching.
Did you know about this year’s winners?
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