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Prize in Economic Sciences awarded for research to alleviate global poverty

The laureates are Indian American economist Abhijit Banerjee, French-American economist Esther Duflo and American economist Michael Kremer

STOCKHOLM, October 14. /TASS/. The 2019 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2019 has been awarded to Indian American economist Abhijit Banerjee, French-American economist Esther Duflo and American economist Michael Kremer.

The Royal Swedish Academy of Sciences announced on Monday that they were awarded the prize "for their experimental approach to alleviating global poverty."

"The research conducted by this year’s Laureates has considerably improved our 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," the statement says.

"This year’s Laureates have 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," according to the statement.