Europe in decline?
The Nobel Prize winning Columbia University economist Edward Phelps maintains that innovation is the key to economic growth, prosperity and human happiness.
Former prime minister and economist Manmohan Singh congratulated Indian-origin economist Abhijit Banerjee on Monday for winning the Nobel Prize along with his wife Esther Duflo, and Micheal Kremer on Monday.
Singh said Banerjee’s work on poverty alleviation and development of new techniques was truly pathbreaking, and his pioneering innovations in development economics were applicable and useful to policy making in developing countries such as India, the former Prime Minister said.
In a letter to Banerjee, Singh wrote, “It gives me immense pleasure and pride to know that you are now the second Indian to receive the Nobel Prize in Economics.”
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“My heartiest congratulations to you and your co-winners. Your scholarly work on poverty alleviation and development of new techniques such as Randomised Control trials are truly path-breaking,” Singh, a renowned economist himself, added.
“I am particularly pleased, as a student of economics, that the Committee chose to honour pioneering innovations in development economics that are very applicable and useful to policy making in developing countries such as India,” the senior Congress leader said in his congratulatory message to Banerjee.
Abhijit Banerjee was educated at the University of Calcutta, Jawaharlal Nehru University and Harvard University, where he received his Ph.D in 1988. He is currently the Ford Foundation International Professor of Economics at the Massachusetts Institute of Technology
Banerjee, his wife Esther Duflo, both working at the Massachusetts Institute of Technology (MIT), and Harvard University professor Michael Kremer jointly won the 2019 Nobel Economics Prize on Monday “for their experimental approach to alleviating global poverty.”
It was “wonderful” to receive the award, 58-year-old Banerjee said. “You don’t get this lucky many times in your life,” he added. Amartya Sen was the first Indian economist to win the Nobel Prize in 1998.
The Swedish Academy of sciences awarded the Nobel Prize to the three for their research which, “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.”
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