The Royal Swedish Academy of Sciences announced three names who will be receiving the 2019 Nobel Prize for economics. The names are Abhijit Banerjee, Esther Duflo and Michael Kremer for their experimental approach to alleviate global poverty. The research conducted by three of them has considerably improved our ability to fight global poverty.

Their experiment has transformed the economics completely. It is now a flourishing field of research in just two decades. In world, still over 700 million people sustain with low incomes and also many children die due to diseases which are curable.

This year, the scientists who are getting Noble prize in economics have given the world a new approach to fight global poverty. It can give answers to many questions to eradicate poverty especially effective ways to improve child health.

In the mid-1990s, Mr. Kremer and his colleagues introduced the experiment-based approach with the field experiments in western Kenya. Soon, Mr. Banerjee and Ms. Duflo, often with Mr. Kremer performed similar studies of other issues in other countries, including India.

Their experiment’s main focus was developing countries. As a result of one of their studies, more than five million Indian children got benefitted from the remedial tutoring in schools. The prize is officially known as the “Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel”. So far, 81 Nobel laureates in economic sciences have been awarded. Award winners will be given 9 million-kronor ($918,000) cash, a gold medal and a diploma.