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Indian American Abhijit Banerjee bags Nobel prize for Economics

58-year-old Abhijit Vinayak Banerjee was educated at the University of Calcutta, Jawaharlal Nehru University and Harvard University, where he received his PhD in 1988. He is currently the Ford Foundation International Professor of Economics at the Massachusetts Institute of Technology. In 2003 he founded the Abdul Latif Jameel Poverty Action Lab (J-PAL), along with Esther Duflo and Sendhil Mullainathan, and he remains one of the lab’s directors. 

Banerjee is a past president of the Bureau for the Research in the Economic Analysis of Development, a Research Associate of the NBER, a CEPR research fellow, International Research Fellow of the Kiel Institute, a fellow of the American Academy of Arts and Sciences and the Econometric Society, and has been a Guggenheim Fellow and an Alfred P. Sloan Fellow and a winner of the Infosys Prize. 

He is the author of a large number of articles and four books, including Poor Economics which won the Goldman Sachs Business Book of the Year. He is the editor of three more books and has directed two documentary films. He also served on the U.N. Secretary-General’s High-level Panel of Eminent Persons on the Post-2015 Development Agenda.

The Nobel committee in a statement said the research conducted by this year’s laureates has considerably improved the 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 President, the Vice President and the Prime Minister have extended their congratulations to Abhijeet Banerjee, Esther Duflo and Michael Kremer on winning the Nobel Prize in Economics for their experimental approach to alleviating global poverty. 

In his message, President Ram Nath Kovind said their research has helped economists better understand how to fight poverty in India and the world. Vice President Venkaiah Naidu said he is sure that Banerjee’s experimental approach to alleviating global poverty will help the world community to understand and address the formidable challenge of poverty.

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