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Mon Oct 14, 2019, 05:02 AM

Nobel in Economics Is Awarded for Work Toward Alleviating Poverty

Source: New York Times

By Kevin Granville

Oct. 14, 2019
Updated 6:18 a.m. ET

Three professors who have done experimental work toward alleviating poverty have been awarded the Nobel in economic sciences: Abhijit Banerjee and Esther Duflo, both of M.I.T., and Michael Kremer of Harvard University.

Professor Duflo is the second woman and, at 46, the youngest person to win the economics prize.

Read more: https://www.nytimes.com/2019/10/14/business/nobel-prize-economics.html





TEXT

The Nobel Prize
‏Verified account @NobelPrize

BREAKING NEWS:
The 2019 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel has been awarded to Abhijit Banerjee, Esther Duflo and Michael Kremer "for their experimental approach to alleviating global poverty."

#NobelPrize
2:48 AM - 14 Oct 2019


Original article -

By Kevin Granville

Oct. 14, 2019, 5:56 a.m. ET

Three professors who have done experimental work toward alleviating poverty have been awarded the Nobel in economic sciences: Abhijit Banerjee and Esther Duflo, both of M.I.T., and Michael Kremer of Harvard.


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Reply Nobel in Economics Is Awarded for Work Toward Alleviating Poverty (Original post)
BumRushDaShow Oct 14 OP
Ford_Prefect Oct 14 #1
3Hotdogs Oct 14 #2
JudyM Oct 14 #3
BumRushDaShow Oct 14 #4
JudyM Oct 14 #5
BumRushDaShow Oct 14 #6
JudyM Oct 14 #8
eppur_se_muova Oct 14 #7

Response to BumRushDaShow (Original post)

Mon Oct 14, 2019, 06:19 AM

1. WOW: Award in economics that is NOT for more thoroughly exploiting the people and the planet!

Imagine...

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Response to Ford_Prefect (Reply #1)

Mon Oct 14, 2019, 07:01 AM

2. Yeah, whatdahelzamatterdem?

They should be working for Citibank, or Facebook or Uber.

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Response to JudyM (Reply #3)

Mon Oct 14, 2019, 10:00 AM

4. Thank you for posting that!

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Response to BumRushDaShow (Reply #4)

Mon Oct 14, 2019, 10:14 AM

5. I was curious. It surprised me that their work consisted of applying basic experimental techniques

in the field. Smart design and application, but disappointing that this hasnít been the norm all along. Behavioral science/economics ought to underlie policy and financial decisions. Maybe someone can point out if Iím missing something, I didnít delve beyond this.

FYI, Gatesí initiative in the US: https://philanthropynewsdigest.org/news/gates-foundation-commits-158-million-to-fight-poverty-in-the-u.s

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Response to JudyM (Reply #5)

Mon Oct 14, 2019, 10:40 AM

6. I had scanned through some info on what it was that they were doing

and they were wondering why people never approached it from that aspect. I.e., there are cultural factors that mask what the needs really are and they were attempting to control for those factors in order to come up with how to collect, analyze, and report data for this subject so one would know what is working (or could work) and what won't. Far too many complain about "throwing money at a problem" without really looking at the underlying causes and trying to address them (which is probably also a fool's errand since there are so many factors involving prejudice and governmental malfeasance that contribute).

Believe it or not (and I haven't researched it enough yet), Barack Obama's mother was involved in things like "microcredit" that had been and continues to offer some short-term benefit to many of these impoverished communities. And while not a panacea as hoped, it fulfills a role of a service not normally available for those folks. Researchers such as these 3 would devise ways to look at the data from something like this to determine what the outcomes were.

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Response to BumRushDaShow (Reply #6)

Mon Oct 14, 2019, 10:51 AM

8. Yes, microcredit is helping so many!

ďHolistic economic aidĒ should be a thing.

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Response to BumRushDaShow (Original post)

Mon Oct 14, 2019, 10:43 AM

7. Obligatory reminder that this is NOT the same as a Nobel Prize.

https://en.wikipedia.org/wiki/Nobel_Memorial_Prize_in_Economic_Sciences

The Nobel Memorial Prize in Economic Sciences, commonly but mistakenly referred to as the ... The Prize in Economics is not one of the Nobel Prizes, which were endowed by Alfred Nobel in his will.

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