|
Economics Nobel |
The 2019 Sveriges Riksbank Prize in economics Sciences is given in memory of Alfred Nobel by The Royal Swedish Academy of Sciences.
Nobel carries prize money of 9 million Swedish Krona which nearly 6.5 crore rupees.the three will equally share prize.
This year economics Nobel is given to development economics which deals with economic development process in developing countries.
Interestingly Abhijit Banerjee is married to
Esther Duflo with whom He shares Honour.
Why Have Abhijit Banerjee, Esther Duflo and Michael Keener won Nobel Prize :
The research conducted by this Laureates Has improved ability to fight global poverty.
They shows to the world that The policies and methods to alleviate livery can be better designed by breaking issues into a smaller,manageable questions and then Having Randomised control trials.
According to Royal academy their experiment based approach has transformed development economics.
This approach helped Lot of people across world. In India around 5 million student benefited from it.
They do not stopped at Big questions instead they break down issues and study different aspects,views and perspetives.
Then doing Experiment based approach i.e conducting experiment and having output.
Their work helps Governments across the world to have more relevant policy making and cost effective utilisation of sources.
 |
| Good Economics for Hard Times |
Nobel Laureate information :
Abhijit Banerjee :
He is Indian origin American citizens Born In Mumbai, Maharashtra,India in 1961.Completed in degree from Calcutta.
completed Post graduate from JawaharLal Nehru University Delhi.
His Father and mother both eminent economists.
Later got PhD from Harvard university.
In 2003 he formed J-PAL a Poverty action Lab.
In 2011 he wrote book poor economics rethinking poverty and ways to end together.
Books written by Abhijit Banerjee :
1. Poor economics : A Radical Rethinking of the Way to FightGlobal Poverty.
5. A Short History of Poverty Measurements
Esther Duflo :
Born in France married to abhijit banerjee.
Finished her PhD form Massachusetts university.
Their work mostly based in India.
Michael Kremer :
He was born in 1964 and completed his Ph.D from Havard university.
His most work based in Africa.
Work and Experiments :
Their work based on evidence based approach not a theorotical . based on practical ,real time situations using trials and getting outputs.
Their approach derived from Clinical Trials in pharmaceutical industry.
Rather than got struck on questions they break down questions ,problems,issues into smaller one study different aspects and analysing questions.
Later conducting various experiment they got evidence based evidence decides what needs to be done.
They shows to the world that The policies and methods to alleviate livery can be better designed by breaking issues into a smaller,manageable questions and then Having Randomised control trials.
Method involves
1. Breaking down the problem.
2. Analyse causes of poverty
3. Study different aspects of it.
4. Conducts various Experiments
5. Based experiment draws evidence and decides what needs to be done.
Some Experiments Done by Them :
1. About Poverty :
if we give extra money to poor hungry people we normally thought that they will spend it on food But Laureates research found that poor person will spend that money on entertainment rather than on food.
This Experiment states that entertainment as much important as Food For life.
This observation is important for poverty alleviation.
2. Education :
It often belived that developing countries like India lacks in education because it have inadequate resources to provide education.
But their expriment based study shows different issues.
Study shows that teaching is not sufficiently adapted to student's needs.
Providing teaching assistant to weak students is more effective way of improving education.
To tackle teacher absenteeism short term contracts should be given latter based on their work it can be extended.
Access to textbooks ,hunger as important as teaching assistants.
3. Vaccination :
This experiment is done Rajasthan ,india.
Despite immunisation is free women's are not bringing their children to vaccination.
Laureates decided to give Free pulses bag to women who brought their babies for vaccination.
Result of this is Vaccination drastically shot up in this area.
What experiment based approach or Randomised Control trials :
RCT is a Study in which people allocated Random to receive one of several interventions. Interventions are of standard comparison or control.
For e.g.
If Laureates want to know whether Mobile vaccination van or bag of grains would courage people to vaccines their child.
Then Villagers will be dived into 4 groups.
Group A : Mobile van Vaccination
Group B : Bag Of grains.
Group C : get Both
Group D : Get neither
Where Group D is called Control Group and others called Treatment Groups.
Such experiment shows that what kind of measures to be provided bring success in vaccination.
Which policy works which does not works.
What is J-Pal :
A poverty action Lab founded by abhijit Banerji and His wife Esther Duflo.It is a Global research centre working on reducing Global poverty by scientific means.
It conducts experiment based trials to Alleviate poverty.
State like Maharashtra ,TamilNadu, Gujrat have Mou with Organisation of this researchers.
It helps them in policy making.
To check whether their policies are relevant ,Cost effective or not.because Indian government spending enormous amount of money on social schemes without idea of objective met or not.
Government will know impact of its schemes and whenever necessarily make changes to them.
One of their study benefited 5 million children In India through programme tutorials.
0 Reviews:
Post Your Review