This year’s Nobel prize for economics has been awarded to a trio of scientists for their research on alleviating global poverty, the BBC reports.
Abhijit Banerjee, Esther Duflo and Michael Kremer’s work focuses on different ways to reduce poverty.
Their work had “dramatically improved our ability to fight poverty in practice”, the Royal Swedish Academy of Sciences, which awards the prize, said.
The trio will receive nine million Swedish krona (£820,000).
“This year’s Laureates have introduced a new approach to obtaining reliable answers about the best ways to fight global poverty,” the Royal Swedish Academy of Sciences said.
“It divides this issue into smaller, more manageable questions – for example, the most effective interventions for improving child health.”
The Nobel economics prize – technically known as the Sveriges Riksbank Prize – is the only award not created by philanthropist Alfred Nobel.
Instead, the economics prize was created by the Swedish central bank “in memory of Alfred Nobel” and first awarded in 1969.
Last year, William Nordhaus and Paul Romer won the prize for their work on sustainable growth.
