22 OCT,2019 | MEDC
With the award of the 2019 Nobel Prize in Economic Sciences to Abhijit Banerjee, Esther Duflo, and Michael Kremer, research focused on poverty alleviation has come to the forefront. With much of their basic research conducted in India, their experiment-based approach has transformed development economics over the past 20 years. For obvious reasons, poverty alleviation has special relevance to India, and the research conducted by them has shown how global poverty can be tackled by breaking it down into smaller and more precise questions at the individual or group levels. For example, their studies of remedial tutoring have provided arguments for large-scale support programmes that have now impacted over 5 million Indian schoolchildren. This is essentially a recognition of evidence-based policy, as the fundamental approach is similar to that of the clinical trials performed in medical research. It is to be hoped that these awards will cause many more Indian policymakers to take a serious note of what academicians are saying and act accordingly.
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