Indian-American Abhijit Banerjee, Esther Duflo and Michael Kremer win Nobel Economics Prize
Stockholm: Indian-American Abhijit Banerjee, his wife Esther Duflo and Michael Kremer jointly won the 2019 Nobel Economics Prize on Monday "for their experimental approach to alleviating global poverty."
Banerjee and French-American Duflo both work at the prestigious Massachusetts Institute of Technology while Kremer is at Harvard University. Duflo is the second woman and the youngest ever to win the economics prize.
The prize includes 9 million-kronor (USD 918,000) cash, a gold medal and a diploma. The winners will equally share the prize money.
"The research conducted by this year's Laureates has considerably improved our 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 Royal Swedish Academy of Sciences said.
They have introduced a new approach to obtaining reliable answers about the best ways to fight global poverty, it added.
Their "research findings - and those of the researchers following in their footsteps - have dramatically improved our ability to fight poverty in practice," it said.
As a direct result of one of their studies, more than five million Indian children have benefitted from effective programmes of remedial tutoring in schools. Another example is the heavy subsidies for preventive healthcare that have been introduced in many countries, it added.
"Showing that it is possible for a woman to succeed and be recognised for success I hope is going to inspire many, many other women to continue working and many other men to give them the respect they deserve," Duflo said at a press conference soon after the announcement.
Banerjee, 58, was educated at the University of Calcutta, Jawaharlal Nehru University and Harvard University, where he received his Ph.D in 1988.
He is currently the Ford Foundation International Professor of Economics at the Massachusetts Institute of Technology, according to his profile on the MIT website.
In 2003, Banerjee founded the Abdul Latif Jameel Poverty Action Lab (J-PAL), along with Duflo and Sendhil Mullainathan, and he remains one of the lab's directors.
He also served on the UN Secretary-General's High-level Panel of Eminent Persons on the Post-2015 Development Agenda.
Duflo, born in 1972, is the Abdul Latif Jameel Professor of Poverty Alleviation and Development Economics in the Department of Economics at the Massachusetts Institute of Technology and a co-founder and co-director of the Abdul Latif Jameel Poverty Action Lab (J-PAL).
With Banerjee, she wrote Poor Economics: A Radical Rethinking of the Way to Fight Global Poverty, which won the Financial Times and Goldman Sachs Business Book of the Year Award in 2011 and has been translated into more than 17 languages.
She has worked on health, education, financial inclusion, environment and governance. Her first degrees were in history and economics from Ecole Normale Superieure, Paris. She subsequently received a Ph.D. in Economics from MIT in 1999.
Duflo has received numerous academic honours and prizes including the Princess of Asturias Award for Social Sciences (2015), the A.SK Social Science Award (2015), Infosys Prize (2014), the David N. Kershaw Award (2011), a John Bates Clark Medal (2010), and a MacArthur Genius Grant Fellowship (2009).
She is the Editor of the American Economic Review, a member of the National Academy of Sciences and a Corresponding Fellow of the British Academy.
Kremer, 54, is a development economist, who is currently the Gates Professor of Developing Societies at Harvard University.
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Pak cancels over 500 flights in last three days due to raging conflict in West Asia
Islamabad (PTI): Pakistan has cancelled more than 500 domestic and international flights over the past three days due to raging conflict in West Asia, leaving thousands of passengers stranded, according to a media report on Monday.
Along with passengers, air cargo services have also been suspended, halting the transport of various goods, including food items and other supplies. It is still unclear when flights will resume, The Express Tribune newspaper reported.
According to data from the Pakistan Airport Authority, more than 500 flights departing from and arriving at various airports across Pakistan have been cancelled, the paper said.
It added that the suspension of air cargo services has also disrupted the delivery of food and other goods, causing difficulties not only for passengers but also for industrialists.
Flights from Pakistani airports, including Lahore, Karachi, Islamabad, Peshawar, Quetta, Faisalabad, and Multan, operated by PIA, private airlines, and foreign carriers to Bahrain, Kuwait, Qatar, Sharjah, Dubai, Turkey, Iraq, Iran, and other countries have been cancelled.
Airport sources stated that some airspaces are closed, leading to the suspension of operations. Currently, there is no information on when flights will resume. Only flights to and from Saudi Arabia are continuing.
If the situation persists or worsens, air operations may face further disruptions.
According to Khawaja Ayub Naseem, a senior leader of the Travel Agents Association, fear and uncertainty are also causing many Umrah pilgrims to hesitate to travel.
Hundreds of pilgrims had booked tickets via Dubai. While ticket refunds are possible, hotel bookings are non-refundable. If the situation continues, travel agents could face losses amounting to millions of rupees.
While Pakistan's airspace remains fully available and secure, airlines have adjusted operations in response to the evolving security situation and restrictions in neighbouring airspace.
Karachi's Jinnah International Airport witnessed extraordinary activity over the weekend, with dozens of flights of foreign airlines diverted to Karachi, creating scenes reminiscent of the 1990 Gulf crisis.
According to aviation sources, a large number of foreign airlines were rerouted to Karachi as regional airspace restrictions and security concerns forced precautionary diversions. Several aircraft were temporarily parked during the day, while many others landed for refuelling.
In view of the extraordinary influx, the Pakistan Airports Authority (PAA) on Saturday issued a formal NOTAM highlighting limited aircraft parking space at the airport and directing airlines and cockpit crew to ensure prior coordination before operating into Karachi.
A PAA spokesperson said overall, 27 flights were handled, including diversions, return flights, technical landings and rerouted operations.
Karachi airport alone managed 13 diversions, including technical refuelling stops. In addition, four diversions were recorded in the Lahore Flight Information Region, while two return diversions were handled at Islamabad Airport.
Three flights returned to their original or alternate destinations, while five rerouted flights transited through Karachi's airspace without landing and were provided alternate routes.
The sudden increase in traffic created operational challenges due to limited parking space, prompting airport authorities to caution airlines about possible delays.
The US and Israel launched joint strikes against Iran on Saturday, assassinating 86-year-old Supreme Leader Ali Khamenei, alongside family members, including his daughter and grandchildren.
Since then, Iran has targeted multiple US bases in surrounding Gulf States.
