Experimental Research is the Best Approach
This year’s Nobel Prize in economics goes to three scientists; Abhijit Banerjee, Esther Duflo, and Michael Kremer, who have shown how the problem of global poverty can be tackled. They believe in cutting it up into a number of smaller – but more precisely – questions at individual or group levels.
Developmental economics are now dominated by their approach to fieldwork in Western Kenya. The scientists were able to see the differences between free school books and free lunches. And in fact how different the positive outcomes were from books and lunches. This real-world case has become a scientific milestone.
They have been given credit for popularizing Randomized Control Trials (RCT) in economics.
The three scientists work in western Kenya found that providing textbooks and free school meals had only small effects, while targeting help for weak students made a big difference to overall education levels.
Written by Rebellion Team, Edited by Lingjun Zhou & Alexander Fleiss
Nobel Media. (2019, October 14). The Prize in Economics 2019. From Nobelprize.org: https://www.nobelprize.org/prizes/economic-sciences/2019/summary/