India, Oct. 16 -- India-born Abhijit Banerjee, his fellow MIT professor and wife Esther Duflo and Harvard's Michael Kremer were awarded the 2019 Nobel Memorial Prize in Economic Sciences on Monday "for their experimental approach to alleviating global poverty". HT explains the significance of their work and its influence on the world.

Economics is considered to be a part of the social sciences, where, unlike in the physical sciences, theories and concepts cannot be tested for validity. Banerjee and his co-awardees winning the Nobel changes that because their work has argued that it is possible to design policies after having tested different versions of them in controlled conditions. They conduct something called Randomised Controlled Tria...