Nobel laureate Abhijit Vinayak Banerjee dreams of a poverty-free world -The Asian Age

At the age of fifty eight, an Indian born economist Abhijit Banerjee and Paris-born his wife, forty six years old EstherDuflo have been awarded Nobel prize for Economics this year. Another non-bangalee economist Michael kremer also snatched the same prize for same contribution. The prestigious Nobel came to them following their experimental approach to alleviating global poverty. These three noted economists truly thought deeply in what way worldwide poverty can be eradicated. The world is now running with more than 700 million people who live in extreme poverty.

As reported, Nobel laureate Abhijit Banerjee began to mix with the children who lived in shanties behind his home in Kolkata when he was only 6. Since he gained the ability to understand the real situation of the poor. With viewing the living condition of slum dwellers, the heart of Abhijit started to weep silently but he never shared this to anybody. As he grew up, his aim began to widen to fight against poverty. Ultimately he did so with establishing the Abdul Latif Jameel poverty Action Lab at MIT to study poverty.  As a graduate in economics, I know the actual meaning of the term 'poverty'.  Poverty in any economy is considered as a curse. The economy that runs with high poverty rate never brings any good for the country. There needs to be noted that the need for eradicating poverty from any economy is a must if any economy hopes to be developed one. Abhijit began his research work only on poverty in 1995 -96 that brought him Nobel at last. His wife joined the race in the late 1990s. He successfully conducted research in Ghana, South Africa, Kenya, Nigeria, Indonesia, Chile, China, Tunisia and some African states.

Following Abhijit early stage movement his mother Nirmala Banerjee who is now retired professor of economics was optimistic about Abhijit bright future. Ultimately, he earned the ability to materialize her mother projection with winning Nobel prize. The news of Nobel did not make Abhijit astonishment at all since he expects nothing on earth in exchange of his research on poverty alleviation.  "There are senior people who have done commendable work and who deserve this honor much more than me"- Nobel laureate Abhijit commented hours after hearing the news.

Truly speaking Abhijit's continuous efforts to work on poverty deserves appreciation from all walks of people since he never stopped his venture at any situation. Even though, Banerjee's credit lies in the fact that he has used certain techniques that nobody earlier used in reference to poverty alleviation in the world. Above all, the Nobel committee honored a Bangalee economist - that was totally unexpected for greater Bangla region. He began to receive thousand times congratulation message fromboth all corners of Kolkata and outside of Kolkata in India.Once upon a time, another Indian-born noted economist -Amartya Sen was awarded the Nobel in economics for contribution of welfare economics in 1998.  He was the first bangalee who achieved highly prestigious prize.  Two bangalee economists have worn the crown of Nobel. We are really proud of these two globally noted figures since they made this Bangla proud.

I think the Swedish Academy's recognition to above noted economists has been a lesson for thinkers and economists. The move for eradicating poverty from earth is not so easy but their experimental research would pave the ways to minimize poverty rate. Specially, Abhijit's birth place - Kolkata once upon a time saw high poverty rate across India. Currently, the situation has been improved with taking many steps for poverty alleviation. A poverty free world was only dream of Abhijit Banerjee but he did never expect such prestigious award for his contribution. The structures belonging to Nobel laureates in the world should be kept on watch and as a heritage these might have been displayed to the visitors.  The said structures must be designed with work and life of Nobel laureates so that the holidaymakers can learn a lot about world's prestigious people.   


Md Mazadul Hoque is an economic analyst and currently serving at Social Islami Bank Ltd.
Member- Bangladesh Economic Association.
E-mai: [email protected]