Why did Banerjee, Duflo, and Kremer win the Nobel prize this year?

Through the award, the Nobel committee recognised both the significance of development economics in the world today and the innovative approaches developed by these three economists. Global poverty continues to be a massive challenge. The award follows Angus Deaton, who received it in 2015 for his contributions to development economics—the field that studies the causes of global poverty and how best to combat it—particularly, his emphasis on people’s consumption choices and the measurement of well-being, especially the well-being of the poor.