What randomisation can and cannot do: The 2019 Nobel Prize
The 2019 Nobel Prize in Economic Sciences has been awarded jointly to Abhijit Banerjee, Esther Duflo, and Michael Kremer “because of their experimental method of alleviating global poverty”. This column outlines their effect on development economics research and practical action to lessen poverty. In addition, it considers a number of the critiques of randomised controlled trials as a procedure for development.
Abhijit Banerjee, Esther Duflo, and Michael Kremer have won the 2019 Nobel Prize. Their victory was inevitable, and for an easy reason: a whole branch of economics – development – looks absolutely not the same as what it appeared as if 30 years back.