2019 Nobel Prize in Economics and Development Issues

After Ethiopian Prime Minister Abe Ahmed won 2019 Noble Prize for restarting peace talks with neighboring Eritrea, the Royal Swedish Academy of Sciences awarded the Nobel prize for a trio of economists named Abhijit Banerjee, Esther Duflo and Michael Kremer for their approach on poverty reduction.

The academy said the three experts were rewarded for introducing a new approach to obtain reliable answers about the best way to reduce poverty in the world.

In the mid-1990s, Harvard professor Kremer used field work to test how school results could be improved in western Kenya.

After that, Abhijit Banerjee and Esther Duflo pioneered an approach to poverty reduction that was based on carefully designed experiments that sought answers to specific policy questions, according to the prize committee.

Duflo, a professor at the Massachusetts Institute of Technology, is the youngest person and second woman to be awarded the prize. Mumbai-born Banerjee, her husband, is also a professor at MIT.

As a direct result of their research, more than 5 million Indian children had benefited from remedial tutoring in schools, while many countries had introduced heavy subsidies for preventive health care, according to a statement from the Royal Swedish Academy of Sciences, which awards the prize.

The experimental approach has reshaped development economics, had a clear impact on policy and improved our ability to fight global poverty.

According to my own point of view, development, developmental economy, and combating poverty and mental and cultural backwardness are all components of one balanced equation that will result in achieving prosperity of peoples in the medium and long term.

Those who won the 2019 Nobel Prize proved that the reaching high development rates is possible but rules and steps for achieving this must be mathematically, scientifically set first.

If all inpiduals of every state combined together to outline general policies aiming to achieve development through strong educational system, all peoples achieved a huge quantum leap in their living standard.

India and many Asian cities and universities, for example, have succeeded in developing scientific and technological researches based on rational approaches adopted by the public policies of those countries that managed to achieve the impossible with very few resources.

Many years ago, an Indian spacecraft 'Mangalyaan' completed five years of orbiting the red planet. It was orbiting Mars since September 24, 2014; it was India's first interplanetary journey to cross the Earth's orbit successfully.

Congratulations to Indian people for their ability to challenge and achieve the impossible.

It is worth mentioning that India is now benefiting from the development of scientific research and its investment in human resources and advanced technology.

The Indian's achievement to orbit around Mars suggests that societies based on knowledge, skill, advanced scientific research and innovation will dominate the world during the coming period.

Those who have won the Nobel Prize for Economics this year are university professors, but their societies allows them to have a unique combination of theoretical and practical aspects.

We find that institutions, companies and centers open their doors to them to benefit from the results of their research in the state's public policies that benefit everyone.

Duflo, a 46-year-old French-American professor who has served as an advisor to ex-US president Barack Obama, shared the Nobel with her husband, Indian-born Abhijit Banerjee and fellow American Michael Kremer "for their experimental approach to alleviating global poverty,"

I am certain that our Arab societies will not achieve advanced ranks if they do not change the way of formulating their public policies and stop failure to engage all the real doers.