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Honour For Welfare Economics

ABHIJIT Banerjee, his wife Esther Duflo and Michael Kremer have won the Nobel Prize for Economics just like Amartya Sen was honoured in the same field. But the matter of the fact is that the Nobel Committee has actually honoured the humanity within the trio, and previously Sen. After all, the economics pursued by them is not related to stock market-inclined pro-rich growth story; rather the focus of their  economics has been humanity. They have worked on welfare economics models   to alleviate poverty, improve children’s education and expand access to healthcare. Since education and healthcare form two most important pillars upon which a society thrives and prospers, indifference to them can never eradicate the curse of poverty. After all, the fight against poverty can only be initiated through an able, healthy and nutritious body enriched with basic academic/vocational education and skills. Also, quality education and health can be ensured in this materialistic society only when people are uplifted from the fangs of poverty. So it is seen that poverty education and health are intertwined with each other and all these three subjects need to be pursued at one go. The highest international honour bestowed on the pursuers of welfare pro-people economics delivers a strong message to many governments of the world which accord maximum mileage to arms race, nuclear one-upmanship, space missions and Sensex. So by taking a cue from the humanitarian light projected and transmitted by these responsible economists, India and the developing nations should learn to accord utmost priority towards alleviating poverty and ensuring education and health to the deprived by investing maximum resource energy and time. Nothing is more crucial than human capital; proper nurturing and utilisation of it will automatically ensure the achievement of all other goals of the nation. The developing nations should necessarily follow the footsteps of these welfare economists if it indeed wants to attain highest tier of real development.


Torchbearers Of Humanity

THIS refers to the news report ‘India-born Abhijit, wife Esther, Kremer win Economics Nobel’ (NT, October 15, 2019). There are indeed some common links between Rabindranath Tagore, Mother Teresa, Amartya Sen, Kailash Satyarthi and Abhijit Banerjee. First, all of them won Nobel prize in their respective fields. Second, India cannot be separated from their identities. And finally, each of them worked on improving the lives of the poor people. Tagore’s Cooperative Bank, Teresa’s Nirmal Hriday, Sen’s Pratichi Trust, Satyarthi’s Children’s Foundation and Banerjee’s J-PAL (The Abdul Latif Jameel Poverty Action Lab) bear material testimonies of their urge to work for the marginalised. My pride in their achievements is not only for their connection to this country but largely for their carrying a torch for humanity.


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