French-American Duflo has become the second female economics winner in the 50-year history of the prize, as well as the youngest at 46. She shared the award with Indian-born American Banerjee and Kremer, who is also from the United States. The Academy stated that the work of the three economists demonstrated how poverty could be addressed by breaking it down into smaller, more precise questions in fields such as education and healthcare, which makes the problems easier to tackle. The Academy also noted that as a result of one of their studies, over five million Indian children have benefitted from effective remedial tutoring programs in schools, and many countries have implemented heavy subsidies for preventive healthcare. The economics prize, worth 9 million Swedish crowns ($915,300), was added later to the five awards established in the will of Alfred Nobel, who was an industrialist and dynamite inventor. The prize was established by the Swedish central bank and first awarded in 1969. The economics award is the most recent addition, with winners for medicine, physics, chemistry, literature, and peace having been announced last week. In 2018, the Nobel Economics Prize was jointly given to U.S. economists William Nordhaus and Paul Romer, who are known for adapting the western economic growth model to focus on environmental issues and technology benefits. Nordhaus' recognition has sparked controversy, as critics argue that his model underestimates the risks related to climate change.