Duflo, a French-American, has become the second female economics winner in the 50-year history of the prize. At 46, she is also the youngest winner. She shared the award with Banerjee and Kremer, both of the United States. According to the Academy, the trio's work has demonstrated how poverty can be addressed by breaking it down into smaller, more precise questions in areas like education and healthcare, which makes it easier to tackle. The Academy stated that as a result of their research, over five million Indian children have benefited from effective remedial tutoring programs in schools, and many countries have implemented heavy subsidies for preventive healthcare. The Nobel Economics Prize, worth 9 million Swedish crowns, was established in 1969 by the Swedish central bank as an addition to the five awards created in Alfred Nobel's will. It is the last award to be announced, following the winners of the prizes for medicine, physics, chemistry, literature, and peace. In 2018, the prize was jointly awarded 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 been met with controversy, as critics believe his model underestimated the risks of climate change.