French-American Duflo has become the second female winner of the economics prize in the award's 50-year history and is also the youngest at 46. She shared the award with Indian-born American Banerjee and Kremer, both from the United States. The Academy stated that the work of these three economists has demonstrated how addressing poverty can be achieved by breaking it down into smaller, more specific questions in areas like education and healthcare, which makes the problems easier to tackle. The Academy also mentioned 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 introduced 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, the inventor of dynamite and an industrialist. It was established by the Swedish central bank and first awarded in 1969. The Nobel Economics Prize is the last award to be announced, following the winners of the prizes for medicine, physics, chemistry, literature, and peace that were unveiled over the course of last week. In 2018, U.S. economists William Nordhaus and Paul Romer were jointly awarded the Nobel Economics Prize for their pioneering work in adapting the western economic growth model to focus on environmental issues and technology benefits. Nordhaus' recognition has faced criticism for underestimating climate change-related risks in the model he created to describe the relationship between the economy and climate.