French-American Duflo has become only the second woman to win the economics prize in its 50-year history, and at 46, she is also the youngest recipient. She shared the award with Indian-born American Banerjee and Kremer from the United States. The Academy praised the trio for their work in addressing poverty by breaking it down into smaller, more precise questions in fields like education and healthcare, which makes it easier to tackle. The Academy highlighted the impact of their research, such as helping over five million Indian children through remedial tutoring programs and introducing heavy subsidies for preventive healthcare in various countries. The economics prize, worth 9 million Swedish crowns ($915,300), was added later to the five awards established in Alfred Nobel's will. It was first awarded in 1969 by the Swedish central bank. The winners for medicine, physics, chemistry, literature, and peace were announced last week, with the Nobel Economics Prize being the last to be revealed. 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 sparked controversy, as critics argue that his model underestimates the risks of climate change.