French-American economist Duflo has become the second woman to win the economics prize in its 50-year history, at just 46 years old. She shared the award with Indian-born American Banerjee and Kremer from the United States. The Academy praised the trio for their work in breaking down the issue of poverty into smaller, more specific questions in areas like education and healthcare, making it easier to address. Their research has already made a significant impact, with over five million Indian children benefiting from tutoring programs as a direct result of their studies. Additionally, many countries have implemented heavy subsidies for preventive healthcare based on their recommendations. The economics prize of 9 million Swedish crowns ($915,300) is a recent addition to the five awards established by industrialist Alfred Nobel's will, which are administered by the Swedish central bank and have been awarded since 1969. The Nobel Economics Prize was the last award to be announced this year, 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 traditional economic growth model to focus on environmental issues and technology benefits. Nordhaus' recognition has sparked controversy, as some critics argue that his model underestimates the risks associated with climate change.