"Do what you love and love what you do." Esther Duflo & Abhijit Banerjee, Prize in Economic Sciences | Summary and Q&A

Summary

In this video, Professor Banerjee and Professor Duflo, who were awarded the Nobel Prize in Economics, share insights about their achievement and their field. They discuss their reactions to winning the award, the impact of being role models for young economists, and offer advice for aspiring economists. They also talk about their passion for development economics and their commitment to addressing important social issues.

Questions & Answers

Q: Did Professor Banerjee fall asleep after receiving the call from the Nobel Committee?

Yes, Professor Banerjee fell asleep because he thought his wife, Professor Duflo, would be the one speaking on their behalf. He anticipated a busy day ahead with phone calls and other things to do.

Q: Were both Professor Banerjee and Professor Duflo excited about winning the Nobel Prize?

While Professor Duflo was excited, Professor Banerjee didn't feel that being excited had much to do with the task at hand. He knew there would be many phone calls and other responsibilities, so he decided to sleep instead.

Q: How would Professor Banerjee describe their partnership with Professor Kremer?

Professor Banerjee compares their partnership to the Hindi expression "kebab Mahadev," which means the bone that sticks into the soft meat. He believes he plays a role in thinking ahead and considering where things should go.

Q: What does it mean for Professor Duflo, as one of the two women to receive the Nobel Prize in Economics?

Professor Duflo's research focuses on women as role models, and she has found that when women become policymakers or leaders, it encourages other women to pursue leadership positions. She hopes her achievement will inspire more young women and underrepresented minorities to see economics as a field that addresses important social issues.

Q: What advice do they have for young economists?

Professor Banerjee advises young economists to love what they do and do what they love. He believes that passion is essential in this field. Professor Duflo adds that it's crucial for aspiring economists to gain firsthand experience in developing countries to understand the complexities and challenges faced in those areas.

Q: Will they be the first on the dance floor and the last to leave at the celebration?

While they enjoy dancing and usually are the first on the dance floor, they will have to leave early because their children are leaving for France the next morning. They need to manage getting to the airport before their children wake up.

Takeaways

Professor Banerjee and Professor Duflo's achievement as Nobel laureates in Economics highlights the importance of their contributions to the field of development economics. Their research on women as role models and their focus on addressing social issues reflect their commitment to making a positive impact. They encourage young economists to pursue their passion, gain hands-on experience, and find their own niche in the field. The recognition of their work is not only a personal honor but also an opportunity to inspire future generations of economists, especially women and underrepresented minorities.