School's "Nobel Prize" Lecture


Nobel Prize Lecture 2020

On January 22, 2020, the RWTH's Association of Friends and Supporters of the School of Business and Economics ("Förderverein der Wirtschaftswissenschaften der RWTH") invited interest parties to the sixth Nobel Prize Lecture in the Couvenhalle. For more than 30 years, the Association has been promoting cooperation between business and science in Aachen. It establishes contact between managers, companies, teachers, students, and graduates to ensure a regular exchange of ideas for the benefit of society as a whole.

At the beginning, Prof. Dr. Oliver Lorz from the Research Unit International Economics, Prof. Dr. Paul Thomes from the Research Unit for Economics, Social History and History of Technology, and Wolfgang Mainz as representative of the RWTH’s Association of Friends and Supporters addressed the audience.

First, the Nobel Prize in Economics from 1993 was presented. Robert Fogel and Douglass North won it for the renewal of research in economic history by applying economic theory and quantitative methods to explain economic and institutional change. The renewal has made it possible to gain new insights into the past and also to negate irrelevant theories. Their work has expanded our knowledge and understanding of how, why, and when economic change occurs in fundamental research areas.

In the second part of the lecture, the three economists Abhijit Banarjee, Esther Duflo, and Michael Kremer were presented, who received the Nobel Prize for Economics in 2019 for their experimental approach to fighting global poverty. According to the Royal Swedish Academy of Economics, the Nobel Laureates' research has significantly improved our ability to fight global poverty. Kremer had been researching the learning outcomes of schoolchildren in Kenya since the 1990s, and the trio of researchers then carried out similar studies on other problems in other countries. In the meantime, the methods of the three researchers dominate development economics.

The audience were able to pose any questions they had, and the evening was rounded off with refreshments.