Nobel-Worthy Research: Abhijit V. Banerjee Guest of Fondazione Invernizzi

5th May 2025 – Philanthropy, culture, artificial intelligence and climate change

On Monday, 5th May 2025, at 6:30 PM, the conference center of the Fondazione Invernizzi hosted one of the most significant events of the season: a public conversation with Nobel Prize-winning economist Abhijit V. Banerjee, interviewed by RAI journalist Lucia Goracci. The event attracted a large audience of students from the main universities of Milan.

Awarded the Nobel Prize in Economics in 2019 together with his wife Esther Duflo for their experimental approach to combating global poverty, Professor Banerjee engaged in a wide-ranging conversation with Lucia Goracci on several topics at the core of contemporary economics and the global public debate. The conversation dealt with Randomized Controlled Trials (RCTs), which have revolutionized the evaluation of development policies, as well as philanthropy, culture, artificial intelligence, climate change, armed conflict, and social justice.

His reflection on how poverty is not “destiny” but rather a changeable condition, echoing the words of Pope Francis, was particularly appreciated. Banerjee strongly reinforced this message, pointing out the need for a cultural battle for change. «I grew up in Calcutta, right next to a slum - the professor recalled - It was not really a choice: it is hard to be an economist without reflecting on such a vivid part of your personal history».

Among the most thought-provoking parts of the event was Banerjee’s perspective on artificial intelligence as a practical tool in the fight against poverty. «They have already started using it to provide healthcare services in remote areas, by allowing people to take medical pictures and have them analysed by AI, by offering decision-making support to under-trained health workers, for example», he explained. He added that AI would likely play a role also in education, though «it is not yet clear exactly how, but we will figure it out, maybe through interactive conversations». However, he also warned: «One of the major concerns of our time remains the issue of job loss».

Banerjee also provided a clear analysis of the shifting global context. While there were “clear signs of progress in the fight against poverty” up until 2019, the COVID-19 pandemic was “a major setback.” Now, the greatest threat looming is climate change: «the number of days above 35°C in poor countries is rising rapidly, and this directly impacts people’s ability to work and survive. When it is that hot all day, every day, those temperatures become dangerous and people die». He issued a strong appeal to wealthier nations: «this is not an issue caused by countries like Ghana. It is a crisis triggered by the rest of the world. There needs to be some form of acknowledgment and compensation».

There were also more personal and original insights, such as the unexpected culinary connection between his recent writing and Italy. In his book Chhaunk on Food, Economics and Society, Banerjee recounts how a trip to Italy changed his relationship with certain foods that were "problematic" for him as a child, such as vanilla and chicken.

Lastly, Banerjee offered a thoughtful critique of modern philanthropy, describing it as «improving, but still too driven by founders’ intent».«Today, people ask more questions, seek evidence, and listen to experts. This is a positive trend, but the founders’ will, or the will of those who manage foundations, still carries too much weight compared to actual data and needs. However, I believe we are moving in the right direction».

Fondazione Invernizzi is proud to have promoted and organized this event, as part of its ongoing efforts to support knowledge-sharing among younger generations. This commitment is in line with its sponsorship of major initiatives, including ISPI Next Forum 2025, and reflects the Foundation’s values of promoting innovation, critical thinking, and international openness.