A young Indian-American economist from Harvard University, whose pioneering work was cited by US President Barack Obama in his last year's State of the Union Address, has won the prestigious John Bates Clark medal, often described as the 'Baby Nobel'.Delhi-born Raj Chetty, a professor in the Department of Economy at the Harvard University since 2009, has been declared the winner of this year's award.The John Bates Clark medal is awarded to an American economist under the age of 40 who is adjudged to have made a "significant contribution to economic thought and knowledge".The medal is widely regarded as one of the field's most prestigious awards, perhaps second only to the Nobel in economic science. Thirty three-year-oldChetty is the first person of Indian-origin to win this award.