Michael Kremer is a University Professor in Economics and the College and the Harris School of Public Policy at the University of Chicago, and Director of the Development Innovation Lab. Kremer is also founder and president of WorldTeach, co-founder of Precision Agriculture for Development, a research affiliate for Innovations for Poverty Action, and a renowned developmental economist. He earned an A.B. in social studies and a Ph.D. in economics from Harvard University.
He is best known for Kremer’s O-Ring Theory of Economic Development, which suggests that production tasks must be executed proficiently in order for any task to be of high value, supporting the idea of complementary skills. He also published a study suggesting that the stockpiling of elephant ivory by governments could help reduce the incidence of poaching by allowing governments to flood the market and devalue trafficked goods.
His work with Abhijit Banerjee and Esther Duflo resulted in them sharing the 2019 Nobel Memorial Prize in Economics, for their work using randomized controlled trials to test antipoverty measures. Their work to abolish global poverty has helped to advance our understanding of social economic policies and the mechanisms for promoting development within local economies.
He was instrumental in the advent of the advanced market commitment, a program focused on creating incentives to drive investment in the development of vaccines for developing nations.
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