- 4 Sep, 23
Michael Kremer 101: The Famous Development Economist
Michael Kremer 101: Who is a Successful Development Economist? in our article of Zatrun.com, we will cover in detail everything you need to know about Michael Kremer, the famous Development economist that our readers are curious about.
Table of Contents
Who is Michael Kremer?
He is a well-known American development economist, who currently holds a respected position as a University Professor in Economics and Public Policy at the prestigious University of Chicago. Kremer is also the founder and director of the Development Innovation Lab located at the famous Becker Friedman Institute of Economics. Prior to joining the University of Chicago, Kremer served as the highly regarded Gates Professor of Emerging Societies at Harvard University until 2020. Kremer shared the Nobel Memorial Prize in Economics in 2019 along with Esther Duflo and Abhijit Banerjee for his experimental approach to alleviating global poverty.
Michael Robert Kremer’s birth dates back to 1964 in New York City. He was born to Eugene and Sara Lillian Kremer. His father, Eugene, was the child of Jewish immigrants who came to the United States from Austria-Poland. Meanwhile, his mother, Sara Lillian Kremer, was a distinguished professor of English literature who focused Decently on American Jewish and Holocaust literature. Kremer completed his academic studies at the respected Harvard University, where he received an AB in Social Sciences in 1985 and a PhD in economics in 1992.
Michael Robert Kremer’s illustrious career began with a postdoctoral fellowship at the prestigious Massachusetts Institute of Technology (MIT) from 1992 to 1993. Later, he served as a visiting assistant professor at the University of Chicago in the Spring of 1993 and as a professor at MIT starting in 1993. from 1999 to 2020, Kremer’s academic pursuits led him to the distinguished halls of Harvard University, where he served as a professor. On September 1, 2020, Kenneth C. Griffin joined the faculty of the University of Chicago as a professor in the Economics Department, College and the Harris School of Public Policy.
Michael Kremer’s research work is focused on poverty reduction, especially in the context of education economics and health economics. In collaboration with Abhijit Banerjee and Esther Duflo, with whom he shared the 2019 Nobel Memorial Prize in Economics, Kremer played a crucial role in determining the effectiveness of randomized controlled trials in evaluating proposed anti-poverty measures. Duflo praised Kremer’s innovative use of experimental techniques, noting that he was a visionary who took significant risks and was among the pioneers of this field.
Michael Kremer is a researcher who is a fellow of the American Academy of Arts and Sciences. At the same time, he was the recipient of a MacArthur Fellowship and a Presidential Faculty Fellowship in 1997 and was selected as a Young Global Leader by the World Economic Forum. Kremer is a research member of the research organization Innovations for Poverty Action (IPA). This organization is a research organization that aims to create solutions to social and international development problems and evaluate them. He is also a lifelong member of an altruism organization called Giving What We Can. The members of this organization commit to giving 10% of their income to influential charities.
Kremer is also the founder and president of WorldTeach, a Harvard-based organization. This organization places university students and recent graduates as volunteer teachers in summer and annual programs in developing countries. He is also the co-founder of a non-profit organization called Precision Development (PXD), which was established to provide digital agricultural consulting services to small-scale farmers by taking advantage of the global emergence of mobile phones.
Michael Kremer has launched an advanced Sunday commitment to promote the development of vaccines for use in developing countries and to focus on the use of randomized trials to evaluate interventions in the social sciences. He also created the well-known economic theory of skill complementarities, called the O-Ring Theory of Economic Development. in 2000, Michael Kremer published a study with Charles Morcom that suggested that governments combat illegal elephant poaching by stockpiling ivory so that they can proactively replenish the Sunday if elephant populations decline significantly.
Kremer has done significant research on one million years of economic change in his famous paper “Population Growth and Technological Change: From One Million BC to 1990”. He discovered that economic growth has a positive relationship with population growth. At the International Growth Center’s Growth Week 2010, Kremer chaired a panel on education system reform. Later, in early 2021, he was appointed by the G20 to serve on the High-Level Independent Panel on financing global partners for pandemic preparedness and response (HLIP). This panel was co-chaired by Ngozi Okonjo-Iweala, Tharman Shanmugaratnam and Lawrence Summers.
Awards He Received:
Michael Kremer has received several prestigious awards, including the Nobel Memorial Prize in Economic Sciences in 2019, which he shares with co-researchers Abhijit Banerjee and Esther Duflo, for their experimental approach to alleviating global poverty. in 2018, he was also awarded the Boris Mints Institute’s Research Award for Strategic Policy Solutions to Global Challenges. In addition, Kenneth J. for the best article in the field of health economics, awarded by the International Association for Health Economics (IHEA) in 2005. He received the Arrow Award.