(Oakland, CA) A contributor to the Independent Institute book Entrepreneurial Economics: Bright Ideas from the Dismal Science, Michael Kremer, was awarded the Nobel Prize in Economic Sciences, which he will share along with Abhijit Banerjee and Esther Duflo, for their experimental approach to alleviating global poverty.

The three have “shown how the problem of global poverty can be tackled by breaking it down into a number of smaller—but more precise—questions at individual or group levels,” according to a press release from The Royal Swedish Academy of Sciences, which awards the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.

Jakob Svensson, a member of the Prize Committee for Economic Sciences, says their research includes studying new approaches of remedial tutoring in schools around the world. He says more than 60 million children are being helped worldwide in India and Africa by the development of these new teaching techniques.

Michael Kremer, the Gates Professor of Developing Societies in the Department of Economics at Harvard University, contributed a chapter titled “Patent Buyouts: A Mechanism for Encouraging Innovation” to the book Entrepreneurial Economics: Bright Ideas from the Dismal Science, edited by Alex Tabarrok (Independent Institute, 2002).

“We congratulate Michael Kremer for this great honor and celebrate his efforts to fight global poverty through the use of scientific evidence,” said Independent Institute Founder and President David J. Theroux.

The Independent Institute is a non-profit, research, and educational organization that promotes the power of independent thinking to boldly advance peaceful, prosperous, and free societies grounded in a commitment to human worth and dignity. For more information, visit Independent.org. For media inquiries, contact Communications Manager Rob Ade: [email protected]; (510) 632-1366, ext. 114.