Conversations with Tyler Michael Kremer on Economists as Founders
Oct 21, 2020
Michael Kremer, a Nobel laureate in economics known for his work on global poverty, discusses the intersection of economics and founding organizations. He highlights how experimental methods can innovate public health initiatives and reduce pharmaceutical costs via advanced market commitments. Kremer also examines deworming programs in Africa, the paradox of economic growth and productivity, and the role of culture in development. His insights connect academic research with real-world applications, emphasizing a new approach to development at the University of Chicago.
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Pneumococcus Vaccine Success
- Advanced market commitments successfully incentivized pneumococcus vaccine development.
- This resulted in three new vaccines, saving an estimated 700,000 lives.
Known vs. Unknown Needs
- Advanced market commitments work best for known needs, like malaria vaccines.
- They are less effective for unforeseen innovations like the Post-it note.
Iterative System Design
- System design is iterative, requiring continuous testing and adaptation.
- This applies to both advanced market commitments and organizational founding.
