From Tyler Cowen:
The winner is Muhammad Yunus, economist (!) and founder of the micro-credit movement, along with his Grameen Bank. Here is the story. Here is his Wikipedia entry. Here is my New York Times column on micro-credit. Here is the best piece on what we know about micro-credit. Here is Yunus's book on micro-credit, which also serves as a memoir and autobiography. It is a captivating and well-written story.
This is a wonderful choice. The funny thing is, they never would have considered this guy for the Economics prize.
This is indeed a wonderful choice! I was talking with my friend, Wee-Gee, a few weeks ago about the potential of micro-credit. Last year I traveled to Moldova with another friend from Orlando, Scott Pearson (who I'm having lunch with today), to teach business classes to the staff of a microfinance organization. We were able to meet many of the people that were benefiting from the loans and hear the difference it was making in their lives.
It's great to see Yunus win this prize. I hope it leads to more attention and appreciation for micro-finance and other programs that help the poor help themselves.
Read my previous post on microfinance here.
P.S. -- More thoughts from Pete Boettke.
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