One of the nation’s most eminent economists and a dynamic young development economist are recipients of the 2011 Richard E. Neustadt and Thomas C. Schelling Awards. The awards will be presented on May 5 during a dinner at the Charles Hotel hosted by Dean David T. Ellwood of Harvard Kennedy School (HKS).

Paul Volcker, A.M. ’51, who served as chairman of the Federal Reserve Bank from 1979 to 1987 and more recently as chairman of President Obama’s Economic Recovery Advisory Board, will receive the Richard E. Neustadt Award. The award is bestowed annually to an individual who has created powerful solutions to public problems, drawing on research and intellectual ideas as appropriate. Past recipients include Judith Gueron (2005), Muhammad Yunus (2006), Justice Richard J. Goldstone (2007), Gro Harlem Brundtland (2008), and Alice M. Rivlin (2009).

Esther Duflo, the Abdul Latif Jameel Professor of Poverty Alleviation and Development Economics at the Massachusetts Institute of Technology, will be presented with the Thomas C. Schelling Award, bestowed annually to an individual whose remarkable intellectual work has had a transformative impact on public policy. Past recipients include Richard Posner (2005), Daniel Kahneman (2006), Jagdish Bhagwati (2007), Howard Raiffa (2008), and Harold Varmus (2009).

Each recipient will be awarded a $25,000 prize.

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