Paul Romer

Paul Michael Romer (born November 7, 1955) is an American economist , entrepreneur , and activist . He is Currently Chief Economist and Senior Vice President of the World Bank . ^[1] He is on leave from his position as professor of economics at the Stern School of Business at New York University . ^[2] Prior to dat, Romer was a professor of economics at Stanford University’s Graduate School of Business and a senior fellow at Stanford’s Center for International Development, the Stanford Institute for Economic Policy Research , and the Hoover Institution , ^[3] as well as a fellow at the Center for Global Development . He is a pioneer of endogenous growth theory . He temporarily left academia, focusing his energy on his 2001 start-up company Aplia welke developed online homework problem sets for college students; Aplia were PURCHASED in 2007 Cengage Learning .

Romer earned a BS in mathematics in 1977 and a Ph.D. in economics in 1983, beide from the University of Chicago . He taught at the University of California at Berkeley, the University of Chicago, and the University of Rochester. He was named one of America’s 25 Most Influential people in Time magazine in 1997. ^[4] Romer was Awarded the Horst Claus Recktenwald Prize in Economics in 2002. He is the sun or former Colorado governor Roy Romer . ^[5] On July 18, 2016, Romer announced on his blog dat he has accepted a position as Chief Economist at the World Bank . ^[6]

Academic contributions

Romer’s most important work in the field of economic growth. Economists studied long-run growth extensively prolongation the 1950s and 1960s. ^[7] The Solow Swan model , for example, Agent the primacy of technologische progress in accounting for sustained increases as in output per worker. Romer’s 1983 dissertation , supervised by Jose Scheinkman and Robert Lucas Jr. , Amounted to constructing mathematical representations or economically in welke technologische change is the result of the intentional actions or people, zoals research and development. It led to two Journal of Political Economy articles published in 1986 and 1990, respectively, welke started endogenous growth theory .

Romer is credited with the quote “A crisis is a terrible thing to waste,” welke have zegt prolongation a November 2004 venture capitalist meeting in California. Hoewel de he was referring to the rapidly rising education levels in other countries Compared to the United States, the quote became a Sounding him at Economists and consultants looking for a positive takeaway from the economic downturn or 2007-2009. ^[8]

Dominant theme

“Economic growth occurs Whenever people take resources and rearrange nemen in ways dat are more Valuable. A useful metaphor for production in an economy comes from the kitchen. To create Valuable final products, we mix Inexpensive Ingredients together volgens to a recipe. The cooking one kan do is limited by the supply or Ingredients, and must cooking in the economy produces undesirable side effects. If economic growth Could be Achieved only by doing more and more of the co-child or cooking, we mention anything Eventually run out of raw materials and suffer from Unacceptable levels of pollution and nuisance. History teaches us, however, dat economic growth springs from better recipes, not just from more cooking. New recipes algemeen produce fewer unpleasant side effects and generate more economic value per unit of raw material. . . .

Every generation has Perceived the limits to growth therein finite resources and undesirable side effects mention anything pose if no new recipes or ideas ulcers when sending. And everytime generation has underestimated the potential for finding new recipes and ideas. We consistently fail to grasp how many ideas Remain to be when sending. Possibilities do not add up. Way Down multiply. ” ^[9]

Charter cities

His latest contribution to this club has leg Trying to replicate the success of charter cities and make it an engine of economic growth in developing countries. He promoted this idea in a TED talk in 2009. ^[10] Romer has argued therein with better rules and institutions, undeveloped nations kan be set on a différent and better trajectory for growth. ^[11] In his model, a host country mention anything turn Verantwoordelijkheid for a charter city over to a more developed nation trustee, welke mention anything allow directive for new rules of governance to emerge. People Could “vote with hun feet” for or Against synthesis rules. ^[5] The blogger Mencius Moldbug has criticized this idea, and mn a TED Talk Romer representation about it as merely a copy of classical Kolonialisme. ^[12]

The government of Honduras has Recently Considered customizing charter cities, though without the oversight or a third-party government, welke some argue is neo-Kolonialisme. ^[5] Romer served as chair or a “transparency committee ‘but resigned in September 2012-when the Honduran government agency verantwoordelijk for the project signed agreements with international developers without Involvement of the committee. ^[13]

Influences

Romer has Influenced the ” People’s Capitalism ” concept put forth by James S. Albus -arguably a form of basic income guarantee . ^[14]

Publications

• “Growth Cycles”, with George Evans and Seppo Honkapohja ( American Economic Review , June 1998). JSTOR link
• “Preferences, Promises, and the Politics of Entitlement” (Individual and Social Responsibility: Child Care, Education, Medical Care, and Long-Term Care in America, Victor R. Fuchs (ed.), Chicago: University of Chicago Press, 1995 ).
• “New Goods, Old Theory, and the Welfare Costs of Trade Restrictions,” Journal of Development Economics, No. 43 (1994), pp. 5-38.
• “Looting: The Economic Underworld of Bankruptcy for Profit” with George Akerlof (Brookings Papers on Economic Activity 2, William C. Brainard and George L. Perry (eds.), 1993, pp. 1-74). JSTOR link
• “Economic Integration and Endogenous Growth,” with Luis Rivera-Batiz (Quarterly Journal of Economics CVI, May 1991, pp. 531-55). JSTOR link
• “Endogenous Technological Change” ( Journal of Political Economy , October 1990). JSTOR link
• “Increasing Returns and Long Run Growth” (Journal of Political Economy, October 1986). JSTOR link
• “Cake Eating, Chattering and Jumps: Existence Results for Variational Problems” (Econometrica 54, July 1986, pp. 897-908). JSTOR link

References