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Paul Romer Quotes (1955-)
About Paul Romer
Paul Michael Romer (born November 7, 1955) is an American economist, a pioneer of endogenous growth theory, and a co-recipient of the 2018 Nobel Memorial Prize in Economic Sciences. He received the prize "for integrating technological innovations into long-run macroeconomic analysis". He previously served as Chief Economist of the World Bank between 2016 and 2018.
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βEconomic growth springs from better recipes, not just from more cooking. New recipes produce fewer unpleasant side effects and generate more economic value per unit of raw material.β
βThe question that I first asked was, why was progress . . . speeding up over time? It arises because of this special characteristic of an idea, which is if [a million people try] to discover something, if any one person finds it, everybody can use the idea.β
βMany people think that dealing with protecting the environment will be so costly and so hard that they just want to ignore the problem. I hope the prize today could help everyone see that humans are capable of amazing accomplishments when we set about trying to do something.β
βWe've maintained accelerating growth over time [in part because of] changes in our institutions. We have things like universities . . . patent laws, [and] research grants which have created incentives for those individuals [who develop innovations] to engage in more discovery. . . . [T]he rules of the game create incentives . . .β
βPresenting a model is like doing a card trick. Everybody knows that there will be some sleight of hand. There is no intent to deceive because no one takes it seriously. Perhaps our norms will soon be like those in professional magic; it will be impolite, perhaps even an ethical breach, to reveal how someoneβs trick works.(May 20, 2015), What's Wrong With 'Mathiness' in Economics?, retrieved: September 6, 2019β
Quotes About Paul Romer
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Paul Krugman on Paul Romer
βYou will almost never see an economist whom the academics themselves regard as important or interesting. For example, niether Robert Lucas, without question the most influential economic theorist of the 1970s, nor Paul Romer, arguably the most influential theorist of the 1980s, has ever appeared on any public affairs program.β
Press release announcing Romer as one of two recipients of the Nobel Memorial Prize in Economics for 2018 on Paul Romer
βRomer demonstrates how knowledge can function as a driver of long-term economic growth. . . . Previous macroeconomic research had emphasised technological innovation as the primary driver of economic growth, but had not modelled how economic decisions and market conditions determine the creation of new technologies. Paul Romer solved this problem by demonstrating how economic forces govern the willingness of firms to produce new ideas and innovations.β
Justin Wolfers on Paul Romer
βPaul's insight is that the infrastructure for creating new ideas is the engine room of economic growth. So we need to pay attention to patents, the number of scientists that are out there, the incentives to do science. And as long as we can keep generating new ideas, we can keep generating economic growth.β
About Paul Romer
Paul Michael Romer (born November 7, 1955) is an American economist, a pioneer of endogenous growth theory, and a co-recipient of the 2018 Nobel Memorial Prize in Economic Sciences. He received the prize "for integrating technological innovations into long-run macroeconomic analysis". He previously served as Chief Economist of the World Bank between 2016 and 2018.