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Paul Romer Bio, Net Worth, Birthday & Age

About

Who is Paul Romer?

Paul Michael Romer (born November 7, 1955) is an American economist, pioneer of the theory of endogenous growth and winner of the Nobel Prize. He was chief economist and senior vice president of the World Bank until January 24, 2018, being removed from his position as economics professor at the Stern School of Business at New York University. Prior to that, Romer was a professor of economics at the University of California, Berkeley, a professor of economics at the graduate School of Business at Stanford University and a senior member of the Stanford International Development center, The Institute Stanford for Economic Policy Research and Stanford University. Hoover Institution, as well as a Center for Global Development scholar.

Romer was born to former Colorado governor Roy Romer and Beatrice “Bea ” Miller. He has four brothers and two Sisters. One of his brother, Chris romer, is a former of the state of Colorado.

Romer graduated from the Phillips Exeter Academy and won a B.S. in mathematics in 1977 and a Master’s degree in economics in 1978 as well as a Ph.D. in economics in 1983, both from the University of Chicago, after graduate studies at the Massachusetts Institute of Technology and Queen’s University.

He taught at the University of California, Berkeley, the University of Chicago, the University of Rochester and the University of new York in Shanghai. He temporarily left the academy in 2001 to found Aplia, a company that produces online problem sets for college students; Aplia was purchased in 2007 by Cengage Learning. Romer was named one of the 25 most influential people in America by Time magazine in 1997. [6] He was awarded the Horst Claus Recktenwald Award in Economics in 2002.

Romer was awarded the Nobel Prize in economics in 2018 “for integrating technological innovations in long-term macroeconomic analyses.” He shared the Nobel of 2018 with William Nordhaus

Romer’s most important work is in the field of economic growth. Economists studied long-term growth extensively during the years 50 and 60. The Solow-Swan model, for example, established the primacy of technological progress in accounting for sustained increases in production per Worker. Romer’s 1983 dissertation, supervised by José Scheinkman and Robert Lucas Jr., amounted to build mathematical representations of economies in which technological change is the result of intentional actions of people, such as research and Development. This led to two articles of the Journal of Political Economy published in 1986 and 1990, respectively, which initiated the theory of endogenous Growth.

Romer is credited with the quote “a crisis is a terrible thing to waste,” he said during a venture capital meeting in November 2004 in California. Although he was referring to the rapid increase in education levels in other countries compared to the United states, the citation became a concept of mobilization for economists and consultants seeking constructive opportunities in the midst of the great Recession.

His latest contribution has been to try to replicate the success of the Charter cities and turn it into an economic growth engine in developing countries. He promoted this idea in a lecture at TED in 2009. Romer argued that with better rules and institutions, less developed nations can be placed on a different trajectory and better for growth. In its model, a host country would transform responsibility for a city chartered by a more developed fiduciary nation, which would allow the emergence of new governance Rules. People could “vote with their feet” for or against these Rules.

The Government of Honduras recently considered the creation of charter cities, albeit without the supervision of a third party government, which some argue to be colonialism. Romer served as president of a “transparency committee”, but resigned in September 2012, when the Honduran government agency responsible for the project signed agreements with international developers without the involvement of the Committee.

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