Learn More About Paul Romer
In the current climate of economic upheaval, organizations are finding a much needed sense of direction and optimism in Nobel Laureate economist Paul Romer’s practical and instructive advice. His surprising message? The future is not as bleak as it seems.
Romer, a New York University professor who pioneered the endogenous growth theory, is a former Chief Economist and Senior Vice President of the World Bank. A self-proclaimed policy entrepreneur, he advises business and government leaders in sectors across the world on ways to leverage technology and innovation to drive long-term growth.
While Romer has recently been focusing on solutions to the pandemic-induced economic slide, his steadfast belief in a stronger economic future beyond the crisis remains firmly rooted in the promise of existing and emerging technological advances that will equitably serve the interests of businesses, countries and communities.
Romer says governments can increase the rate of growth — in ways that benefit all citizens — by creating systems of rules that encourage and respond to new technologies.
“For a developing country, the most important rules are those that determine the rate of technology transfer from the rest of the world,” says Romer. “For an advanced economy, the most important rules may be the ones that influence the rate of technological innovation in the private sector.”
A Senior Fellow at the Marron Institute of Urban Management and a leading advocate for charter cities — special reform zones where governments can apply innovative systems of rules that can differ markedly from those in the surrounding area – Romer says the most important rules are those that shape cities. The New Growth Theory he and his colleagues developed outlines a new way to think about wealth creation that gives government leaders more options for improving governance, investors more opportunities to finance socially beneficial infrastructure projects, and people more opportunities to improve the quality of their lives.
In its 2019 review of Romer’s Nobel Prize-winning theory, the Scandinavian Journal of Economics said his work “rejuvenated the field” by placing the search for new ideas by profit-maximizing entrepreneurs and researchers at the heart of economic growth. The article went on to praise the underlying premise of his theory: that nonrivalry of ideas is ultimately responsible for the rise in living standards over time.
Economic Solutions to COVID-19
As the pandemic took hold in America in March 2020, Romer immediately began campaigning for a mass testing and isolation plan to save lives and the economy. He was featured in dozens of media interviews, wrote to policy makers – from the White House to local governors – and finally took out an ad in the New York Times. As an example, he pointed to how Wuhan, China’s aggressive testing and isolation strategy allowed the government to quickly contain the virus and get life and the economy back on track. Though the White House continued to push back, to the peril of its citizens, Romer remained undaunted.
Globalization, Foreign Trade and Keeping America Competitive
Even as frictions related to globalization threaten foreign trade and America’s ability to compete, Romer remains remarkably optimistic on this front as well. Drawing on his Nobel Prize-winning research on technological innovation, he makes a compelling case for why the best is yet to come, and how the trends that have enabled the current challenges can be harnessed to create future opportunities.
“It really is [about] the global macroeconomics of the tension between the restraining force of scarce resources and the positive force that can come from discovery and innovation,” he remarked during his Nobel Prize acceptance speech. “It’s the balance of these two that will determine our fate.”
# # #
Nobel Prize Laureate and New York University Professor of Economics and Law Paul Romer is a globally recognized leader in his field. Named one of America’s 25 most influential people by TIME magazine, Romer is the leading speaker on the connection between regulation, innovation and growth. He is founder of NYU’s Urbanization Project and serves on the board of trustees for the Carnegie Endowment for the Advancement of Teaching. He is also a member of the board of directors for Community Solutions, a national not-for-profit organization dedicated to strengthening communities and ending homelessness. As an entrepreneur, he and his team at Aplia pioneered the connection between online tools and higher education.
Paul Romer is available to advise your organization via virtual and in-person consulting meetings, interactive workshops and customized keynotes through the exclusive representation of Stern Speakers & Advisors, a division of Stern Strategy Group®.