description Paul Romer Overview
Paul Romer is an American economist known for developing central parts of endogenous growth theory. He shared the 2018 Nobel Memorial Prize in Economic Sciences for integrating technological innovation into long-run macroeconomic analysis. His models treat ideas and knowledge as economic forces produced through purposeful activity, helping explain how research, human capital, incentives, and institutions can sustain growth rather than leaving technological progress entirely outside the model.
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What is endogenous growth theory in Paul Romer's work?
Romer's models treat technological knowledge as something produced through economic decisions rather than as an unexplained outside force. Because ideas can be reused, investment in research and human capital can sustain long-run growth.
Why did Paul Romer share the 2018 economics Nobel?
Romer received half of the prize for integrating technological innovation into long-run macroeconomic analysis. William Nordhaus received the other half for integrating climate change into long-run macroeconomic analysis.
What does Romer mean when he says ideas are nonrival?
A nonrival idea can be used by one person or company without preventing others from using the same knowledge. Romer's models combine this property with intellectual-property or market-power mechanisms that give firms incentives to fund innovation.
What were Paul Romer's charter cities?
Romer proposed charter cities as newly developed urban areas governed by credible rules intended to attract residents and investment. The idea became controversial because it raises practical questions about sovereignty, democratic accountability, and who sets those rules.
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