Transcription of Paul Romer:Ideas,Nonrivalry,and Endogenous Growth
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Scand. J. of Economics121(3), 859 883, 2019 DOI: Romer: Ideas, Nonrivalry, andEndogenous Growth *Charles I. Jones Stanford University, Stanford CA 94305-5015, 2018, paul Romer and William Nordhaus shared the Sveriges Riksbank Prize in EconomicSciences in Memory of Alfred Nobel. Romer was recognized for integrating technologicalinnovations into long-run macroeconomic analysis . This article reviews his prize-winningcontributions. Romer, together with others, rejuvenated the field of economic Growth . Hedeveloped the theory of Endogenous technological change, in which the search for new ideas byprofit-maximizing entrepreneurs and researchers is at the heart of economic Growth . Underlyingthis theory, he pinpointed that the nonrivalry of ideas is ultimately responsible for the rise inliving standards over : Economic Growth ; Endogenous Growth theory; ideas; nonrivalry; technical changeJEL classification:O3;O4I. IntroductionWhen paul Romer began working on economic Growth in the early1980s, a conventional view among economists ( , in the modelstaught in graduate school) was that productivity Growth could not beinfluenced by anything in the rest of the economy.
860 Paul Romer: ideas, nonrivalry, and endogenous growth as the most important paper in the growth literature since Solow’s Nobel-recognized work. In this article, I review Romer’s prize-winning work, putting it into the context of the surrounding literature and providing a retrospective on how this research has led to the modern ...
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