Paul Romer

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Paul Romer, 2005

Paul Michael Romer (born November 7, 1955 in Denver , Colorado ) is an American economist and recipient of the Alfred Nobel Memorial Prize for Economics 2018 .

life and work

The son of Roy Romer , the former governor of Colorado, and his wife Bea Romer studied physics and mathematics and made his bachelor's degree in mathematics at the University of Chicago in 1977 . Then Paul Romer switched to economics . He began his dissertation at the Massachusetts Institute of Technology , continued it at Queen's University in Canada and completed it in Chicago in 1983.

From 1982 to 1988 he was an assistant professor at the University of Rochester , then a professor at the University of Chicago. In 1988 he received a research grant from the Alfred P. Sloan Foundation ( Sloan Research Fellowship ). In 1990 he became a professor at the University of California, Berkeley and in 1996 at the Graduate School of Business at Stanford University . Romer was also a Senior Fellow of the Hoover Institution .

In 2000 he founded the online learning platform Aplia. In 2001 Romer took an academic break to build up the startup. In 2007 he sold the company to Cengage Learning .

Since 2010 he has been Professor of Economics at the Stern School of Business at New York University and was director of the Marron Institute of Urban Management located there until 2016 .

Romer already dealt with economic growth in his dissertation and later became a co-founder of the endogenous growth theory , especially through his Romer model . In 2015, he sparked the Mathiness debate on scientific standards in macroeconomics.

In September 2016 he became chief economist at the World Bank . In January 2018, he said that for several years the World Bank had rated Chile too poorly in a country ranking for entrepreneurship, possibly with the intention of putting socialist President Michelle Bachelet in a bad light and the election victory of her conservative successor Sebastián Support piñera . After this controversy and criticism of his management style, he resigned.

In 2018 he and William D. Nordhaus received the Nobel Prize in Economics. Romer was recognized for “integrating innovation into long-term macroeconomic analysis”.

The concept of "Charter Cities"

In 2009, Romer caused a sensation with his proposal to found so-called charter cities (often translated as special administrative areas) in low-growth and structurally weak countries as a means of combating poverty. The Charter City concept is based on the government selecting an unpopulated piece of land in order to hand it over completely to a foreign government, i.e. to place it under its legislature , judiciary and executive . Romer sums up the concept with the phrase "Canada is developing a Hong Kong in Cuba". In this artificially created special zone, a growth engine is to emerge that is intended to attract foreign investment and can act as a role model for the environment. Romer often cites Hong Kong under British colonial rule as an example of success . A key incentive should come from the legal certainty that is guaranteed by the external government in the charter cities . This legal security would basically pull people and investors into the artificially created cities by themselves and thus provide the impetus for growth.

Since its publication, the concept has not only been widely discussed in many media, but has also been criticized as neo-imperialist and neocolonialist . Romer, on the other hand, maintains that colonialism restricted individual freedoms, in contrast to the fact that no one was forced to move to the newly established city. Land allocation is also voluntary. He rejects charter cities as a measure in humanitarian emergency areas like Haiti after the devastating earthquake in 2010 .

Another problem is the fact that no democratic elections would be provided in a Charter City . This means that while the politicians dictate the living conditions in the city, they are only elected in their own home country. This means that the residents of a Charter City only have the option of immigrating and emigrating, which is often referred to as “ voting with your feet ”. However, Romer does not categorically rule out elections.

Furthermore, Romer is accused that the investments necessary for an artificial city are immense and that the concept is completely unrealistic for that reason alone. However, Romer assumes that the costs are manageable, since most of the reconstruction work would be done by the immigrants in the course of improving their living conditions and public investments would be limited to creating the framework conditions.

Prices

Memberships

Individual evidence

  1. ^ Past Fellows. Alfred P. Sloan Foundation, accessed July 27, 2019 .
  2. ^ Paul M. Romer. In: Hoover Institution Fellows. Retrieved September 30, 2016 .
  3. ↑ http://news.cengage.com/corporate/thomson-learning-acquires-aplia-inc/
  4. ^ Paul Romer. In: NYU Stern School: Experience Faculty & Research. Retrieved September 30, 2016 .
  5. ^ Paul M. Romer: Dynamic competitive equilibria with externalities, increasing returns and unbounded growth . Dissertation, University of Chicago, 1983, later as Paul M. Romer: Increasing Returns and Long-Run Growth . In: Journal of Political Economy . Volume 94, No. 5, October 1986, pp. 1002-1037, JSTOR 1833190 .
  6. ^ Paul M. Romer: Endogenous Technological Change . In: Journal of Political Economy . Volume 98, No. 5, Part 2, October 1990, pp. S71-S102, JSTOR 2937632
  7. ^ World Bank Group President Appoints Paul Romer as Chief Economist. In: World Bank News. July 18, 2016, accessed September 30, 2016 .
  8. ↑ Josh Zumbrun, Ian Talley: World Bank Unfairly Influenced Its Own Competitiveness Rankings . In: Wall Street Journal . January 12, 2018, ISSN  0099-9660 ( online [accessed October 8, 2018]).
  9. ↑ Andrew Mayeda: Paul Romer Steps Down as World Bank Chief Economist After Rocky Stint. Bloomberg, January 24, 2018, accessed October 8, 2018 .
  10. ^ The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2018. Retrieved October 8, 2018 (American English).
  11. ^ Paul Romer: Concept - Charter Cities. Archived from the original on January 13, 2010 ; accessed in 2010 .
  12. ↑ Article in The Atlantic Magazine , July / August 2010 issue
  13. ↑ a b Article on Spiegel Online (from January 25, 2010)
  14. ↑ Article on Handelsblatt.de (from May 12, 2010)
  15. ↑ Carsten Lenz & Nicole Ruchlak: Honduras as a field of experimentation for neoliberal utopias , amerika21, April 27, 2016.
  16. ^ [1] Paul Romer on the earthquake in Haiti and the concept of charter cities
  17. ↑ Interview with Paul Romer on aidwatch.org, October 5, 2009
  18. ↑ Romer, winner of the Nobel Prize for Economics: "Migrants don't need alms" - derStandard.at. December 25, 2018, accessed December 31, 2018 .
  19. ↑ Time's 25 Most Influential Americans
  20. ^ Book of Members. Retrieved July 23, 2016 .

literature

  • Mark Blaug (Ed.): Who's who in economics . 4th edition, Elgar, Cheltenham [u. a.] 1999, pp. 713-714, ISBN 1-85898-886-1 .
  • Wolf-Heimo greaves: Paul Michael Romer. The new growth theory and the tasks of modern economic policy . Mimeo , 2001.
  • Who's Who in America. 66th Edition, Volume 2: M – Z. Marquis Who's Who, Berkeley Heights 2011, ISBN 978-0-8379-7032-5 (Volume 2), ISBN 978-0-8379-7035-6 (complete work), ISSN  0083-9396 , p. 3785.

Web links


personal data
SURNAME Romer, Paul
ALTERNATIVE NAMES Romer, Paul Michael
BRIEF DESCRIPTION American economist
DATE OF BIRTH November 7, 1955
PLACE OF BIRTH Denver