“Just last week I was telling a colleague that I hoped Paul Romer would finally win the Nobel prize in economics,” says Victor V. Claar in this week’s Acton Commentary. “And then he did.”
I’ve been a Paul Romer fan since I started teaching intermediate macroeconomics more than a decade ago—the “macro” course college students might take following the introductory one. Because most economics teaching involves good storytelling, I’ve thought a lot about how Romer fits into the story of how economic thinking about economic growth has evolved and changed over the last several hundred years. Professor Romer’s theory of long-term growth is one that fits the facts, and also helps us understand that it’s individuals that motivate lasting, perpetual growth.
The full text of the essay can be found here.