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Paul Romer: Ideas, Nonrivalry, and Endogenous Growth.
- Source :
- Scandinavian Journal of Economics; Jul2019, Vol. 121 Issue 3, p859-883, 25p
- Publication Year :
- 2019
-
Abstract
- In 2018, Paul Romer and William Nordhaus shared the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. Romer was recognized "for integrating technological innovations into long‐run macroeconomic analysis". This article reviews his prize‐winning contributions. Romer, together with others, rejuvenated the field of economic growth. He developed the theory of endogenous technological change, in which the search for new ideas by profit‐maximizing entrepreneurs and researchers is at the heart of economic growth. Underlying this theory, he pinpointed that the nonrivalry of ideas is ultimately responsible for the rise in living standards over time. [ABSTRACT FROM AUTHOR]
- Subjects :
- COST of living
ECONOMIC development
TECHNOLOGICAL innovations
UNITS of time
Subjects
Details
- Language :
- English
- ISSN :
- 03470520
- Volume :
- 121
- Issue :
- 3
- Database :
- Complementary Index
- Journal :
- Scandinavian Journal of Economics
- Publication Type :
- Academic Journal
- Accession number :
- 137000469
- Full Text :
- https://doi.org/10.1111/sjoe.12370