About the 'Nobel prize' in economics to Paul M. Romer
Keywords:
Nobel prize, Romer, economic growthAbstract
The theory of “endogenous” growth, led by Paul M. Romer, reawakened the interest of mainstream economics on the effects of technological and institutional variables in long-term development, by including an explanation of productivity growth and justifying the importance of savings and public intervention as determinants of the rate of growth. However, “endogenous” growth models have proved difficult to validate empirically and seem particularly exposed to the criticisms of excessive formalize and lack of conceptual clarity that Romer himself has been recently leveling against the rest of marginalist macroeconomics.
Downloads
References
Arrow, K.J. (1962) "The Economic Implications of Learning by Doing", *Review of Economic Studies*, 29(3), p.155-173.
https://doi.org/10.2307/2295952
Cohen, A.J.; Harcourt, G.C. (2003) "Whatever Happened to the Cambridge Capital Controversies?" *Journal of Economic Perspectives*, 17(1), p.199-214.
https://doi.org/10.1257/089533003321165010
Durlauf, S.; Johnson, P.; Temple, J. (2005) "Growth Econometrics" en: Aghion, P.; Durlauf, S. (eds.) *Handbook of Economic Growth*, North-Holland: Amsterdam, p. 555-677.
https://doi.org/10.1016/S1574-0684(05)01008-7
Fine, B. (2000) "Endogenous growth theory: a critical assessment" *Cambridge Journal of Economics*, 24, p.245-265.
https://doi.org/10.1093/cje/24.2.245
Krugman, P. (2013) "The New Growth Fizzle", *New York Times*, August 18th, [https://krugman.blogs.nytimes.com/2013/08/18/the-new-growth-fizzle/](https://krugman.blogs.nytimes.com/2013/08/18/the-new-growth-fizzle/)
Lucas, R.E., Jr. (2003) "Macroeconomic Priorities", *American Economic Review*, 93(1), March, p. 1-14.
https://doi.org/10.1257/000282803321455133
Lucas, R.E., Jr. (1988) "On the Mechanics of Economic Development", *Journal of Monetary Economics*, 22, July, p. 3-42.
https://doi.org/10.1016/0304-3932(88)90168-7
Romer, P. M. (1986) "Increasing Returns and Long-Run Growth", *Journal of Political Economy*, 94, October, p. 1002-1037.
https://doi.org/10.1086/261420
Romer, P.M. (1990) "Human Capital and Growth: Theory and evidence", *Carnegie-Rochester Conference Series on Public Policy*, 32, p. 251-286.
https://doi.org/10.1016/0167-2231(90)90028-J
Sala-i-Martin, X. (1997) "I Just Ran Two Million Regressions", *American Economic Review*, 87(2), May, p.178-193.
Romer, P.M. (1994) "The Origins of Endogenous Growth", *Journal of Economic Perspectives*, 8(1), p. 3-22.
https://doi.org/10.1257/jep.8.1.3
Romer, P. M. (2015) "Mathiness in the Theory of Economic Growth", *American Economic Review*, 105(5), p. 89-93.
https://doi.org/10.1257/aer.p20151066
Romer, P. M. (2016) "The Trouble With Macroeconomics", *The American Economist*, forthcoming.
Solow, R. (1987) "Growth Theory and After" Prize Lecture to the memory of Alfred Nobel, December 8th.
Steedman, I. (2001) "On 'Measuring' Knowledge in New (Endogenous) Growth Theory", Growth Theory Conference, Pisa (Italy), October 5-7th.
Temple, J. (1999). "The New Growth Evidence", *Journal of Economic Literature*, XXVII, March, p.112-156.
https://doi.org/10.1257/jel.37.1.112
Zumbrun, J.; Talley, I. (2018) "World Bank Unfairly Influenced Its Own Competitiveness Rankings", *Wall Street Journal*, 12 de enero, [https://www.wsj.com/articles/world-bank-unfairly-influenced-its-owncompetitiveness-rankings-1515797620](https://www.wsj.com/articles/world-bank-unfairly-influenced-its-owncompetitiveness-rankings-1515797620).