People I (Mostly) Admire 11. Paul Romer: “I Figured Out How to Get Myself Fired From the World Bank.”
Jan 9, 2021
Paul Romer, a Nobel laureate in economics, shares his journey of redefining economic thought and the importance of creativity in research. He discusses his bold yet controversial concept of charter cities, inspired by Hong Kong's model, and the challenges that come with it. Romer reflects on his tenure at the World Bank, revealing his philosophy on knowing when to quit and pivot, emphasizing that big ideas can't be manufactured. He also tackles the delicate balance of emotions and rationality in economic decision-making, sparking a lively conversation about morality in economic thought.
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Theory vs. Evidence
- Paul Romer initially prioritized theory in economics but now values evidence more.
- He believes a fact always outweighs a theory and emphasizes avoiding hubris.
Romer's Early Success
- Paul Romer's groundbreaking work on economic growth at MIT influenced many aspiring macroeconomists.
- His success stemmed from a lack of "adult supervision" during his Ph.D., allowing him to explore unconventional ideas.
Knowledge and Growth
- Paul Romer's work highlights knowledge as a driver of long-term economic growth.
- He explains how economic forces influence firms' willingness to innovate.