New chief economist of the world Bank, is expected to become a Professor of Economics at new York University Paul Romer. About it reports Reuters, citing two sources familiar with the Bank’s decision.
Romer will replace the current chief economist of the organization — 64-year-old Kaushik Basu, who plans to retire. His term of office expires on 31 July.
The floor Romero 60 years. He is a proponent of endogenous growth theory, according to which the important factors of economic growth are knowledge, innovation, and investment in human capital. Romer contributed to its development in the 1980s and 1990s. The theory implies that long run growth rate of the economy can be increased through such measures as support for education, subsidies for research and development, increasing incentives for innovation.
The world Bank data on appointment refused to comment. To review Romer, who is the son of the former Governor of Colorado, the Agency was unable.