Wednesday, December 13, 2006
Paul Romer on Economic Growth
If stuff is valuable, and ideas about how to make better stuff are more valuable, and ideas about how to generate good ideas are even more valuable, then Paul Romer's writings are priceless. Romer has distilled a lifetime of thinking about how economic growth works into four and a half pages of language simple enough for any English-speaking high school graduate to read. If you are into increasing returns, read this.
Want a quote? OK.
Want a quote? OK.
The one safe measure that governments have used to great advantage has been to use subsidies for education to increase the supply of talented young scientists and engineers. They are the basic input into the discovery process, the fuel that fires the innovation engine. No one can know where newly trained young people will end up working, but nations that are willing to educate more of them and let them follow their instincts can be confident that they will accomplish amazing things.It's not a representative quote. Reading the whole thing will take 10 minutes.
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