NYU Stern School of Business alums, faculty and students were able to get up close and personal with Paul Romer, a recent recipient of the 2018 Nobel Memorial Prize in Economics Sciences, an honor he shares with William Nordhaus (Yale University).
The program included Andrew Hamilton, NYU President; William Berkley, Chair, NYU Board of Trustees; Rahu Sundaram, Dean, NYU Stern School of Business; Clayton Gillette, Director, NYU Marron Institute of Urban Management and Donald Marron, NYU Life Trustee.
Romer and Nordhaus received the award for, “integrating technological innovations into long-run macroeconomic analysis.” The award comes with a cash award of 9 million Swedish crowns (approximately $1 million). The research does not provide conclusive answers or deliver actionable programs; however, the organization finds that the research brings us closer to answering the question: How to achieve sustained and sustainable global economic growth.
Romer, the son of former Colorado Governor Roy Romer, is currently on leave from NYU Stern. He started his association with the University in 2010 with the Stern Urbanization Project (2011) a program that policymakers (in developing nations) can use as their cities grow – to create economic opportunities and social reform.
Romer also directs the NYU Marron Institute of Urban Management that seeks to understand cities by working with civic innovators to improve urban management in an attempt to make them safer, healthier, mobile and inclusive.
Romer stepped away, briefly, from his perch at NYU to take a position with the World Bank where he was the Chief Economist and Senior Vice President. His brief tenure with the Bank was assessed as being “rocky,” by Bloomberg reporter, Andrew Mayeda, “…he struggled in his efforts to reform the research operations of the development lender,” and “…researchers complained about his abrasive style as he tried to make them communicate more clearly.”
Romer earned his BS degree in mathematics and his doctorate in economics from the University of Chicago. He also completed graduate work at MIT and Queens University. He serves on the board of trustees for the Carnegie Endowment for the Advancement of Teaching and is a member of the board of directors for Community Solutions, a national not-for-profit organization dedicated to strengthening communities and ending homelessness.
In an interview with Tyler Cowen (https://fee.org/articles/paul-romer-why-he-won-the-nobel-prize-in-economics/) Romer is quoted as stating, in a tweet to Ben Bernanke, “Rich is over-rated.” “It is too hard to convert money into satisfaction.”
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Dr. Elinor Garely ([email protected])
