“The Past and Future of Economic Growth: Ideas and New Thoughts on Teaching the Romer Model”

Hosted by Chad Jones

The nonrivalry of ideas gives rise to increasing returns--a fact celebrated in Paul Romer's recent Nobel Prize. One implication is that the long-run rate of economic growth is the product of the degree of increasing returns and the growth rate of research effort; this is the essence of semi-endogenous growth theory.

One of the key revisions for the 6th edition of Chad Jones' Macroeconomics is an updated Romer model that captures this insight. In this talk, Jones explores the motivations behind the updates to his textbook, and applies his framework to the past and future of economic growth.

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