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Paul Romer
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So you could have a very institutionally well-developed economy that's still very low in terms of its technological success. That would be unexpected.
- Paul Romer
#Economy
#Low
#Still
#Success
#Unexpected
One of the most powerful insights in economics is this idea of a division of labor. You do the thing you're good at. Other people do something else that they're good at. The net effect is better for everybody.
- Paul Romer
#Better
#Economics
#Good
#Labor
#People
There are new things we need to do in the labor market, in education, and in thinking about the future of energy sources. As long as we do those things everything really can turn out fine. But if we don't do them, we're going to be disappointed.
- Paul Romer
#Education
#Energy
#Future
#Long
#New
Yeah, you know, there's a difference between the textbook world that economists like to imagine, and the real world where real people have real feelings.
- Paul Romer
#Feelings
#Know
#People
#Real
#World
Good law includes a commitment to transparency and an insistence that no person or entity with a conflict of interest should have influence on public policy decisions.
- Paul Romer
#Commitment
#Conflict
#Good
#Law
#Person
In macroeconomic theory, there is this argument that what the Fed does has no effect on unemployment, no effect on investment, no effect on the rate of GDP growth.
- Paul Romer
#Argument
#Growth
#Investment
#Theory
People are reasonably good at estimating how things add up, but for compounding, which involved repeated multiplication, we fail to appreciate how quickly things grow.
- Paul Romer
#Good
#Grow
#People
#Things
#Up
But the point of a progressive revenue tax is that you create incentives both for breakups, you penalize the acquisitions, and you encourage the development of models where the customers are customers and they know what they're giving up.
- Paul Romer
#Create
#Development
#Giving Up
#Know
#Up
What we've underestimated is the systemic risk that that very finely tuned system of specialization exposes us to. And so I think we will start to ask whether there are ways that we could build some more robustness into our whole system.
- Paul Romer
#Build
#More
#Start
#Us
#Will
For a nation, the choices that determine whether income doubles in one generation or two dwarf all other economic policy concerns.
- Paul Romer
#Choices
#Generation
#Nation
#Policy
#Two
Unfortunately, we don't have a bankruptcy process. Suppose the state actually just gets to the point where it cannot meet all of its promises that it's made. We might need a way to figure out, O.K., well, who's not going to get what they were promised? This is what we had to do for the city of Detroit.
- Paul Romer
#City
#Meet
#Process
#Promises
#Way
The thing that was bad about colonialism, and the thing which is residually bad in some of our aid programs, is that it involved elements of coercion and condescension.
- Paul Romer
#About
#Bad
#Colonialism
#Elements
#Which
In the 1950s, Hong Kong was a place where millions of people could go, from the mainland, to start in jobs like sewing shirts, making toys. But, to get on a process of increasing income, increasing skills led to very rapid growth there.
- Paul Romer
#Growth
#People
#Process
#Start
#Toys
No one from Charter Cities, can have any financial interest in any project in Honduras; no one can accept consulting fees from the Honduran government; no one can accept reimbursement for travel expenses or accommodations; no one can provide advice to any for-profit entity that wants to invest in Honduras.
- Paul Romer
#Advice
#Government
#Project
#Travel
If we collectively set our minds to improving technology of a particular type we can do that, and it takes some collective action, some support for research, or some provision of patent protection, or a mixture of the two, and some focussed energy.
- Paul Romer
#Action
#Research
#Support
#Technology
My number-one recommendation is to invest in people. Humans that are well trained are the inputs into this discovery process. And there's big opportunities still, I think, to do a better job of investing in people.
- Paul Romer
#Better
#Big
#Discovery
#People
#Process
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