Academic Contributions
Romer's most important work is in the field of economic growth. Economists studied long-run growth extensively during the 1950s and 1960s. The work of Robert Solow, for example, established the primacy of technological progress in accounting for sustained increases in output per worker. Romer's articles published in 1986 and 1990 amounted to constructing mathematical representations of economies in which technological change is the result of the intentional actions of people, such as research and development. This started endogenous growth theory.
Romer is credited with the quote, "A crisis is a terrible thing to waste." which he said during a November 2004 venture-capitalist meeting in California. Although he was referring to the rapidly rising education levels in other countries versus the United States, the quote became a sounding horn by economists and consultants looking for a positive take away from the economic downturn of 2007-2009.
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Famous quotes containing the word academic:
“You know lots of criticism is written by characters who are very academic and think it is a sign you are worthless if you make jokes or kid or even clown. I wouldn’t kid Our Lord if he was on the cross. But I would attempt a joke with him if I ran into him chasing the money changers out of the temple.”
—Ernest Hemingway (1899–1961)