World Bank Seen Naming NYU's Romer as Next Chief Economist
The World Bank is expected to name New York University economics professor Paul Romer as its next chief economist this week, two people familiar with the decision said, a move that would bring in a prominent voice advocating for investment in human capital. Romer will replace Kaushik Basu, 64, who is set to retire on when his term ends on July 31, the people said. A spokesman for the World Bank de
The trouble with GDP
The trouble with GDPGross domestic product (GDP) is increasingly a poor measure of prosperity. It is not even a reliable gauge of production ONE of Albert Einstein’s greatest insights was that no matter how, where, when or by whom it is measured, the speed of light in a vacuum is constant. Measurements of light’s price, though, are a different matter: they can tell completely different stories dep
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