The World Bank has confirmed a New York University economics professor, Paul Romer as its next chief economist, bringing in a prominent voice advocating for investment in human capital and innovation.
Romer, 60, will replace Kaushik Basu, a former Indian government economics adviser who is retiring.
Romer will take up the position in September and is tasked with keeping the World Bank Group at the forefront of international development knowledge.
He is a proponent of “endogenous growth theory,” which holds that investments in human capital, innovation and knowledge are significant contributors to economic growth.
For the developing countries served by World Bank loans and support, he believes the priority was to adapt tested strategies that richer countries had used to build higher living standards.
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