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World Bank Group appoints Paul Romer as Chief Economist

i. World Bank Group President Jim Yong Kim has appointed Paul Romer as World Bank Chief Economist with effect from September 2016. Romer is a widely respected economist and a successful entrepreneur.
ii. The American economist Paul Romer will succeed Kaushik Basu as Chief Economist and Senior Vice-President of the World Bank. He will join the Bank at a critical time when the field of development is transforming under the forces of rapid technological change, globalization, and demography.
iii. Romer is currently a professor at New York University (NYU) and director of NYU’s Marron Institute of Urban Management. Romer is also known as a proponent of “endogenous growth theory”, which holds that economic growth is primarily the result of investment in human capital, innovation, and knowledge. He also founded a start-up Aplia, an education technology company dedicated to increasing student effort and classroom engagement