Experience Stern | Faculty & Research

Excerpt from Financial Times -- "It is 25 years since Paul Romer published a seminal paper on the role of ideas and knowledge in the sustained growth in living standards. The core insight was that because ideas are 'non-rival' — one person’s use of an idea doesn’t leave any less over for others to use — discovery and innovation enables economies to achieve increasing returns to scale: producing more than one-for-one with the amount of inputs that go into the production process. That, in turn, is what makes it possible for material living standards — the amount we produce per capita — to grow continuously."

Read more