India’s Kaushik Basu is all set to be replaced by American economist Paul Romer as Chief Economist and Senior Vice-President of the World Bank. This was announced by World Bank president Jim Yong Kim.
Kim was all praise of the work done by Romer and found him apt for the coveted post.
Romer is currently a professor at New York University (NYU) and director of NYU’s Marron Institute of Urban Management.
“We’re most excited about (Paul Romer’s) deep commitment to tackling poverty and inequity and finding innovative solutions that we can take to scale,” said Kim in a statement.
With his interest and understanding in urban and economic development, Romer helped built Marron Institute of Urban Management and is also the founding director of the Urbanisation Project at NYU’ s Stern School of Business, a news agency reported.
Romer is 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 founded a start-up Aplia, an education technology company dedicated to increasing student effort and classroom engagement.
Romer’s appointment will be effective from September this year, the World Bank stated.
“This position gives me a unique chance to learn about the thing that fascinates me most — producing knowledge that is useful in the sense that it yields benefits on the scale of billions of people,” said Romer on his blog.