Read Paul Romer's article entitled: Economic Growth appearing in the
Fortune Encyclopedia of Economics.
Questions
- Why does Romer place so much emphasis on the importance of economic growth?
- According to this document, why has the rate of economic growth in Japan since World War II been higher than the U.S. growth rate? Why is this likely to decline?
- Discuss Romer's views concerning the "limits to growth" arguments.
- What point is Romer making with the "milk cow" example?
- Do you feel that Romer's suggestion for reducing poverty in India is likely to be successful? Why or why not?
- What does Romer suggest should be the direction of applied research in the U.S.?
