The Slatest

Huge News for World Bank Watchers: Paul Romer to Be Named Next Chief Economist!

Barack Obama talks with International Monetary Fund Managing Director Christine Lagarde, both of whom are concerned with the world economy, neither of whom is Paul Romer.

Chung Sung-Jun/Getty Images

World Bank fans, foes, and followers, guess what!? The World Bank is expected to name New York University economics professor Paul Romer its next chief economist this week!

From Fortune:

Romer will replace Kaushik Basu, 64, who is set to retire on when his term ends on July 31, the people said.

A spokesman for the World Bank declined to comment on the decision. But World Bank economist Florence Kondylis in a Twitter message late on Saturday confirmed that the “rumors are correct” about Romer’s pending appointment.


Florence Kondylis!

Anyway, here’s what you need to know about our next World Bank chief economist.

He’s 60.

He is the son of former Colorado governor Roy Romer.

He “is a key proponent of ‘endogenous growth theory,’ which holds that investment in human capital, innovation, and knowledge are significant contributors to economic growth.” (Sounds endogenous!)


He’s maybe being appointed to avoid a world economic slowdown, about which World Bank, International Monetary Fund, and various government officials are not unconcerned!

Finally, and perhaps most importantly, he has a great blog.

Welcome to the top of the World (Bank), Paul Romer!