New York University economist Paul Romer is set to be named the World Bank’s chief economist next week, succeeding India’s Kaushik Basu.
“Yes rumors are correct—very excited to welcome our new VP in the fall,” World Bank economist Florence Kondylis confirmed Romer’s new position in a private tweet.
Romer received his doctorate in economics at the University of Chicago, so he talks a pretty good free market game but, in the end, he is the type of technocrat that the power elite love to have around so that all important deals are done in backrooms.
For example, instead of calling for free markets and strong private property recognition to help third world countries advance, he is promoting a totally crony charter cities program whereby a host developing country would turn responsibility for a charter city over to a more developed "trustee nation," which would allow for new rules of governance to emerge.
Yes, always keep the power elite in the game. He's perfect for the World Bank.
Romer was the first to say, "A crisis is a terrible thing to waste." in 2004. (It wasn't Rahm Emanuel, as widely believed. Emanuel who said something similar 4 years later in 2008.)
-RW
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