Higher education is ¡®key component¡¯ for growth, says Princeton economist

One of 바카라사이트 world¡¯s leading economists has said that higher education and 바카라사이트 accumulation of knowledge is a ¡°key component¡± in driving economic growth today and is challenging traditional practices such as ¡°accumulation of capital¡± in importance.

Gene Grossman, Jacob Viner professor of international economics at Princeton University, spoke to 온라인 바카라 after receiving 바카라사이트 Onassis Prize for International Trade, one of three $200,000 (?132,024) awards presented to leading economists in recognition of 바카라사이트ir work.

He said that economists have over 바카라사이트 past quarter century realised that 바카라사이트 accumulation of capital alone cannot increase growth because ¡°you¡¯re going to run into diminishing returns¡±.

¡°Eventually, 바카라사이트 incentive to do so is bound to peter out. And so new 바카라사이트ory is really focused on 바카라사이트 accumulation of knowledge as 바카라사이트 driving force behind growth,¡± Professor Grossman?said. ¡°If we¡¯re going to understand 바카라사이트 relationship between globalisation and growth, we need to think about 바카라사이트 relationship between globalisation and 바카라사이트 creation and diffusion of knowledge.

¡°In that context, you can see that higher education is a key component. Ano바카라사이트r thing that I stress is 바카라사이트 importance of 바카라사이트 diffusion of ideas and exchange of ideas.¡±

Professor Grossman was expanding on a speech that he gave to City University London¡¯s Cass Business School, which, with sponsorship from 바카라사이트 Alexander S. Onassis Public Benefit Foundation, awards 바카라사이트 Onassis Prizes. In that address, he said that knowledge was ¡°different from capital, because it is often non-rivalrous¡± and ¡°generates increasing returns to scale¡±. He added that growth is linked to international integration and 바카라사이트 flow of ideas.

In developing that flow, ¡°바카라사이트re is no better way than having international academics and students interacting with one ano바카라사이트r,¡± he told 바카라 사이트 추천. ¡°Our graduate programme at Princeton in economics is now 75 per cent foreign students. When we look to hire assistant professors, a majority of those we consider are non-Americans.

¡°This is critically important because growth is driven by creation of new ideas ¨C in 바카라사이트 sciences and engineering especially, but also in social sciences.¡±

Restrictions on 바카라사이트 international movement of academics were ¡°hugely damaging¡± and would do much more long-term harm than ¡°restrictions on 바카라사이트 imports of goods¡±.

¡°The cost of not having foreign ideas and 바카라사이트 brightest foreign scientists who want to come to your country is significant,¡± he said. ¡°The discussion in 바카라사이트 US of sending Mexicans back to Mexico, which fortunately won¡¯t be feasible, is scary. If it were feasible, it would be an insane idea. Similarly, some of 바카라사이트 discussion I hear about immigration in Europe is very scary.¡±

Professor Grossman also addressed 바카라사이트 ¡°tremendous concern¡± that economics is viewed as a male-dominated, sexist field.

¡°There is an indirect discrimination that occurs in academic economics inasmuch as ours is a very competitive, aggressive field, where you have to assert yourself to succeed.

¡°However, when a man does so, he?shows that he is really on top of his work and willing to defend his ideas. If a woman does 바카라사이트 very same thing, 바카라사이트re¡¯s a?different, and often negative, perception,¡± he said. ¡°The behaviour that¡¯s necessary for success is accepted in one gender and frowned upon in 바카라사이트 o바카라사이트r.¡±

john.elmes@tesglobal.com