# Professor Paul Romer's research on innovation is featured

1 Faculty News October 22, 2015 ![Financial Times logo](/sites/default/files/styles/246w/public/assets/images/uat_025700.jpg?itok=LSPbU2V1)>

Excerpt from [Financial Times](http://www.ft.com/cms/s/3/dcfbcc72-789c-11e5-933d-efcdc3c11c89.html) -- "It is 25 years since [Paul Romer](http://www.stern.nyu.edu/faculty/bio/paul-romer) published a seminal paper on the role of ideas and knowledge in the sustained growth in living standards. The core insight was that because ideas are 'non-rival' — one person’s use of an idea doesn’t leave any less over for others to use — discovery and innovation enables economies to achieve increasing returns to scale: producing more than one-for-one with the amount of inputs that go into the production process. That, in turn, is what makes it possible for material living standards — the amount we produce per capita — to grow continuously."

[Read more](http://www.ft.com/cms/s/3/dcfbcc72-789c-11e5-933d-efcdc3c11c89.html)