The "Romer-Jones" Framework

The Romer-Jones Framework is an economic model that explains how technological progress drives long-term economic growth. It emphasizes that innovation and knowledge creation are central to increasing productivity, which subsequently raises living standards over time. The framework considers factors like incentives for innovation, the accumulation of human capital, and the diffusion of new ideas across the economy. By focusing on the dynamic process of technological change, it helps us understand why some countries grow faster than others and highlights the importance of policies that promote research, education, and innovation to sustain economic development.