'''Robert Merton Solow''' (born
August 23, 1924) is an
American economist particularly known for his work on the theory of
economic growth. He was awarded the
John Bates Clark Medal in 1961 and the
Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel in 1987.
Solow was born in Brooklyn,
New York. He served in the
United States Army from 1942 to 1945. He earned his doctorate in economics at
Harvard University, studying under
Wassily Leontief.
Solow's model of
economic growth, often known as the
neo-classical growth model, allows the determinants of economic growth to be separated out into increases in inputs (
labour and
capital) and technical progress. Using his model, Solow calculated that about four fifths of the growth in US output per worker was attributable to technical progress.
Since Solow's initial work in the
1950s, many more sophisticated models of economic growth have been proposed, leading to varying conclusions about the causes of economic growth. In the
1980s efforts have focused on the role of technological progress in the economy, leading to the development of
endogenous growth theory (or new growth theory).
He is currently an emeritus professor in the MIT economics department, and previously taught at
Columbia University.
See also
External references
Category:1924 births
Solow, Robert
Solow, Robert
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