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Robert Solow

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Born: August 22 1924

Robert Merton Solow is an American economist who received the Nobel Memorial Prize in Economic Sciences for the development of a mathematical model for economic growth. He based his model on the earlier Harrod-Domar model but incorporated a significant difference in his own model. This difference lay in the fact that Solow assumed that full employment could be achieved by adjusting the wages given to the workforce. His theory totally contradicted the earlier theory that the economy was facing a great crisis. He soon followed with another theory that labor and capital were not the only two factors required for economic growth as was believed by economists till then. He suggested that a third factor has to be considered if the rate growth is to be calculated in real terms. This factor is called the ‘Solow residual’ which can be attributed to the technical changes that are required for healthy economic growth. He also developed a new model which made new capital more important than old capital which is based on the technology prevalent at the time. With new capital more changes could be brought about in the technological field. His articles on economic growth brought about a huge change in the perspectives that economist had till then about the realities of economic growth.

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Robert Solow

Robert Solow

Books from Robert Solow

Manias, Panics, and Crashes: A History of Financial Crises

Creating a Learning Society: A New Approach to Growth, Development, and Social Progress

Economics for the Curious: Inside the Minds of 12 Nobel Laureates

Linear Programming and Economic Analysis

Work and Welfare

Made in America: Regaining the Productive Edge

Learning from ‘Learning by Doing’: Lessons for Economic Growth

Inflation, Unemployment and Monetary Policy

The Consequences of Economic Rhetoric

Monopolistic Competition and Macroeconomic Theory

Rethinking the Financial Crisis

Productivity Growth, Inflation, and Unemployment: The Collected Essays of Robert J. Gordon

Macroeconomic Readings

Daedalus 139:4 (Fall 2010) - On the Financial Crisis and Economic Policy

An Almost Practical Step Toward Sustainability

The Future of Economic Growth: As New Becomes Old

Growth Theory: An Exposition

Structural Reform and Economic Policy

La Fragmentation Du Travail

Landmark Papers in Economic Growth Selected By Robert M. Solow (The Foundations of 20th Century Economics series, 1)