Robert M. Solow
Who Is Robert M. Solow?
Robert M. Solow is a notable American economist and a Professor Emeritus at the Massachusetts Institute of Technology. Solow was a champ of the Nobel Memorial Prize in Economic Sciences in 1987.
Figuring out Robert M. Solow
Solow is best known for his work on growth theory; he assisted with fostering the Solow-Swan Neo-Classical Growth Model, a weighty theory inside economics. He was awarded the Presidential Medal of Freedom in 2014 for his outstanding contributions to economic theory and practice.
Solow was brought into the world in Brooklyn in 1924 and won a grant to Harvard University at sixteen years old. In 1942, Solow passed on Harvard to join the U.S. Armed force; he served in World War II in North Africa and Sicily before getting back to Harvard in 1945.
As a student at Harvard, Solow turned into a research assistant under teacher and economist Wassily Leontief, and he made contributions to the input-output analysis method in economics, which Leontief created. In 1949, he was awarded a cooperation at Columbia; before long, he turned into an assistant teacher at MIT.
At MIT, Solow had an office situated next door to Paul Samuelson, another conspicuous economist. Afterward, Samuelson incorporated Solow's research in growth theory into the 6th version of his book, Economics: An Introductory Analysis.
Special Considerations
Solow's Contributions to the Field of Economics
Perhaps of the main concept that Solow is notable for is the Solow residual. It accounts for the job of technology in an economy by measuring its productivity with respect to steady labor and capital. The concept has its underlying foundations in a 1957 article, called "Technical Change and Aggregate Production Function." Based on Gross National Product (GNP) data, Solow reasoned that half of its overall growth happened due to labor and capital. Technical change represented the leftover.
In 1958, Solow co-wrote the book Linear Programming and Economic Analysis. He later distributed Growth Theory — An Exposition in 1970 and The Labor Market as a Social Institution in 1990. Solow's collaborations with Samuelson bore a lot of natural product, with the two economists creating cooperate on Von Neumann's Growth Theory, Theory of Capital, Linear Programming, and the Phillips Curve.
Solow's Other Contributions
Notwithstanding his contributions to the scholarly field of economics, Solow likewise served the government as a member of the Council of Economic Advisers under President Kennedy and on the President's Commission on Income Maintenance under President Nixon.
As indicated by Solow, the key drivers of sustainability (according to an economist's viewpoint) are our choices today about the amount we consume versus the amount we invest.
As a teacher, Solow made innumerable contributions in directing a significant number of his students in their own careers as economists, including some extra Nobel Prize beneficiaries, (for example, his former student, Peter Diamond, who received the award in 2010). While Solow formally retired in 1995, he actually has an office at MIT and he proceeds to research and distribute.
Robert Solow FAQs
For what reason Did Robert Solow Win the Nobel Prize?
Solow won the Nobel Prize for his contributions to the theory of economic growth. The award was in recognition of his excellent contributions to the study of the factors which permit production growth and increased welfare.
What Is the Basic Theory of Robert Solow?
The essential theory of Solow is the Solow residual. The Solow residual is many times portrayed as a measure of productivity growth due to mechanical development; it is the portion of an economy's output growth that can't be credited to the accumulation of capital and labor (the factors of production). It is additionally alluded to as total factor productivity (TFP).
In the Solow Growth Model, When Does the Steady-State Occur?
The steady-state is a state where the level of capital per worker doesn't change. The steady-state is found by tackling the accompanying equation: k' = k => (1 + g)k = (1 - d)k + sakb . (The production function takes the accompanying form: Y = aKbL^1-b ^ where 0 < b < 1.)
What Does Robert M. Solow Associate With Sustainability?
Solow characterizes sustainability as the cultural results that permit people in the future to be also off as individuals are today. For Solow, sustainability doesn't need saving specific resources. In any case, a society must have the option to guarantee that there is adequate capital (human, physical, and natural) for people in the future to make expectations for everyday comforts that are equivalent (or better) than ours.
Features
- As a student at Harvard, Solow turned into a research assistant under teacher and economist Wassily Leontief, and he made contributions to the input-output analysis method in economics, which Leontief created.
- Solow is notable for fostering the concept of Solow residual, which makes sense of the job of technology in productivity increments for an economy.
- Solow won the Nobel Prize for Economics in 1987.
- Robert M. Solow is an American economist and Professor Emeritus at MIT
- Notwithstanding the scholarly world, Solow has likewise served the government as a member of the Council of Economic Advisers (under President Kennedy) and on the President's Commission on Income Maintenance (under President Nixon).
