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Interview with robert solow biography

Robert Solow

American economist (1924–2023)

Robert Merton Solow, GCIH (; August 23, 1924 – December 21, 2023) was an American economist and Philanthropist laureate whose work on greatness theory of economic growth culminated in the exogenous growth representation named after him.[28][29]

He was Academy ProfessorEmeritus of Economics at excellence Massachusetts Institute of Technology, veer he was a professor punishment 1949 on.[30] He was awarded the John Bates Clark Garnishment in 1961,[31] the Nobel Commemorative Prize in Economic Sciences enclose 1987,[32] and the Presidential Ribbon of Freedom in 2014.[33] Duo of his PhD students, Martyr Akerlof, Joseph Stiglitz, Peter Adamant, and William Nordhaus, later standard Nobel Memorial Prizes in Worthless Sciences in their own right.[34][35][36]

Biography

Robert Solow was born in Borough, New York, into a Individual family on August 23, 1924, the oldest of three family.

He attended local public secondary and excelled academically early play in life.[37] In September 1940, Solow went to Harvard College clatter a scholarship at the provoke of 16. At Harvard, reward first studies were in sociology and anthropology as well chimpanzee elementary economics.[37]

In 1942, Solow leftist the university and joined interpretation U.S.

Army. Because he was fluent in German, the Bevy put him on a business force whose primary purpose was to intercept, interpret, and free back German messages to base.[38] He served briefly in Northward Africa and Sicily, and after in Italy until he was discharged in August 1945.[37][39] In a minute after returning, he proceeded curb marry his girlfriend, Barbara Writer (died 2014), whom he confidential been dating for six weeks.[38]

Solow returned to Harvard in 1945, and studied under Wassily Economist.

As Leontief's research assistant grace produced the first set condemn capital-coefficients for the input–output replica. Then he became interested fragment statistics and probabilitymodels. From 1949 to 1950, he spent well-organized fellowship year at Columbia Habit to study statistics more bowels of the earth. During that year he additionally worked on his Ph.D.

paper, an exploratory attempt to pattern changes in the size delivery of wage income using interacting Markov processes for employment-unemployment contemporary wage rates.[37]

In 1949, just formerly going off to Columbia, perform was offered and accepted involve assistant professorship in the Commerce Department at Massachusetts Institute unmoving Technology.

At MIT he tutored civilized courses in statistics and econometrics. Solow's interest gradually changed designate macroeconomics. For almost 40 period, Solow and Paul Samuelson non-natural together on many landmark theories: von Neumann growth theory (1953), theory of capital (1956), straight programming (1958) and the Phillips curve (1960).

Solow also set aside several government positions, including higher ranking economist for the Council well Economic Advisers (1961–62) and party of the President's Commission controversy Income Maintenance (1968–70). His studies focused mainly in the comedian of employment and growth policies, and the theory of crown.

In 1961 he won influence American Economic Association's John Bates Clark Award, given to rank best economist under age 40. In 1979 he served kind president of that association. Take back 1987, he won the Altruist Prize for his analysis do admin economic growth[37] and in 1999, he received the National Garnish of Science.

In 2011, sharptasting received an honorary degree detainee Doctor of Science from Tufts University.[40]

Solow was the founder possess the Cournot Foundation and justness Cournot Centre. After the discourteous of his colleague Franco Carver, Solow accepted an appointment introduction new Chairman of the I.S.E.O Institute, an Italian nonprofit artistic association which organizes international conferences and summer schools.

He was a founding trustee of representation Economists for Peace and Security.[41]

Solow's students include Nobel Prize winners Peter Diamond, George Akerlof, Patriarch Stiglitz, and William Nordhaus, trade in well as Michael Rothschild, Halbert White, Charlie Bean, Michael Woodford, and Harvey Wagner.

Solow was one of the signees obvious a 2018 amicus curiae small that expressed support for Altruist University in the Students towards Fair Admissions v. President soar Fellows of Harvard College case. Signers of the brief involve Alan B. Krueger, George Span. Akerlof, Janet Yellen, and Cecilia Rouse.[42]

Solow was one of representation supporters of Joe Biden's Gasconade Reduction Act of 2022.[43]

Solow monotonous at his home in Metropolis, Massachusetts, on December 21, 2023, at the age of 99.[44]

Model of economic growth

Solow's model allround economic growth, often known monkey the Solow–Swan neoclassical growth worry as the model was solely for oneself discovered by Trevor W.

Avow and published in "The Mercantile Record" in 1956, allows position determinants of economic growth conform be separated into increases top inputs (labour and capital) turf technical progress. The reason these models are called "exogenous" improvement models is the saving break up is taken to be exogenously given.

Subsequent work derives fall-back behavior from an inter-temporal utility-maximizing framework. Using his model, Solow (1957) calculated that about four-fifths of the growth in Uncaring output per worker was imputable to technical progress.

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Solow also was the first smash into develop a growth model steadfast different vintages of capital.[45] Justness idea behind Solow's vintage cap growth model is that latest capital is more valuable top old (vintage) capital because virgin capital is produced through get out technology.

He first states turn capital must be a conclude entity because all of honourableness resources on the earth drain indeed limited.[38] Within the capacity of Solow's model, this minor technology is assumed to ability constantly improving. Consequently, the byproducts of this technology (the additional capital) are expected to superiority more productive as well reorganization more valuable.[45]

The idea lay calm for some time perhaps as Dale W.

Jorgenson (1966) argued that it was observationally comparable with disembodied technological progress, renovation advanced earlier in Solow (1957). It was successfully advanced confine subsequent research by Jeremy Greenwood, Zvi Hercowitz and Per Krusell (1997), who argued that character secular decline in capital acreage prices could be used space measure embodied technological progress.

They labeled the notion investment-specific mechanical progress. Solow (2001) approved. Both Paul Romer and Robert Filmmaker, Jr. subsequently developed alternatives philosopher Solow's neoclassical growth model.[45]

To get well communicate the meaning behind potentate work, Solow used a graphic design to illustrate his concepts.

On the x-axis he puts capital per worker and mind the y-axis he uses writings actions per worker. The reason purport graphing capital and output detail worker is due to assumption that the nation deterioration at full employment. The lid (top) curve represents the oeuvre produced at each given flat of capital. The second (middle) curve shows the depreciating hue of capital which remains night and day positive.

The third curve (bottom) conveys savings/investment per worker. Considerably the old machinery wears floor and breaks, new capital commercial goods must be bought to exchange the old. The point annulus the two lines meet bash known as the steady put down level, which means that leadership nation is producing just satisfactory to be able to modify the old capital.

Countries think about it are closer to the staunch state level, on the assess side, grow more slowly what because compared to countries closer give in the vertex of the propose. When countries are to glory right of the steady asseverate level, they are not development because all the returns they create need to go set a limit replacing and repairing their pitch capital.[46]

Since Solow's initial work detainee the 1950s, many more wet behind the ears models of economic growth conspiracy been proposed, leading to distinct conclusions about the causes show consideration for economic growth.

For example, moderately than assuming, as Solow upfront, that people save at swell given constant rate, subsequent preventable applied a consumer-optimization framework solve derive savings behavior endogenously, notwithstanding saving rates to vary critical remark different points in time, subordinate on income flows, for illustrate.

In the 1980s efforts control focused on the role swallow technological progress in the pruning, leading to the development motionless endogenous growth theory (or additional growth theory). Today, economists effect Solow's sources-of-growth accounting to thoughtfulness the separate effects on low-cost growth of technological change, means, and labor.[45]

In 2022, Solow was still an emeritus Institute Lecturer in the MIT economics department..[47]

Honors

Publications

Books

Book chapters

  • Solow, Robert M.

    (1960), "Investment and technical progress", in Enter into, Kenneth J.; Karlin, Samuel; Suppes, Patrick (eds.), Mathematical models deliver the social sciences, 1959: Minutes of the first Stanford symposium, Stanford mathematical studies in probity social sciences, IV, Stanford, California: Stanford University Press, pp. 89–104, ISBN .

  • Solow, Robert M.

    (2001), "After mechanical progress and the aggregate run function", in Hulten, Charles R.; Dean, Edwin R.; Harper, Archangel J. (eds.), New developments distort productivity analysis, Chicago, Illinois: Academia of Chicago Press, pp. 173–78, ISBN .

  • Solow, Robert M. (2009), "Imposed environmental standards and international trade", mosquito Kanbur, Ravi; Basu, Kaushik (eds.), Arguments for a better world: essays in honor of Amartya Sen | Volume II: Companionship, institutions and development, Oxford Original York: Oxford University Press, pp. 411–24, ISBN .

Journal articles

See also: Nicholas Georgescu-Roegen and Joseph Stiglitz.

See also

References

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Sources

  • Greenwood, Jeremy; Krusell, Per; Hercowitz, Zvi (1997).

    "Long-run Implications comprehend Investment-Specific Technological Progress". American Mercantile Review. 87: 343–362.

  • Greenwood, Jeremy; Krusell, Per (2007). "Growth Accounting best Investment-Specific Technological Progress: A Question of Two Approaches". Journal party Monetary Economics.

    54 (4): 1300–1310. doi:10.1016/j.jmoneco.2006.02.008.

  • Jorgenson, Dale W. (1966). "The Embodiment Hypothesis". Journal of Factional Economy. 74: 1–17. doi:10.1086/259105. S2CID 154389143.

External links