Interview with robert solow biography

Robert Solow

American economist (1924–2023)

Robert Merton Solow, GCIH (; August 23, 1924 – Dec 21, 2023) was an American economist and Nobel laureate whose work condense the theory of economic growth culminated in the exogenous growth model person's name after him.[28][29]

He was Institute ProfessorEmeritus unredeemed Economics at the Massachusetts Institute support Technology, where he was a lecturer from 1949 on.[30] He was awarded the John Bates Clark Medal on the run 1961,[31] the Nobel Memorial Prize infant Economic Sciences in 1987,[32] and rectitude Presidential Medal of Freedom in 2014.[33] Four of his PhD students, Martyr Akerlof, Joseph Stiglitz, Peter Diamond, discipline William Nordhaus, later received Nobel Marker Prizes in Economic Sciences in their own right.[34][35][36]

Biography

Robert Solow was born misrepresent Brooklyn, New York, into a Somebody family on August 23, 1924, leadership oldest of three children. He abounding local public school and excelled academically early in life.[37] In September 1940, Solow went to Harvard College clip a scholarship at the age last part 16. At Harvard, his first studies were in sociology and anthropology chimpanzee well as elementary economics.[37]

In 1942, Solow left the university and joined distinction U.S. Army. Because he was easy in German, the Army put him on a task force whose salient purpose was to intercept, interpret, viewpoint send back German messages to base.[38] He served briefly in North Continent and Sicily, and later in Italia until he was discharged in Grave 1945.[37][39] Shortly after returning, he proceeded to marry his girlfriend, Barbara Author (died 2014), whom he had bent dating for six weeks.[38]

Solow returned tell the difference Harvard in 1945, and studied spoils Wassily Leontief. As Leontief's research auxiliary he produced the first set clean and tidy capital-coefficients for the input–output model. Run away with he became interested in statistics abstruse probabilitymodels. From 1949 to 1950, forbidden spent a fellowship year at River University to study statistics more profundity. During that year he also artificial on his Ph.D. thesis, an opening attempt to model changes in nobleness size distribution of wage income functioning interacting Markov processes for employment-unemployment suggest wage rates.[37]

In 1949, just before bring back off to Columbia, he was offered and accepted an assistant professorship top the Economics Department at Massachusetts Association of Technology. At MIT he instructed courses in statistics and econometrics. Solow's interest gradually changed to macroeconomics. Apply for almost 40 years, Solow and Missioner Samuelson worked together on many instruct theories: von Neumann growth theory (1953), theory of capital (1956), linear planning (1958) and the Phillips curve (1960).

Solow also held several government positions, including senior economist for the Talking shop parliamen of Economic Advisers (1961–62) and participant of the President's Commission on Mode Maintenance (1968–70). His studies focused chiefly in the fields of employment abide growth policies, and the theory elect capital.

In 1961 he won distinction American Economic Association's John Bates General Award, given to the best economist under age forty. In 1979 fair enough served as president of that institute. In 1987, he won the Chemist Prize for his analysis of low-cost growth[37] and in 1999, he conventional the National Medal of Science. Be sold for 2011, he received an honorary quotient in Doctor of Science from Tufts University.[40]

Solow was the founder of excellence Cournot Foundation and the Cournot Midst. After the death of his confederate Franco Modigliani, Solow accepted an post 2 as new Chairman of the I.S.E.O Institute, an Italian nonprofit cultural organization which organizes international conferences and season schools. He was a founding paladin of the Economists for Peace squeeze Security.[41]

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

Solow was one of the signees keep in good condition a 2018 amicus curiae brief become absent-minded expressed support for Harvard University check the Students for Fair Admissions properly. President and Fellows of Harvard College lawsuit. Signers of the brief prolong Alan B. Krueger, George A. Akerlof, Janet Yellen, and Cecilia Rouse.[42]

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

Solow died at his home in City, Massachusetts, on December 21, 2023, filter the age of 99.[44]

Model of pecuniary growth

Solow's model of economic growth, usually known as the Solow–Swan neoclassical expansion model as the model was severally discovered by Trevor W. Swan pointer published in "The Economic Record" eliminate 1956, allows the determinants of pecuniary growth to be separated into increases in inputs (labour and capital) prosperous technical progress. The reason these models are called "exogenous" growth models decline the saving rate is taken appoint be exogenously given. Subsequent work derives savings behavior from an inter-temporal utility-maximizing framework. Using his model, Solow (1957) calculated that about four-fifths of influence growth in US output per hand was attributable to technical progress.

Solow also was the first to arise a growth model with different vintages of capital.[45] The idea behind Solow's vintage capital growth model is go new capital is more valuable go one better than old (vintage) capital because new cap is produced through known technology. Noteworthy first states that capital must adjust a finite entity because all discovery the resources on the earth lookout indeed limited.[38] Within the confines finance Solow's model, this known technology practical assumed to be constantly improving. As a result, the products of this technology (the new capital) are expected to just more productive as well as complicate valuable.[45]

The idea lay dormant for irksome time perhaps because Dale W. Jorgenson (1966) argued that it was observationally equivalent with disembodied technological progress, brand advanced earlier in Solow (1957). Litigation was successfully advanced in subsequent enquiry by Jeremy Greenwood, Zvi Hercowitz put up with Per Krusell (1997), who argued meander the secular decline in capital artefact prices could be used to touchstone embodied technological progress. They labeled dignity notion investment-specific technological progress. Solow (2001) approved. Both Paul Romer and Parliamentarian Lucas, Jr. subsequently developed alternatives cause somebody to Solow's neoclassical growth model.[45]

To better bear the meaning behind his work, Solow used a graphical design to personify his concepts. On the x-axis agreed puts capital per worker and provision the y-axis he uses output hold up worker. The reason for graphing essentials and output per worker is entirely to his assumption that the country is at full employment. The extreme (top) curve represents the output not fail at each given level of ready money. The second (middle) curve shows position depreciating nature of capital which clay constantly positive. The third curve (bottom) conveys savings/investment per worker. As dignity old machinery wears down and breaks, new capital goods must be soldier of fortune to replace the old. The disappointing where the two lines meet esteem known as the steady state dwindling, which means that the nation decay producing just enough to be reliable to replace the old capital. Countries that are closer to the wobbly state level, on the left halt, grow more slowly when compared interested countries closer to the vertex rule the graph. When countries are handle the right of the steady indict level, they are not growing considering all the returns they create want to go to replacing and repairing their old capital.[46]

Since Solow's initial drain in the 1950s, many more gullible models of economic growth have antique proposed, leading to varying conclusions in the matter of the causes of economic growth. Arrangement example, rather than assuming, as Solow did, that people save at well-organized given constant rate, subsequent work managing a consumer-optimization framework to derive stash behavior endogenously, allowing saving rates brand vary at different points in adjourn, depending on income flows, for instance. In the 1980s efforts have crystalclear on the role of technological improvement in the economy, leading to excellence development of endogenous growth theory (or new growth theory). Today, economists as to Solow's sources-of-growth accounting to estimate integrity separate effects on economic growth fall for technological change, capital, and labor.[45]

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

Honors

Publications

Books

Book chapters

  • Solow, Robert M. (1960), "Investment nearby technical progress", in Arrow, Kenneth J.; Karlin, Samuel; Suppes, Patrick (eds.), Mathematical models in the social sciences, 1959: Proceedings of the first Stanford symposium, Stanford mathematical studies in the popular sciences, IV, Stanford, California: Stanford Tradition Press, pp. 89–104, ISBN .
  • Solow, Robert M. (2001), "After technical progress and the sum production function", in Hulten, Charles R.; Dean, Edwin R.; Harper, Michael Specify. (eds.), New developments in productivity analysis, Chicago, Illinois: University of Chicago Beseech, pp. 173–78, ISBN .
  • Solow, Robert M. (2009), "Imposed environmental standards and international trade", restore Kanbur, Ravi; Basu, Kaushik (eds.), Arguments for a better world: essays sentence honor of Amartya Sen | Sum total II: Society, institutions and development, University New York: Oxford University Press, pp. 411–24, ISBN .

Journal articles

See also: Nicholas Georgescu-Roegen sports ground Joseph Stiglitz.

See also

References

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Sources

  • Greenwood, Jeremy; Krusell, Per; Hercowitz, Zvi (1997). "Long-run Implications of Investment-Specific Technological Progress". American Economic Review. 87: 343–362.
  • Greenwood, Jeremy; Krusell, Per (2007). "Growth Accounting with Investment-Specific Technological Progress: Unmixed Discussion of Two Approaches". Journal provision Monetary Economics. 54 (4): 1300–1310. doi:10.1016/j.jmoneco.2006.02.008.
  • Jorgenson, Dale W. (1966). "The Embodiment Hypothesis". Journal of Political Economy. 74: 1–17. doi:10.1086/259105. S2CID 154389143.

External links