Robert Solow

@Economists, Birthday and Family ★ ★ ★ ★ ★ 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 American Intellectuals & Academics Economists Leo Celebrities 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.

Personal Details

Birthday: August 23, 1924 Nationality: American Famous: Intellectuals & Academics, Economists Spouses: Barbara Lewis Known as: Robert Merton Solow Birth Place: Brooklyn, New York Height: 168cm Information Detail Birthday August 23, 1924 Nationality American Famous Intellectuals & Academics, Economists Spouses Barbara Lewis Known as Robert Merton Solow Birth Place Brooklyn, New York Height 168cm Gender Male Father Milton Henry Solow Mother Hannah Gertrude Sarney Net Worth $109.3 million as of March 28,2017 Sun Sign Leo Born in Brooklyn, New York Famous as Economist

Brooklyn, New York

Robert Solow born at Unsplash Birth Place

Robert M. Solow married Barbara Lewis in 1945 after coming back from the war. They have two sons and a daughter from the marriage. Unsplash Personal Life

Robert M. Solow was born in Brooklyn, New York, USA on August 23, 1924 into a Jewish family.He was the eldest of the three children. He had two younger sisters. Unsplash Childhood & Early Life

Both his parents were children of immigrants who had to start earning a living as soon as they passed out from their school. His father Milton Henry Solow was involved in an international business dealing in furs and his mother was Hannah Gertrude Sarney. He was the first generation of children to attend university. Unsplash Childhood & Early Life

He did his initial schooling at public schools in New York City and excelled in his studies. He won a scholarship for studying at the Harvard College at the age of 16. Unsplash Childhood & Early Life

Solow joined the Harvard College in 1940 where he studied sociology, anthropology and elementary economics initially. Unsplash Childhood & Early Life

In 1942, at the age of 18, he left the university and joined the Army Signal Corps to fight in the Second World War and served briefly in North Africa, Sicily and Italy. Unsplash Childhood & Early Life

In 1949 he was offered the post of Assistant Professor in the Economics Department at the Massachusetts Institute of Technology and joined the institute in 1950. Here he taught courses in econometrics and statistics. Unsplash Career

In 1950 he developed the mathematical model which shows how various factors can jointly contribute to create sustained economic growth for the country. Contrary to the normal belief, he illustrated that the progress of technology provides a bigger boost to the economy rather than an increase in only capital or labor. Unsplash Career

His interests turned gradually to macroeconomics and he worked with Samuelson on the ‘Von Neuman growth theory’ during 1953, the ‘theory of capital’ during 1956, ‘linear programming’ theory during 1958 and the ‘Phillips curve’ during 1960. Unsplash Career

He became a full professor at the M. I. T. in 1958 and a professor emeritus in 1995. Unsplash Career

He joined the ‘Council of Economic Advisers’ in the John F. Kennedy administration as a senior economist and worked with council from 1961 to 1962 and was a consultant for the council from 1962 to 1968. Unsplash Career

Robert M. Solow’s first major work was an article titled ‘A contribution to the Theory of Economic Growth’ which was published in 1956. Unsplash Major Works

His second article ‘Technical Change and the Aggregate Production function’, written in collaboration with Paul Samuelson and Robert Dorfman, came out in 1958 while his third work ‘Capital Theory and the Rate of Return’ was published in 1963. Unsplash Major Works

‘The New Industrial State of Son of Affluence’ was published in 1967. Unsplash Major Works

Information	Detail
Birthday	August 23, 1924
Nationality	American
Famous	Intellectuals & Academics, Economists
Spouses	Barbara Lewis
Known as	Robert Merton Solow
Birth Place	Brooklyn, New York
Height	168cm
Gender	Male
Father	Milton Henry Solow
Mother	Hannah Gertrude Sarney
Net Worth	$109.3 million as of March 28,2017
Sun Sign	Leo
Born in	Brooklyn, New York
Famous as	Economist

Robert Solow

American

Aug 23, 1924

Biography

Personal Details

Brooklyn, New York