Robert Solow’s profile picture

Robert Solow

Robert Solow’s profile picture
Net worth 2018: $109.3 Million
Residence: Brooklyn, New York
Country: United States
BirthDay: 23 August 1924
Sigh: Virgo
Height: 1.68 m

Robert Solow was bornon 23 August 1924 in Brooklyn, New York, American, is Economist. 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.


$109.3 Million


He became the president of the ‘American Economic Association’ in 1979


From 1975 to he was a director of the Boston Federal Reserve Bank and its chairman during the last year


He was a member in the President Nixon’s ‘Commission on Income Maintenance’ from 1968 to 1970


‘The New Industrial State of Son of Affluence’ was published in 1967


He was a member of President Johnson’s ‘Committee on Technology, Automation and Economic Progress’ from 1964 to 1965


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


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


Solow’s first major work was an article titled ‘A contribution to the Theory of Economic Growth’ which was published in 1956


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


In 1950 he developed the mathematical model which shows how various factors can jointly contribute to create sustained economic growth for the country


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


After being discharged from the Armed Forces in 1945 when the war was over, Solow rejoined the Harvard University as research assistant under Wassily Leontief


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


Solow joined the Harvard College in 1940 where he studied sociology, anthropology and elementary economics initially


Solow was born in Brooklyn, New York, USA on August 23, 1924 into a Jewish family

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