Robert Solow

Robert Solow

Born: 1924.

Biography

Robert Solow is one of the major figures of the Neo-Keynesian Synthesis macroeconomics. Together with Paul Samuelson, he formed the core of the M.I.T. economics department which has been widely viewed as the 'mainstream' of the post-war period. Together, Robert Solow and Paul Samuelson have contributed to various landmark pieces of work: e.g. on von Neumann growth theory (1953), on capital theory (1956), on linear programming (1958) and on the Phillips Curve (1960).

Individually, Robert Solow is best known for his work on the neo-classical growth model (1956, 1970). His use of an aggregate production function in that paper launched the Cambridge Capital Controversy with pitted Solow and Samuelson against Joan Robinson and the Cambridge Keynesians. His various papers on the issue of capital bear out the magnitude of the problem (1963, 1967).

In turn, Solow also got imbroiled with Nicholas Kaldor on the issue of growth and technological progress (1957, 1960). He was also one of the co-inventors of the constant elasticity of substitution (CES) production function (1961). He is also responsible for exploring and popularizing the 'long-run multiplier' derived from a dynamic government budget constraint. (1973)

It was Solow's work on growth that earned him a Nobel Memorial prize in 1987.

Major Books of Robert Solow

- Analytical Foundations of Fiscal Policy, with A.S. Blinder, 1974, in Blinder et al., The Economics of Public Finance
- Capital Theory and the Rate of Return, 1963
- Critical Essay on Modern Macroeconomic Theory, with F.H.Hahn, 1995
- Growth Theory: An exposition, 1970
- Inflation, Unemployment, and Monetary Policy with John Bigelow Taylor, 1998
- The Interest Rate and Transition between Techniques, 1967, in Feinstein, editor, Socialism, Capitalism and Economic Growth
- Investment and Technical Progress, 1960, in Arrow, Karlin and Suppes, editors, Mathematical Models in Social Sciences
- Learning from 'Learning by Doing': Lessons for Economic Growth, 1997
- Linear Programming and Economic Analysis, with R. Dorfman and P.A. Samuelson, 1958
- Made in America, 1989, with M. Dertouzos and R. Lester
- Money, Inflation and Growth, with A. Orphanides, in Friedman and Hahn, editors, Handbook of Monetary Economics Vol. 1, 1990
- Monopolistic Competition and Macroeconomic Theory, 1998
- Neoclassical Growth Theory, in Taylor and Woodford, editors, Handbook of Macroeconomics Vol. 1A, 2000
- Work and Welfare, 1998
- An Almost Practical Step Toward Sustainability, 1998
- The Labor Market As a Social Institution, 1990
- Price Expectations and the Behaviour of the Price Level, 1970

Major Articles of Robert Solow

- 1952, On the Structure of Linear Models, Econometrica
- 1953, Balanced Growth under Constant Returns to Scale, with P.A. Samuelson, Econometrica
- 1956, A Complete Capital Model Involving Heterogeneous Capital Goods, with P.A. Samuelson, QJE
- 1956, A Contribution to the Theory of Economic Growth, QJE
- 1957, Technical Change and the Aggregate Production Function, REStat
- 1960, Analytical Aspects of Anti-Inflation Policy, with P.A. Samuelson, AER
- 1961, Capital Labor Substitution and Economic Efficiency, with K.J. Arrow, H. Chenery and B.Minhas, REStat
- 1962, Substitution and Fixed Proportions in the Theory of Capital, RES
- 1963, Heterogeneous Capital and Smooth Production Functions: An Experimental Study, Econometrica
- 1966, Neoclassical Growth with Fixed Factor Proportions, with J. Tobin, C.C. von Weizsacker and M. Yaari RES
- 1968, Output, Employment, and Wages in the Short Run, with J.E. Stiglitz, QJE
- 1973, Does Fiscal Policy Matter?, with A.S. Blinder, Journal of Public Economics
- 1974, The Economics of Resources or the Resources of Economics, AER
- 1974, Intergenerational Equity and Exhaustible Resources, RES
- 1979, Alternative Approaches to Macroeconomic Theory: A Partial View, CJE
- 1980, On Theories of Unemployment, AER
- 1985, Economic History and Economics, AER
- 1988, Growth Theory and After, AER
- 1997, What is Labor Market Flexibility: What is it Good For?, Proceedings of the British Academy
- 1997, Judgemental Cuts in Consumer Price Indexation Are a Bad Idea, with K. Arrow and J. Tobin, FAS
- 1997, The Nature of Consumer Price Indices, FAS
- 1997, How Did Economics Get That Way & What Way Did It Get?:Evolution of Economics Into a More Technical Discipline, Daedalus
- 1999, On Golden Pond, NY Review of Books
- 2000, Welfare: The Cheapest Country, NY Review of Books
- 2000, Economies of Truth: Review of Jacobs, New Republic
- 2004, Introduction: The Tobin Approach to Monetary Economics, JMCB
- 2005, How Did Economics Get That Way & What Way Did It Get?, Daedalus

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