This Biography is about one of the best Economist Robert Solow including his Height, weight,Age & Other Detail…
|Biography Of Robert Solow|
|Real Name||Robert Solow|
|Nick Name||Robert Merton Solow|
|Personal Life of Robert Solow|
|Born on||23 August 1924|
|Born in||Brooklyn, New York|
|Family Background of Robert Solow|
|Father||Milton Henry Solow|
|Mother||Hannah Gertrude Sarney|
|Awards||John Bates Clark Medal (1961) Nobel Memorial Prize in Economic Sciences (1987) National Medal of Science (1999) Presidential Medal of Freedom (2014)|
|Personal Fact of Robert Solow|
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.
|This Biography Written By 7infi.com|