Robert M. Solow
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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, Solow and 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 Neoclassical 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 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.


flag The U.S. Economy: The Last 50 Years and the Next 50 Years
as author at  MIT World Series: Nobel Laureate Speakers,
together with: Franco Modigliani, Paul A. Samuelson,