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Solow, Robert Merton

From The Hutchinson Unabridged Encyclopedia with Atlas and Weather Guide
US economist, known primarily for his ground-breaking work on growth theory in the 1950s and 1960s. Solow also contributed to macroeconomic analysis and the economics of non-renewable resources. He was awarded the Nobel Prize for Economics in 1987 for his contributions to the theory of economic growth. His classic papers in the 1950s marked the origins of so-called ‘sources-of-growth accounting’, which for over a decade produced an endless series of estimates of aggregate production functions attempting to separate the contributions to economic growth of increases in the quantity of labour and capital from those of technical change. One of the central findings of this theorizing was that a surprisingly small amount of growth could be linked to either additional capital or even additional labour inputs; ‘technical progress’ accounted for most of the growth of developed countries. Solow went on in a number of other articles to create ‘vintage models’ of growth, that is, growth models in…
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Full text Article Solow, Robert Merton, 1924-

From Routledge Dictionary of Economics
A leading US capital and growth theorist, at samuelson's side in the Cambridge controversies . After a university education at Harvard, since 1950 he has spent his entire academic career at the Massachusetts Institute of Technology. Some of his contributions to growth theory are evident in his text…
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Full text Article Solow, Robert Merton

From Chambers Biographical Dictionary
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Full text Article Subject classifications

From Routledge Dictionary of Economics
These classifications are as used in The Economic Journal (the journal of The Royal Economic Society) and the Journal of Economic Literature. A. General economics and teaching A1 General economics A2 Teaching of economics B. Methodology and history of economic thought B0 General B1 History of…
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Full text Article Quotations by Author

From Chambers Dictionary of Great Quotations
Abbott, Diane Julie 1953- Abelard, Peter 1079-1142 Abercrombie, Lascelles 1881-1938 Abrams, M(eyer) H(oward) 1912- Abse, Dannie 1923-2014 Abu’l-’Alá, Al-Ma’arri 973-1058 Abzug, Bella originally Bella Savitzky 1920-98…
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Full text Article Labor Productivity Growth

From The Oxford Encyclopedia of American Business, Labor, and Economic History
In 1956 the MIT economist Robert Solow published “A Contribution to the Theory of Economic Growth” ( Quarterly Journal of Economics 70 [1956]: 65–94), laying out a theoretical framework for modeling long-run growth in the neoclassical tradition. A year later he published “Technical Change and the…
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Full text Article Regional Development Models

From International Encyclopedia of Human Geography
Harrod-domar model.
© 2020 Elsevier Ltd. All rights reserved. This article is a revision of the previous edition article by M. Dunford, volume 9, pp 192–201, © 2009 Elsevier Ltd. Glossary A theory A therory may be regarded as representation of generalization by explanations using quantitative techniques, empirical…
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Full text Article SOLOW, ROBERT

From Encyclopedia of Nobel Laureates 1901-2017 Full text Article ECONOMICS
SOLOW, ROBERT
Nationality: American b. 23 August 1924, Brooklyn, NY, USA; For his contributions to the theory of economic growth Solow is a leading advocate of government intervention to correct the natural imbalance of the market place. He won his prize for a pioneering 1956 study demonstrating that the rate of…
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Full text Article Expanding Measures of Productivity to Include Natural Capital

From The Changing Wealth of Nations: Building a Sustainable Future
Comparing MFP Growth Measured...
Main Messages Poverty reduction and increasing well-being are tied to gains in economic productivity—how efficiently a country produces goods and services for given inputs. Traditionally, economists measure productivity based on the contribution to gross domestic product (GDP) growth by only two…
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Full text Article Spence, Michael

From The Columbia Encyclopedia
(Andrew Michael Spence), 1943–, American economist and educator, b. Montclair, N.J., Ph.D. Harvard, 1972. He has taught at Stanford (1973–75, 1990–99), Harvard (1975–90), and New York Univ. (2010–), was dean of the faculty of arts and sciences at Harvard (1984–90) and of the business school at…
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LIKE STEAM, COMPUTERS HAVE REVOLUTIONIZED ECONOMIES: TECHNOLOGICAL LEAPS
IN CONTEXT FOCUS Growth and development KEY THINKER Robert Solow (1924–) BEFORE 1934 Joseph Schumpeter stresses the vital role of technological change in economic growth. 1956 Robert Solow devises the neoclassical growth model in which technological change plays a role but is not explained. 1966…
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