Robert M Solow

Robert M. Solow was born in in Brooklyn, New York on August 23rd, 1924. He graduated from Harvard University and is most commonly known for his contributions to Economic Growth Theory of which, he received a Nobel Prize for in 1987. Solow has been teaching his theory as a professor at MIT since 1950. His theory assumed that wages could adjust in order to keep labor fully employed. He showed, with mathematical models of growth, that half of economic growth could not be accounted for solely on capital and labor increases. This part of economic growth that had been not been account for before came to be known as the "Solow Residual". Economists nowadays use this Residual to estimate different effects on growth of capital, labor force, and technological advancement. I did not know about Solow before this class but I would say Solow's work is relevant to this class because it gives us some insight as far as Economic Growth factors. His mathematical theory makes us think of...