Robert Solow
Robert Solow was a groundbreaking economist renowned for his innovative research on the drivers of economic growth. Solow was Institute Professor Emeritus at MIT, where he was one of the core figures who helped turn the Department of Economics into a powerhouse program. He is well-known for developing the concept of Solow residual, which explains the role of technology in productivity increases for an economy. This model proposed that growth occurred not solely from the accumulation of capital and increase in labor, as previously theorized, but also from what Solow called “technological progress”—a term now better known as total-factor-productivity growth, which encompasses advances in technology as well as in management and organizational techniques. Solow passed away in December 2023 at the age of 99.
Robert Solow Professional Experience / Academic History
Professional Experience
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Professor Emeritus
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Professor of Economics
Academic History
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Ph.D.
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Master of Arts
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Bachelor of Arts
In the 1950s, Solow changed the scope of economic growth, disproving traditional economic standpoints.
He developed a mathematical model illustrating how various factors can contribute to sustained national economic growth.
It is known as the Solow-Swan Neo-Classical Growth Model, a groundbreaking theory within economics.
His model is the standard for analyzing the mechanics of economic growth and for exhibiting the importance of research and technological innovation in improving economic productivity.
Solow began teaching economics at MIT in 1949, becoming a Full Professor in 1958 and Institute Professor in 1973.
At MIT, he mentored several generations of leading economists, including four Nobel laureates: Peter Diamond, Joseph E. Stiglitz, William D. Nordhaus, and George A. Akerlof.
He published numerous articles in the most salient journals of economics as well as several books.
In addition to academia, Solow also served the government as a member of the Council of Economic Advisers under President Kennedy and on the President's Commission on Income Maintenance under President Nixon.
RECOGNITIONS
2014 Presidential Medal of Freedom
2000 National Medal of Science
1986 Nobel Prize in Economics
1961 John Bates Clark Medal