Robert Solow - The State of the Economy & Some Implications for the Energy Industry
Nobel Laureate, 1987
Institute Professor, Emeritus
Robert M. Solow is considered to be one of the founders of modern neoclassical economics. He utilized determinants of economic growth to be separated out into increases in inputs and technical progress. Using his model, he calculated that about four-fifths of the growth in U.S. output per worker was attributable to technical progress. Solow also was the first to develop a growth model with different vintages of capital.
Professor Solow held several government positions, including Senior Economist for the Council of Economic Advisers, and member of the President's Commission on Income Maintenance (1968-70). He won the 1961 American Economic Associations John Bates Clark award in 1961, and the Nobel Prize in 1987 for his analysis of economic growth. Solow also received the National Medal of Science in 1999.
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