The Elusive Quest for Growth: Economists' Adventures and Misadventures in the Tropics
by William R. Easterly · 1 Aug 2002 · 355pp · 63 words
empirically meaningful rate of growth.” He said his theory made no sense for long-run growth, and instead he endorsed the new growth theory of Robert Solow (which I discuss in thenext chapter). To sum up, Domar’s model was not intended as a growth model, made no sense as a growth
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the Key to Growth Politicians are the same all over. They promise to build bridges, even where there are no rivers. Nikita Khrushchev Nobel laureate Robert Solow published his theory of growth in a couple of articles in 1956 and 1957. His conclusion surprised many, and still surprises many today: investment in
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About Government Involvement, Prosperity, and Economic Growth?” Brookings Papers on Economic Activity 10, no. 2:373-415. Solow, Robert M. 1957. “Technical Change and the Aggregate Production Function.” Review of Economics and Statistics 39:312-320. Solow, Robert M. 1987. Growth Theory: An Exposition. New York: Oxford University Press. (Originally published 1970). Stremlau, John
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,201,206,250 Slaves, 266 Smith, Adam, 30,201 Social cost, 9, 68, 77, 83, 90, 93, 96,112, 131 Socialism, 154 Sokoloff, Ken, 266 Solow, Robert, 40,47, 48, 49, 50, 51, 54, 56, 57, 69, 78, 146, 166 Somalia, 12, 128, 210, 251 South Africa, 164, 250 South America, 266
Good Economics for Hard Times: Better Answers to Our Biggest Problems
by Abhijit V. Banerjee and Esther Duflo · 12 Nov 2019 · 470pp · 148,730 words
things economists can measure. To make ourselves feel better, economists have given it its own name: total factor productivity, or TFP. (The famous growth economist Robert Solow defined TFP to be “a measure of our ignorance.”) Growth in total factor productivity is what is left after we have accounted for everything we
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years in the United States. SOLOW’S HUNCH This should not come as a complete surprise. Remarkably, at the height of postwar growth, in 1956 Robert Solow wrote a paper suggesting growth would eventually slow down.23 His basic point was that as per capita GDP goes up, people save more, and
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known as the Growth Commission). Spence initially refused, but convinced by the enthusiasm of his would-be fellow panelists, a highly distinguished group that included Robert Solow, he finally agreed. But their report ultimately recognized that there are no general principles, and no two growth episodes seem alike. Bill Easterly, not very
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any efficient reallocation of resources. EVERYONE WAS RIGHT, EVERYONE WAS WRONG Where does all of this leave us in our understanding of economic growth? Well, Robert Solow was right. Growth seems to slow down as countries get to a certain level of per capita income. At the technological frontier, that is to
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we think about central issues of policy analysis. They do this with simple logic and plain English. Their book is as stimulating as it gets.” —Robert Solow, Nobel Prize–winner and emeritus professor of economics, Massachusetts Institute of Technology “In these tumultuous times when many bad policies and ideas are bandied around
Debunking Economics - Revised, Expanded and Integrated Edition: The Naked Emperor Dethroned?
by Steve Keen · 21 Sep 2011 · 823pp · 220,581 words
macroeconomics when they began their campaign. So they developed a neoclassical macro model from the foundation of the neoclassical growth model developed by Nobel laureate Robert Solow (Solow 1956) and Trevor Swan (Swan 2002). They interpreted the equilibrium growth path of the economy as being determined by the consumption and leisure preferences
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. And there are no banks, no debt, and indeed no money in this model. You think I’m joking? I wish I was. Here’s Robert Solow’s own summary of these models – initially called ‘real business cycle’ models, though over time they morphed into what are now called ‘Dynamic Stochastic General
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security social welfare; maximization of social well-being socialism; perceived inevitability of; scientific socialist economies, shortages in society, as sum of individuals soft budget constraint Solow, Robert Sonnenschein, H. F. Sonnenschein-Mantel-Debreu (SMD) conditions Sornette, Didier Soros, George South Sea Bubble speculation; debt-financed; in housing; on stock market Sraffa, Piero
What Would the Great Economists Do?: How Twelve Brilliant Minds Would Solve Today's Biggest Problems
by Linda Yueh · 4 Jun 2018 · 453pp · 117,893 words
rule of law have come to the forefront of development policies. We’ll ask how North would reform institutions to promote economic development. His contemporary Robert Solow holds a different perspective. Solow produced the seminal work on neoclassical economic growth that North deemed to be incomplete. The Solow model aims to explain
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serious study of institutions. The promise is there. We may never have definitive answers to all our questions. But we can do better.’30 12 Robert Solow: Do We Face a Slow-Growth Future? Economic growth across major economies is slower today than before the 2008 global financial crisis, but not just
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growth rate may be lower than before. Or, worse, be stagnant. How worried should we be? The author of the workhorse of economic growth models, Robert Solow, might provide some answers. The Solow model shows that economic growth occurs when workers and capital are added to the economy, but that it is
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is even more important. How to raise productivity lies at the heart of whether or not we’re doomed to a stagnant future. What would Robert Solow, whose pioneering work has helped us to understand what generates economic growth, make of the prospect of low productivity and a slow-growth future for
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major economies? The life and times of Robert Solow Robert Solow was born in 1924 in Brooklyn. The son of Jewish immigrants, his was the first generation of the family to go to college. He attributes
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that was next to Samuelson’s until the latter’s death in 2009. The Solow growth model In influential articles in 1956 and 1957,5 Robert Solow laid the foundations for understanding economic growth. The Solow growth model is the standard neoclassical model that is taught in every textbook, including mine. The
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government to focus on what really matters for the long-term standard of living in the UK. Solow on the slow-growth dilemma What would Robert Solow have suggested as a solution to the slow-growth dilemma? Ensuring that investment stays buoyant is particularly urgent after a financial crisis and recession. Solow
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in not just R&D but also people’s skills and firms’ practices to embed those technologies into how businesses operate. The basic tenets of Robert Solow’s model of economic growth point the way forward. As the saying goes, demography is not destiny. After all, as I write this, Solow is
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an active economist working well into his nineties. * * * Robert Solow is not only a scholar but also understands the importance of contributing to public discussions of economic issues. He once wrote an essay entitled ‘How
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path dependence and history matter. For him, building on existing institutions would be vital to formulating a future relationship between the UK and the EU. Robert Solow would stress that investment is key to stronger growth and better jobs. But international agreements on investments are few (the EU and China intend to
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. Robert Rhodes James, vol. VII, London: R. R. Bowker, p. 7566 Clement, Douglas, 2002, ‘Interview with Robert Solow’, The Region, Federal Reserve Bank of Minneapolis, 1 September; www.minneapolisfed.org/publications/the-region/interview-with-robert-solow Colander, David C. and Harry Landreth, 1996, The Coming of Keynesianism to America: Conversations with the Founders
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Nature and Causes of the Wealth of Nations by Adam Smith, eds. R. H. Campbell, A. S. Skinner and W. B. Todd, Oxford: Clarendon Press Solow, Robert, 1956, ‘A Contribution to the Theory of Economic Growth’, Quarterly Journal of Economics, 70(1), pp. 65–94 ________, 1957, ‘Technical Change and the Aggregate Production
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. 372–3. 27. Ibid., p. 402. 28. Ibid., p. 426. 29. Ibid., p. 427. 30. North, Institutions, Institutional Change and Economic Performance, p. 140. 12 – Robert Solow: Do We Face a Slow-Growth Future? 1. Nobelprize.org, 1987, ‘Robert M. Solow – Biographical’, Nobel Media AB 2014; www.nobelprize.org/nobel_prizes/economic
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’, The New York Times, 22 October. 3. Ibid. 4. Nobelprize.org, ‘Robert M. Solow – Biographical’. 5. Robert Solow, 1956, ‘A Contribution to the Theory of Economic Growth’, Quarterly Journal of Economics, 70(1), pp. 65–94; Robert Solow, 1957, ‘Technical Change and the Aggregate Production Function’, Review of Economics and Statistics, 39(3), pp
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Productivity Paradox’, American Economic Review, 80(2), pp. 355–61. 7. Douglas Clement, 2002, ‘Interview with Robert Solow’, The Region, Federal Reserve Bank of Minneapolis, 1 September; www.minneapolisfed.org/publications/the-region/interview-with-robert-solow 8. OECD, 2015, Economic Surveys: United Kingdom, Paris: OECD. 9. João Paulo Pessoa and John Van Reenen
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’, Nobel Media AB 2014; www.nobelprize.org/nobel_prizes/economic-sciences/laureates/1987/solow-lecture.html 15. Ibid. 16. Ibid. 17. Ibid. 18. Ibid. 19. Robert Solow, 1989, ‘How Economic Ideas Turn to Mush’, in The Spread of Economic Ideas, eds. David Colander and A. W. Coats, Cambridge: Cambridge University Press, pp
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. 75–84. 20. Clement, ‘Interview with Robert Solow’. 21. Feder, ‘Man in the News’. 22. Clement, ‘Interview with Robert Solow’. Epilogue: The Future of Globalization 1. ‘Globalization and Rapid Change Sparked Backlash, Says Obama’, Financial Times, 15 November 2016. 2
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National Health Service (UK) National Infrastructure Commission (UK) Navigation Acts neoclassical economics convergence hypothesis ‘neoclassical synthesis’ New Neoclassical Synthesis see also Fisher, Irving; Marshall, Alfred; Solow, Robert Neoclassical Synthesis see also Samuelson, Paul New Classicists see also Lucas, Jr, Robert New Deal New Institutional Economics see also North, Douglass New Keynesians see
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Moral Sentiments The Wealth of Nations social capital social networks social services socialism communist see communism vs welfare state capitalism Solow, Barbara (‘Bobby’), née Lewis Solow, Robert and the backlash against globalization with Council of Economic Advisers doctoral thesis economic growth model ‘How Economic Ideas Turn to Mush’ John Bates Clark Medal
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Robinson: Why Are Wages So Low? 10. Milton Friedman: Are Central Banks Doing Too Much? 11. Douglass North: Why Are So Few Countries Prosperous? 12. Robert Solow: Do We Face a Slow-Growth Future? Epilogue: The Future of Globalization Acknowledgements Glossary Bibliography Notes Index About the Author Copyright WHAT WOULD THE GREAT
The Great Economists: How Their Ideas Can Help Us Today
by Linda Yueh · 15 Mar 2018 · 374pp · 113,126 words
Robinson: Why are Wages so Low? 10. Milton Friedman: Are Central Banks Doing Too Much? 11. Douglass North: Why are so Few Countries Prosperous? 12. Robert Solow: Do We Face a Slow-Growth Future? Epilogue: The Future of Globalization Notes Bibliography Glossary Acknowledgements Follow Penguin To my family Introduction: Great Economists on
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rule of law have come to the forefront of development policies. We’ll ask how North would reform institutions to promote economic development. His contemporary Robert Solow holds a different perspective. Solow produced the seminal work on neoclassical economic growth that North deemed to be incomplete. The Solow model aims to explain
…
study of institutions. The promise is there. We may never have definitive answers to all our questions. But we can do better.’30 CHAPTER 12 Robert Solow: Do We Face a Slow-Growth Future? Economic growth across major economies is slower today than before the 2008 global financial crisis, but not just
…
growth rate may be lower than before. Or, worse, be stagnant. How worried should we be? The author of the workhorse of economic growth models, Robert Solow, might provide some answers. The Solow model shows that economic growth occurs when workers and capital are added to the economy, but that it is
…
is even more important. How to raise productivity lies at the heart of whether or not we’re doomed to a stagnant future. What would Robert Solow, whose pioneering work has helped us to understand what generates economic growth, make of the prospect of low productivity and a slow-growth future for
…
major economies? The life and times of Robert Solow Robert Solow was born in 1924 in Brooklyn. The son of Jewish immigrants, his was the first generation of the family to go to college. He attributes
…
that was next to Samuelson’s until the latter’s death in 2009. The Solow growth model In influential articles in 1956 and 1957,5 Robert Solow laid the foundations for understanding economic growth. The Solow growth model is the standard neoclassical model that is taught in every textbook, including mine. The
…
government to focus on what really matters for the long-term standard of living in the UK. Solow on the slow-growth dilemma What would Robert Solow have suggested as a solution to the slow-growth dilemma? Ensuring that investment stays buoyant is particularly urgent after a financial crisis and recession. Solow
…
in not just R&D but also people’s skills and firms’ practices to embed those technologies into how businesses operate. The basic tenets of Robert Solow’s model of economic growth point the way forward. As the saying goes, demography is not destiny. After all, as I write this, Solow is
…
an active economist working well into his nineties. Robert Solow is not only a scholar but also understands the importance of contributing to public discussions of economic issues. He once wrote an essay entitled ‘How
…
path dependence and history matter. For him, building on existing institutions would be vital to formulating a future relationship between the UK and the EU. Robert Solow would stress that investment is key to stronger growth and better jobs. But international agreements on investments are few (the EU and China intend to
…
–3. 27. Ibid., p. 402. 28. Ibid., p. 426. 29. Ibid., p. 427. 30. North, Institutions, Institutional Change and Economic Performance, p. 140. Chapter 12 – Robert Solow: Do We Face a Slow-Growth Future? 1. Nobelprize.org, 1987, ‘Robert M. Solow – Biographical’, Nobel Media AB 2014; www.nobelprize.org/nobel_prizes/economic
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’, The New York Times, 22 October. 3. Ibid. 4. Nobelprize.org, ‘Robert M. Solow – Biographical’. 5. Robert Solow, 1956, ‘A Contribution to the Theory of Economic Growth’, Quarterly Journal of Economics, 70(1), pp. 65–94; Robert Solow, 1957, ‘Technical Change and the Aggregate Production Function’, Review of Economics and Statistics, 39(3), pp
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Productivity Paradox’, American Economic Review, 80(2), pp. 355–61. 7. Douglas Clement, 2002, ‘Interview with Robert Solow’, The Region, Federal Reserve Bank of Minneapolis, 1 September; www.minneapolisfed.org/publications/the-region/interview-with-robert-solow 8. OECD, 2015, Economic Surveys: United Kingdom, Paris: OECD. 9. João Paulo Pessoa and John Van Reenen
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’, Nobel Media AB 2014; www.nobelprize.org/nobel_prizes/economic-sciences/laureates/1987/solow-lecture.html 15. Ibid. 16. Ibid. 17. Ibid. 18. Ibid. 19. Robert Solow, 1989, ‘How Economic Ideas Turn to Mush’, in The Spread of Economic Ideas, eds. David Colander and A. W. Coats, Cambridge: Cambridge University Press, pp
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. 75–84. 20. Clement, ‘Interview with Robert Solow’. 21. Feder, ‘Man in the News’. 22. Clement, ‘Interview with Robert Solow’. Epilogue: The Future of Globalization 1. ‘Globalization and Rapid Change Sparked Backlash, Says Obama’, Financial Times, 15 November 2016. 2
…
. Robert Rhodes James, vol. VII, London: R. R. Bowker, p. 7566 Clement, Douglas, 2002, ‘Interview with Robert Solow’, The Region, Federal Reserve Bank of Minneapolis, 1 September; www.minneapolisfed.org/publications/the-region/interview-with-robert-solow Colander, David C. and Harry Landreth, 1996, The Coming of Keynesianism to America: Conversations with the Founders
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Nature and Causes of the Wealth of Nations by Adam Smith, eds. R. H. Campbell, A. S. Skinner and W. B. Todd, Oxford: Clarendon Press Solow, Robert, 1956, ‘A Contribution to the Theory of Economic Growth’, Quarterly Journal of Economics, 70(1), pp. 65–94 ———, 1957, ‘Technical Change and the Aggregate Production
Growth: A Reckoning
by Daniel Susskind · 16 Apr 2024 · 358pp · 109,930 words
growth. Manna from Heaven Among the many critics of the Harrod-Domar approach, the most important would turn out to be another pair: an American, Robert Solow, and an Australian, Trevor Swan. The story told by Harrod-Domar ‘felt wrong,’ Solow noted. ‘An expedition from Mars arriving on Earth having read this
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, who had begun the twentieth century almost completely uninterested in the process, finished it highly enthused. ‘If you have to be obsessed by something,’ wrote Robert Solow in the 1980s, ‘maximising real National Income is not a bad choice.’59 ‘We cannot and will not accept any speed limit on America’s
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through a process of technological progress that is able to overpower those diminishing returns. This was the argument behind the Nobel Prize-winning work of Robert Solow and Trevor Swan. A few decades later, Paul Romer completed the story by explaining where that technological progress must come from: not from the tangible
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relationship that is meant to summarize everything. As a result, they miss the most important part of the story. ‘The art of successful theorizing,’ wrote Robert Solow, ‘is to make the inevitable simplifying assumptions in such a way that the final results are not very sensitive’ to them. Yet in the ‘final
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of Normal (London: Simon & Schuster, 2014); Philipsen, The Little Big Number. 58 Janan Ganesh, ‘Yes, GDP is (almost) everything’, Financial Times, 17 June 2022. 59 Robert Solow, ‘James Meade at Eighty’, Economic Journal, 97 (1987), 986–8. 60 Larry Summers, quoted in Philipsen, The Little Big Number, pp. 188–9; Robert Gordon
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, The Case for Degrowth (Cambridge: Polity, 2020); Schmelzer, Vetter and Vansintjan, The Future is Degrowth, p. 16; Paul Ariès, Décroissance ou barbarie (2015). 25 When Robert Solow, ‘Is the End of the World at Hand?’, Challenge, 16:1 (1973), 39–50, discusses this very distinction, he writes: ‘boring distinctions are part of
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, Vaclav, 237 Smith, Adam, 25, 146, 178, 282n44, 283n7, 311n13 Smith, Noah, 150 socialism, and economic growth, 220–1 Socrates, 322n15 solar energy, 235–6 Solow, Robert, 31, 35–6, 40, 52, 93, 157, 223, 317n25 Solow-Swan model, 31–4, 157, 287n31 Solyndra (solar company), 216 South Korea: citizen assemblies, 266
Stubborn Attachments: A Vision for a Society of Free, Prosperous, and Responsible Individuals
by Tyler Cowen · 15 Oct 2018 · 140pp · 42,194 words
to bringing one-off changes or improvements. The most prominent economic approach to growth, the Solow model, is named after MIT economist and Nobel Laureate Robert Solow, who laid out the basics of the model in the 1950s. The Solow model postulates a stripped-down economy-wide production function based on constant
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of Hedonic Psychology, edited by Daniel Kahneman, Edward Diener, and Nelson Schwarz. New York: Russell Sage Foundation. Arrow, Kenneth J., Edward Leamer, Howard Schuman, and Robert Solow. 1994. “Comments of Proposed NOAA Scope Test.” Appendix D of Comments of Proposed NOAA/DOI Regulations on Natural Resource Damage Assessment. U.S. Environmental Protection
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, J.C.C., and Bernard Williams. 1973. Utilitarianism: For and Against. Cambridge: Cambridge University Press. Solow, Robert M. 1956. “A Contribution to the Theory of Economic Growth.” Quarterly Journal of Economics 70, no. 1: 65–94. Solow, Robert M. 1957. “Technical Change and the Aggregate Production Function.” The Review of Economics and Statistics 39
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, no. 3: 312–320. Solow, Robert M. 1974. “The Economics of Resources or the Resources of Economics.” American Economic Review 64
The Economics of Inequality
by Thomas Piketty and Arthur Goldhammer · 7 Jan 2015 · 165pp · 45,129 words
bargaining power, against other economists in Cambridge, Massachusetts, who argued that the relative prices of capital and labor also played an allocative role, drawing on Robert Solow’s idea of the aggregate production function, a mathematical representation of the possibility of capital-labor substitution at the level of the economy as a
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redistribution and economic efficiency, 2–3, 32, 35–37, 55–57, 61, 64–65, 74, 105–106 Social origin, influence on human capital, 80–81 Solow, Robert, 30, 48, 59 South America: growth rate per capita, 58; human capital, 59; income inequality, 15 South Korea, 58 Stimulus programs, redistribution and, 121 Subsidized
Value of Everything: An Antidote to Chaos The
by Mariana Mazzucato · 25 Apr 2018 · 457pp · 125,329 words
economists focused mainly on the positive side of innovation that Schumpeter had underscored: its role in increasing the productive capacity of national economies. In 1987 Robert Solow, a professor at the Massachusetts Institute of Technology, won the Nobel Prize in Economics for showing that improvements in the use of technology explained over
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not just about accounting for government value but also rewarding it: how should rewards from investment be divided between the public and private sectors? As Robert Solow showed, most of the gains in productivity of the first half of the twentieth century can be attributed not to labour and capital but to
Capitalism and Its Critics: A History: From the Industrial Revolution to AI
by John Cassidy · 12 May 2025 · 774pp · 238,244 words
(and a similar one derived by Evsey Domar, a Russian-American economist who taught at Harvard) received a cooler reception. One of the skeptics was Robert Solow, a mathematically adept young MIT professor who was a protégé of Paul Samuelson. To Solow, Harrod’s depiction of capitalism as chronically unstable didn’t
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New York Times Book Review.22 In the journal Challenge, under the ironic headline “Is the End of the World at Hand?,” MIT’s own Robert Solow—the same Solow who had spent a decade and a half tussling with Joan Robinson—said “the Doomsday Models are bad science and therefore bad
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countries, including the development of more fuel-efficient motor vehicles and the allocation of more research dollars to renewable energy. On this point, at least, Robert Solow had been proved right: the price system and the profit motive did lead to changes in technology and behavior. Homeowners and businesses started to insulate
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it “magnificent” and said it would “change both the way we think about society and the way we do economics.”30 In The New Republic, Robert Solow, the grand old man of American Keynesianism, hailed Piketty’s r > g formulation, labeling it the “rich-get-richer dynamic.”31 Elsewhere, however, Piketty encountered
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Problems (George) social programs and benefits; in Britain; unemployment; welfare social science Social Security Société des Saisons Society for Ethical Culture Sokolnikov, Grigory solar energy Solow, Robert Sombart, Werner “Song for the Luddites” (Byron) “Sorcerer’s Apprentice, The” (Goethe) Sorge, Friedrich Adolph Souls of Black Folk, The (Du Bois) South Africa South
The Entrepreneurial State: Debunking Public vs. Private Sector Myths
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A Little History of Economics
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The Rise and Fall of American Growth: The U.S. Standard of Living Since the Civil War (The Princeton Economic History of the Western World)
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Getting Better: Why Global Development Is Succeeding--And How We Can Improve the World Even More
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Fully Grown: Why a Stagnant Economy Is a Sign of Success
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Making Sense of Chaos: A Better Economics for a Better World
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Samuelson Friedman: The Battle Over the Free Market
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Doughnut Economics: Seven Ways to Think Like a 21st-Century Economist
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Why Information Grows: The Evolution of Order, From Atoms to Economies
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GDP: A Brief but Affectionate History
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The Rise of the Network Society
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EuroTragedy: A Drama in Nine Acts
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The Technology Trap: Capital, Labor, and Power in the Age of Automation
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The Most Powerful Idea in the World: A Story of Steam, Industry, and Invention
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The End of Theory: Financial Crises, the Failure of Economics, and the Sweep of Human Interaction
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