DEFINITION of 'Robert M. Solow '
Robert M. Solow is an American economist and recipient of the John Bates Clark Medal (1961) and the Nobel Memorial Prize in Economic Sciences (1987). He is best known for his efforts on the theory of economic growth. As a student at Harvard, he become research assistant to Wassily Leontief, the economist who introduced the input-output analysis method in economics.
BREAKING DOWN 'Robert M. Solow '
Robert Solow's most well-known economic contribution was the Solow-Swan Neo-Classical Growth Model - an exogenous growth model whereby Solow separated factors in economic growth into increases in inputs (including labor and capital) and technical progress. Other important works include Solow's economic growth model based on different types of capital. Solow considered new capital more productive than old, or vintage, capital.