Robert M. Solow


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.

  1. Exogenous Growth

    The belief that economic growth arises due to influences outside ...
  2. John Bates Clark Medal

    An award issued to an American economist under the age of 40 ...
  3. Input-Output Analysis

    Input-output analysis is an economics term that refers to the ...
  4. Economic Equilibrium

    A condition or state in which economic forces are balanced. These ...
  5. Wassily Leontief

    A Nobel Prize-winning American economist and professor. Wassily ...
  6. Alfred Nobel

    The man after whom the Nobel Prize is named. Nobel, born in 1833 ...
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