Robert M. Solow 1924~2023, Groundbreaking Economist and Nobelist, Dies at 99.
So what did explain growth? Entrepreneurs? Geography? Legal institutions? Something else?
he singled out technological progress (the ability of society to translate inputs of capital and labor into outputs of goods and services)
“I discovered to my great surprise that the main source of growth was not capital investment but technological change,”
Specifically, he estimated that technical progress accounted for a surprising 80 percent of 20th-century American growth. He later pointed to Silicon Valley as a validation of his theory.
Beyond the impact of his own research, Professor Solow helped launch the careers of a stunning number of future superstar economists, including four Nobel laureates: Peter Diamond, Joseph E. Stiglitz, William D. Nordhaus and George A. Akerlof. “My pride and joy,” Professor Solow said.
“All his former students idolize him — all, with no exceptions.”
“I was given the office next to Paul Samuelson’s,” he recounted in the publication Les Prix Nobel. “Thus began what is now almost 40 years of almost daily conversations about economics, politics, our children, cabbages and kings.”
The Solow growth model, propounded in his book “A Contribution to the Theory of Economic Growth,” in 1956, and its empirical follow-up, “Technical Change and the Aggregate Production Function,” published in 1957, made his reputation while he was in his early 30s and led in due course to the Clark Medal and the Nobel Memorial Prize in Economic Sciences.
he reveals a fundamental difficulty with the role of philosopher-king. It is too damn hard.
the living conditions of low-wage workers were better in Europe because of a more generous social-safety net there, along with rules that provided workers with greater bargaining power.
Robert M. Solow, Groundbreaking Economist and Nobelist, Dies at 99
His elegant work established that the main determinant of economic growth was technology, not growing capital and labor.
O Holy Night
The stars are brightly shining
It is the night of the dear Savior's birth!
Long lay the world in sin and error pining
Till he appear'd and the soul felt its worth.
A thrill of hope the weary soul rejoices
For yonder breaks a new and glorious morn!
Fall on your knees
Oh hear the angel voices
Oh night divine
Oh night when Christ was born
Oh night divine
Oh night divine
Led by the light of Faith serenely beaming
With glowing hearts by His cradle we stand
So led by light of a star sweetly gleaming
Here come the wise men from Orient land
The King of Kings lay thus in lowly manger
In all our trials born to be our friend
Truly He taught us to love one another
His law is love and His gospel is peace
Chains shall He break for the slave is our brother
And in His name all oppression shall cease
Sweet hymns of joy in grateful chorus raise we,
Let all within us praise His holy name
Celine Dion-Oh Holy Night with lyrics
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