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Robert Merton Solow (born the August 23rd 1924) is an American economist, especially known for its theory on the Economic growth: the Model of Solow. It accepted in 1987 the “Nobel Prize” of economy.
Biography
Born with Brooklyn, New York with the the United States, it served the American Army between 1942 and 1945. It obtained a doctorate in economy at the university of Harvard. Wassily Leontief was one of its professors.
The Model of Solow which is frequently used in theory of growth; Solow defended the idea that the economy cannot be separate the social one. It was to advise of John Fitzgerald Kennedy.
In 1987, it received the “Nobel Prize” of economy for its work on the theory of growth. It also received the National Medal off Science with the the United States in 1999
Robert Solow is currently professor emeritus at the economic department of the MIT, he previously taught with the Université Columbia.
Model of Solow
See also: Model of Solow
The interest of the model of Solow is to propose the crucial role of technological advance in the economic growth. According to this model, economic development is explained by three parameters: the two first are the increase in the two independent factors of production - to knowing capital (within the meaning of investment) and labor (quantity of labor) and the third the technological advancement. To say that the work hours contribute to the growth deserves to be detailed. Indeed, much less than its quantity, it is especially the quality of the work which determines the growth. For proof, one works less and yet one produces more, grace in particular to the technological advance incorporated in the capital, which requires a higher quality of work, this because of means and methods of production increasingly sophisticated and strongly demanding in qualification. However it appears undeniable that to work more of many hours and in effective quality, if the incomes are proportional to the rise of the productivity, plays in favor of the economic growth.
Paradox of Solow
In 1987, Solow pointed out that the massive introduction of the computers into the economy, contrary to waitings, did not result in a statistical increase in the Productivité. This observation received the name of paradox of Solow, formulated in the form “data processing is seen everywhere, except in the statistics”. It seems that the United States managed to break this paradox since the middle of the Nineties, which would not be the case in France.
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