Robert Solow

Robert Merton Solow, GCIH (/ˈsoʊloʊ/; born August 23, 1924), is an American economist, particularly known for his work on the theory of economic growth that culminated in the exogenous growth model named after him.[28][29] He is currently Emeritus Institute Professor of Economics at the Massachusetts Institute of Technology, where he has been a professor since 1949.[30] He was awarded the John Bates Clark Medal in 1961,[31] the Nobel Memorial Prize in Economic Sciences in 1987,[32] and the Presidential Medal of Freedom in 2014.[33] Four of his PhD students, George Akerlof, Joseph Stiglitz, Peter Diamond and William Nordhaus later received Nobel Memorial Prizes in Economic Sciences in their own right.[34][35][36]

Robert Solow
Robert Solow by Olaf Storbeck
Solow in 2008
Born
Robert Merton Solow

August 23, 1924 (age 94)
NationalityAmerican
InstitutionMassachusetts Institute of Technology
FieldMacroeconomics
School or
tradition
Neo-Keynesian economics
Alma materHarvard University
Doctoral
advisor
Wassily Leontief
Doctoral
students
Francis M. Bator[1]
Alain Enthoven[2]
Ronald W. Jones[3]
Herbert Mohring[4]
Ronald Findlay[5]
George Perry[6]
Harvey M. Wagner[7]
Michael Intriligator[8]
Arjun Kumar Sengupta[9]
Peter Diamond[10]
George Akerlof[11]
Eytan Sheshinski[12]
Joseph Stiglitz[13]
Martin Weitzman[14]
Robert J. Gordon[15]
Robert Hall[16]
William Nordhaus[17]
Avinash Dixit[18]
Ray Fair[19]
Alan Blinder[20]
Vittorio Corbo
Robert Pindyck
Jeremy Siegel[21]
Katsuhito Iwai[22]
Meir Kohn
Steven Shavell[23]
Glenn Loury[24]
Halbert White[25]
Mario Baldassarri[26]
Arnold Kling
Charlie Bean[27]
InfluencesPaul Samuelson
ContributionsExogenous growth model
AwardsJohn Bates Clark Medal (1961)
Nobel Memorial Prize in Economic Sciences (1987)
National Medal of Science (1999)
Presidential Medal of Freedom (2014)
Information at IDEAS / RePEc

Biography

Robert Solow was born in Brooklyn, New York, into a Jewish family on August 23, 1924, the oldest of three children. He was well educated in the neighborhood public schools and excelled academically early in life.[37] In September 1940, Solow went to Harvard College with a scholarship at the age of 16. At Harvard, his first studies were in sociology and anthropology as well as elementary economics.

By the end of 1942, Solow left the university and joined the U.S. Army. He served briefly in North Africa and Sicily, and later served in Italy during World War II until he was discharged in August 1945.[37][38]

He returned to Harvard in 1945, and studied under Wassily Leontief. As his research assistant he produced the first set of capital-coefficients for the input–output model. Then he became interested in statistics and probability models. From 1949–50, he spent a fellowship year at Columbia University to study statistics more intensively. During that year he was also working on his Ph.D. thesis, an exploratory attempt to model changes in the size distribution of wage income using interacting Markov processes for employment-unemployment and wage rates.[37]

In 1949, just before going off to Columbia he was offered and accepted an assistant professorship in the Economics Department at Massachusetts Institute of Technology. At M.I.T. he taught courses in statistics and econometrics. Solow's interest gradually changed to macroeconomics. For almost 40 years, Solow and Paul Samuelson worked together on many landmark theories: von Neumann growth theory (1953), theory of capital (1956), linear programming (1958) and the Phillips curve (1960).

Solow also held several government positions, including senior economist for the Council of Economic Advisers (1961–62) and member of the President's Commission on Income Maintenance (1968–70). His studies focused mainly in the fields of employment and growth policies, and the theory of capital.

In 1961 he won the American Economic Association's John Bates Clark Award, given to the best economist under age forty. In 1979 he served as president of that association. In 1987, he won the Nobel Prize for his analysis of economic growth[37] and in 1999, he received the National Medal of Science. In 2011, he received an honorary degree in Doctor of Science from Tufts University.

Solow is the founder of the Cournot Foundation and the Cournot Centre. After the death of his colleague Franco Modigliani, Solow accepted an appointment as new Chairman of the I.S.E.O Institute, an Italian nonprofit cultural association which organizes international conferences and summer schools. He is a trustee of the Economists for Peace and Security.

Solow's past students include 2010 Nobel Prize winner Peter Diamond, as well as Michael Rothschild, Halbert White, Charlie Bean, Michael Woodford, and Harvey Wagner. He is ranked 23rd among economists on RePEc in terms of the strength of economists who have studied under him.[39][40]

Solow was one of the signees of a 2018 amici curiae brief that expressed support for Harvard University in the Students for Fair Admissions v. Harvard lawsuit. Other signees of the brief include Alan B. Krueger, George A. Akerlof, Janet Yellen, Cecilia Rouse, as well as numerous others.[41]

Contributions

Solow's model of economic growth, often known as the Solow-Swan neo-classical growth model as the model was independently discovered by Trevor W. Swan and published in "The Economic Record" in 1956, allows the determinants of economic growth to be separated into increases in inputs (labour and capital) and technical progress. The reason these models are called "exogenous" growth models is the saving rate is taken to be exogenously given. Subsequent work derives savings behavior from an inter-temporal utility-maximizing framework. Using his model, Solow (1957) calculated that about four-fifths of the growth in US output per worker was attributable to technical progress.

Solow natmedal
Bill Clinton awarding Solow the National Medal of Science in 1999

Solow also was the first to develop a growth model with different vintages of capital.[42] The idea behind Solow's vintage capital growth model is that new capital is more valuable than old (vintage) capital because new capital is produced through known technology. Within the confines of Solow's model, this known technology is assumed to be constantly improving. Consequently, the products of this technology (the new capital) are expected to be more productive as well as more valuable.[42] The idea lay dormant for some time perhaps because Dale W. Jorgenson (1966) argued that it was observationally equivalent with disembodied technological progress, as advanced earlier in Solow (1957). It was successfully pushed forward in subsequent research by Jeremy Greenwood, Zvi Hercowitz and Per Krusell (1997), who argued that the secular decline in capital goods prices could be used to measure embodied technological progress. They labeled the notion investment-specific technological progress. Solow (2001) approved. Both Paul Romer and Robert Lucas, Jr. subsequently developed alternatives to Solow's neo-classical growth model.[42]

Since Solow's initial work in the 1950s, many more sophisticated models of economic growth have been proposed, leading to varying conclusions about the causes of economic growth. For example, rather than assuming, as Solow did, that people save at a given constant rate, subsequent work applied a consumer-optimization framework to derive savings behavior endogenously, allowing saving rates to vary at different points in time, depending on income flows, for example. In the 1980s efforts have focused on the role of technological progress in the economy, leading to the development of endogenous growth theory (or new growth theory). Today, economists use Solow's sources-of-growth accounting to estimate the separate effects on economic growth of technological change, capital, and labor.[42]

Solow currently is an emeritus Institute Professor in the MIT economics department, and previously taught at Columbia University.

MIT Economics (1960–1979)

In the early 1960s the Massachusetts Institute of Technology (MIT) was the native land of the "growthmen." Its leading light, Paul Samuelson, had published a pathbreaking undergraduate textbook, Economics: An Introductory Analysis. In the sixth edition of Economics, Samuelson (1964) added a "new chapter on the theory of growth." Samuelson drew on the work on growth theory of his younger colleague Robert Solow (1956)—an indication that growthmanship was taking an analytical turn. The MIT economists were thus growthmen in two senses: in seeing growth as an absolutely central policy imperative and in seeing the theory of growth as a focus for economic research. What the MIT growthmen added was a distinctive style of analysis that made it easier to address the dominant policy concerns in tractable formal models. Solow's (1956) model was the perfect exemplar of the MIT style. It provided the central framework for the subsequent developments in growth theory and secured MIT as the center of the universe in the golden age of growth theory in the 1960s (Boianovsky and Hoover 199–200).[43]

Honours

PRT Order of Prince Henry - Grand Cross BAR

Publications

Books

  • Dorfman, Robert; Samuelson, Paul; Solow, Robert M. (1958). Linear programming and economic analysis. New York: McGraw-Hill.
  • Solow, Robert M. (1970-10-15). Growth Theory - An Exposition (1970, second edition 2006). Oxford University Press. ISBN 978-0195012958.
  • Solow, Robert M. (1990). The Labor Market as a Social Institution. Blackwell. ISBN 978-1557860866.

Book chapters

  • Solow, Robert M. (1960), "Investment and technical progress", in Arrow, Kenneth J.; Karlin, Samuel; Suppes, Patrick (eds.), Mathematical models in the social sciences, 1959: Proceedings of the first Stanford symposium, Stanford mathematical studies in the social sciences, IV, Stanford, California: Stanford University Press, pp. 89–104, ISBN 9780804700214.
  • Solow, Robert M. (2001), "After technical progress and the aggregate production function", in Hulten, Charles R.; Dean, Edwin R.; Harper, Michael J. (eds.), New developments in productivity analysis, Chicago, Illinois: University of Chicago Press, pp. 173–78, ISBN 9780226360645.
  • Solow, Robert M. (2009), "Imposed environmental standards and international trade", in Kanbur, Ravi; Basu, Kaushik (eds.), Arguments for a better world: essays in honor of Amartya Sen | Volume II: Society, institutions and development, Oxford New York: Oxford University Press, pp. 411–24, ISBN 9780199239979.

Journal articles

See also: Nicholas Georgescu-Roegen and Joseph Stiglitz.

See also

Robert Solow: Are we becoming an oligarchy? (2014)

References

  1. ^ Bator, Francis M. (1956). Capital, Growth and Welfare—Theories of Allocation (Ph.D.). Massachusetts Institute of Technology. Retrieved June 29, 2017.
  2. ^ Enthoven, Alain C. (1956). Studies in the theory of inflation (Ph.D.). Massachusetts Institute of Technology. Retrieved June 30, 2017.
  3. ^ Jones, Ronald Winthrop (1956). Essays in the Theory of International Trade and the Balance of Payments (Ph.D.). Massachusetts Institute of Technology. Retrieved June 30, 2017.
  4. ^ Mohring, Herbert D. (1959). The life insurance industry: a study of price policy and its determinants (Ph.D.). Massachusetts Institute of Technology. Retrieved May 26, 2018.
  5. ^ Findlay, Ronald Edsel (1960). Essays on Some Theoretical Aspects of Economic Growth (Ph.D.). Massachusetts Institute of Technology. Retrieved June 30, 2017.
  6. ^ Perry, George (1961). Aggregate wage determination and the problem of inflation (Ph.D.). Massachusetts Institute of Technology. Retrieved July 4, 2017.
  7. ^ Wagner, Harvey M. (1962). Statistical Management of Inventory Systems (Ph.D.). Massachusetts Institute of Technology. Retrieved June 30, 2017.
  8. ^ Intriligator, Michael D. (1963). Essays on productivity and savings (PhD thesis). MIT. OCLC 33811859.
  9. ^ Sengupta, Arjun Kumar (1963). A study in the constant-elasticity-of-substitution production function (Ph.D.). Massachusetts Institute of Technology. Retrieved July 4, 2017.
  10. ^ Peter A. Diamond - Autobiography - Nobelprize.org, PDF page 2
  11. ^ Akerlof, George A. (1966). Wages and capital (PDF) (Ph.D.). Massachusetts Institute of Technology. Retrieved June 28, 2017.
  12. ^ Sheshinski, Eytan (1966). Essays on the theory of production and technical progress (PDF) (Ph.D.). MIT. Retrieved May 26, 2018.
  13. ^ Stiglitz, Joseph E. (1966). Studies in the Theory of Economic Growth and Income Distribution (PDF) (Ph.D.). MIT. p. 4. Retrieved June 29, 2017.
  14. ^ Weitzman, Martin (1967). Toward a theory of iterative economic planning (Ph.D.). MIT. Retrieved 26 May 2018.
  15. ^ Gordon, Robert J. (1967). Problems in the measurement of real investment in the U.S. private economy (Ph.D.). MIT. Retrieved 12 December 2016.
  16. ^ Hall, Robert E. (1967). Essays on the Theory of Wealth (Ph.D.). Massachusetts Institute of Technology. Retrieved July 5, 2017.
  17. ^ Nordhaus, William Dawbney. (1967). A Theory of Endogenous Technological Change (Ph.D.). Massachusetts Institute of Technology. Retrieved July 1, 2017.
  18. ^ Dixit, Avinash K. (1968). Development Planning in a Dual Economy (Ph.D.). Massachusetts Institute of Technology. Retrieved July 1, 2017.
  19. ^ Fair, Ray C. (1968). The Short Run Demand for Employment (Ph.D.). Massachusetts Institute of Technology. Retrieved July 1, 2017.
  20. ^ Blinder, Alan S. (1971). Towards an Economic Theory of Income Distribution (Ph.D.). Massachusetts Institute of Technology. Retrieved July 1, 2017.
  21. ^ Siegel, Jeremy J. (1971). Stability of a Monetary Economy with Inflationary Expectations (PDF) (Ph.D.). Massachusetts Institute of Technology. Retrieved July 5, 2017.
  22. ^ Iwai, Katsuhito (1972). Essays on Dynamic Economic Theory - Fisherian Theory of Optimal Capital Accumulation and Keynesian Short-run Disequilibrium Dynamics (Ph.D.). Massachusetts Institute of Technology. Retrieved July 5, 2017.
  23. ^ Shavell, Steven Mark (1973). Essays in Economic Theory (Ph.D.). Massachusetts Institute of Technology. Retrieved July 5, 2017.
  24. ^ Loury, Glenn Cartman (1976). Essays in the Theory of the Distribution of Income (Ph.D.). Massachusetts Institute of Technology. Retrieved July 7, 2017.
  25. ^ Hausman, Jerry (2013), "Hal White: Time at MIT and Early Life Days of Research", in Chen, Xiaohong; Swanson, Norman R. (eds.), Recent Advances and Future Directions in Causality, Prediction, and Specification Analysis, New York: Springer, pp. 209–218, ISBN 978-1-4614-1652-4.
  26. ^ Baldassarri, Mario (1978). Government investment, inflation and growth in a mixed economy : theoretical aspects and empirical evidence of the experience of Italian government corporation investments (Ph.D.). Massachusetts Institute of Technology. Retrieved June 30, 2017.
  27. ^ Bean, Charles Richard (1982). Essays in unemployment and economic activity (Ph.D.). Massachusetts Institute of Technology. Retrieved June 30, 2017.
  28. ^ "Robert M. Solow | American economist". Encyclopedia Britannica. Retrieved 2017-06-08.
  29. ^ "Prospects for growth: An interview with Robert Solow". McKinsey & Company. September 2014. Retrieved 2017-06-08.
  30. ^ "MIT Economics Faculty". Massachusetts Institute of Technology. Retrieved 27 August 2017.
  31. ^ "American Economic Association". www.aeaweb.org. Retrieved 2017-06-08.
  32. ^ Solow, Robert M. "Robert M. Solow - Biographical". www.nobelprize.org. Retrieved 2017-06-08.
  33. ^ Schulman, Kori (2014-11-10). "President Obama Announces the Presidential Medal of Freedom Recipients". whitehouse.gov. Retrieved 2017-06-08.
  34. ^ Dieterle, David A (2017). Economics: The Definitive Encyclopedia from Theory to Practice. 4. Greenwood. p. 376. ISBN 978-0313397073.
  35. ^ "MIT Libraries' catalog - Barton - Full Catalog - Full Record". library.mit.edu. Retrieved 2018-10-10.
  36. ^ Business, Ivana Kottasová, CNN. "Nobel Prize in economics awarded to William Nordhaus and Paul Romer". CNN. Retrieved 2018-10-10.
  37. ^ a b c d "Robert M. Solow – Autobiography". Nobelprize.org. 1924-08-23. Retrieved 2010-03-16.
  38. ^ "Robert M Solow - Middlesex Massachusetts - Army of the United States". wwii-army.mooseroots.com. Retrieved 2017-06-08.
  39. ^ "RePEc Genealogy page for Robert M. Solow". Research Papers in Economics (RePEc). Retrieved 1 November 2014.
  40. ^ "Top 5% Authors, as of September 2014: Strength of Students". Research Papers in Economics (RePEc). Retrieved 1 November 2014.
  41. ^ admissionscase.harvard.edu (PDF) https://admissionscase.harvard.edu/files/adm-case/files/economists_amended_brief_dkt._527-1.pdf. Retrieved 2018-12-30. Missing or empty |title= (help)
  42. ^ a b c d Haines, Joel D.; Sharif, Nawaz M. (2006). "A framework for managing the sophistication of the components of technology for global competition". Competitiveness Review. 16 (2): 106–21. doi:10.1108/cr.2006.16.2.106.
  43. ^ Boianovsky, Mauro; Hoover, Kevin D. (2014). "In The Kingdom Of Solovia: The Rise Of Growth Economics At MIT, 1956–70". History of Political Economy. 46: 198–228. doi:10.1215/00182702-2716172. hdl:10419/149695.
  44. ^ "Cidadãos Nacionais Agraciados com Ordens Portuguesas". Página Oficial das Ordens Honoríficas Portuguesas. Retrieved 31 July 2017.
  • Greenwood, Jeremy; Krusell, Per; Hercowitz, Zvi (1997). "Long-run Implications of Investment-Specific Technological Progress". American Economic Review. 87: 343–362.
  • Greenwood, Jeremy; Krusell, Per (2007). "Growth Accounting with Investment-Specific Technological Progress: A Discussion of Two Approaches". Journal of Monetary Economics. 54 (4): 1300–1310. doi:10.1016/j.jmoneco.2006.02.008.
  • Jorgenson, Dale W. (1966). "The Embodiment Hypothesis". Journal of Political Economy. 74: 1–17. doi:10.1086/259105.

External links

Awards
Preceded by
James M. Buchanan Jr.
Laureate of the Nobel Memorial Prize in Economics
1987
Succeeded by
Maurice Allais
Backstop resources

Backstop resources theory states that as a heavily used limited resource becomes expensive, alternative resources will become cheap by comparison, therefore making the alternatives economically viable options. In the long term, the theory implies faith that technological progress will allow backstop resources to be essentially unlimited (see also Cornucopian), and that need will cause the development of new technologies to become cost effective. This idea is supported by economist Robert Solow who claimed that four-fifths of US economic growth could be attributed to technological development (the other fifth being accounted for by expansion of labor and capital).

Center for Economic and Policy Research

The Center for Economic and Policy Research (CEPR) is an economic policy think-tank based in Washington, D.C. which was co-founded by economists Dean Baker and Mark Weisbrot. It has been described as left-leaning.

Charlie Bean (economist)

Sir Charles Richard Bean (born 16 September 1953) is a British economist and was Deputy Governor for Monetary Policy at the Bank of England from 1 July 2008 until 30 June 2014. From 2000 to 2008, he served as Chief Economist at the Bank.

Bean attended Brentwood School and Emmanuel College, Cambridge, and was a contemporary of the comedian Griff Rhys Jones at both and the writer, Douglas Adams, and the MP Fabian Hamilton at Brentwood School. He gained his Ph.D. at the Massachusetts Institute of Technology in 1981 with a thesis titled Essays in unemployment and economic activity under the supervision of Robert Solow. In 1990 he was visiting Professor at Stanford University in 1990, and then a lecturer at the London School of Economics, becoming a professor in 1990 and head of the Economics Department in 1999.

He has published articles on European unemployment, the Economic and Monetary Union, and on macroeconomics generally. He was Managing Editor of the Review of Economic Studies from 1986 to 1990. Bean has also served in a variety of public policy roles, such as consultant to Her Majesty's Treasury and as special adviser to both the Treasury Committee of the House of Commons and to the Economic and Monetary Affairs Committee of the European Parliament. He was a special adviser to the House of Lords enquiry into the European Central Bank.

He was knighted in the 2014 Birthday Honours for services to monetary policy and central banking.

Criticisms of econometrics

There have been many criticisms of econometrics' usefulness as a discipline and perceived widespread methodological shortcomings in econometric modelling practices.

Economic cost

Economic cost is the combination losses of any goods that have a value attached to them by any one individual. Economic cost is used mainly by economists as means to compare the prudence of one course of action with that of another. The goods to be taken into consideration are e.g. money, time and resources.

The comparison includes the gains and losses precluded by taking a course of action, as those of the course taken itself. Economic cost differs from accounting cost because it includes opportunity cost.

Herbert Mohring

Herbert Mohring (1928 – June 4, 2012) was a transportation economist who taught at the University of Minnesota from 1961–1994. He received his Ph.D. from Massachusetts Institute of Technology in 1959, which a thesis on the life insurance industry supervised by Robert Solow.He is widely known for his identification of what was dubbed the Mohring effect of increasing returns in public transportation (see: Mohring (1972) for details).

Mohring and Harwitz (1962) also showed that the revenues from the first-best congestion tax exactly cover the capacity costs (which include depreciation and capital costs, but not investment costs) of highways when highways possess constant returns to scale.

Jean-Louis Beffa

Jean-Louis Beffa (born 11 August 1941 in Nice, France) is a French businessman. He was the chairman and CEO of Saint-Gobain, he is now the Chairman of the board of Saint-Gobain, and a former member of the Saint-Simon Foundation think-tank.

He is on the Board of BNP Paribas, GDF Suez, Groupe Bruxelles Lambert, Siemens AG, Le Monde S.A., Société Editrice du Monde S.A., and Le Monde Partenaires SAS.

In 2000, he and Nobel economist Robert Solow co-founded the Saint-Gobain Centre for Economic Studies, later becoming the Cournot Centre. They went on to create the Cournot Foundation in 2010 under the aegis of the public charity Fondation de France, currently serving as co-presidents.

Jean-Paul Fitoussi

Jean-Paul Fitoussi (born 19 August 1942) is a French economist of Sephardi Jewish descent. Born in La Goulette, Tunisia, Fitoussi earned his Ph.D. cum laude in Law and Economics from the University of Strasbourg. From 1979 until 1983, he was a professor at the European University Institute in Florence, and a visiting professor at the University of California, Los Angeles, in 1984. He currently is a Professor of Economics at the Institut d'études politiques de Paris, where he has taught since 1982. He is also Professor Emeritus at LUISS Guido Carli University, Rome. From 1989 to 2010 he served as President of the Observatoire Français des Conjonctures Econoniques, an institute dedicated to economic research and forecasting. He has published numerous articles, books and essays. He is considered to be one of the intellectual leaders of neo-keynesianism these past 40 years, but claims to have a "very heterodox" vision.In 2012, Macroeconomic Theory And Economic Policy: Essays in Honour of Jean-Paul Fitoussi was published. Edited by Vela Velupillai, it contained contributions from Nobel Prize winning economists Kenneth Arrow, Jean Tirole & Robert Solow as well as Olivier Blanchard & Edmond Malinvaud.

In 2014, Fruitful Economics, Papers in honor of and by Jean-Paul Fitoussi was published. The book is divided in 5 chapters, written respectively by Kenneth Arrow, Joseph Stiglitz , Edmund Phelps, Robert Solow, and Amartya Sen, all of whom worked with Jean Paul Fitoussi at different points in their lives.

He was an expert at the European Parliament, Commission of Monetary and Economic Affairs from 2000 to 2009. He is also a member of the Centre for Capitalism and Society at Columbia University, and a member of the Economic Commission of the Nation since 1997. From 2008 to 2009, he was a member of the UN Commission on the Reform of the International Monetary and Financial System and Coordinator of the Commission on the Measurement of Economic Performance and Social Progress.

In 2013, Sciences Po, a leading French University, set up a day in celebration of Dr Fitoussi's career, uniting Jean‐Paul Fitoussi with economists Joseph Stiglitz, Edmund Phelps, Kenneth Arrow, Robert Solow and Amartya Sen, to debate on the major "fitoussian" issues: European integration, inequality, well‐being and environmental sustainability, and the European democratic deficit. The event was concluded by speeches from then French Minister of Foreign Affairs Laurent Fabius and by French President Francois Hollande.Fitoussi has received the Association Français de Sciences Économiques (French Association for Economic Sciences) Award, and the Rossi Award from the Académie des Sciences Morales et Politiques (Academy of Moral and Political Sciences). He has been awarded various honours including the Honorary Deanship of the Faculty of Economics in Strasbourg, Honoris Causa degree at the Buenos Aires University, and in his own country the decorations of Chevalier de l'Ordre National du Mérite (Knight of the National Order of Merit) and Chevalier de la Legion d'Honneur (Knight of the Legion of Honour). He is also Officer of the "Order of Prince Henry" in Portugal.In 2017, he declared his support for Presidential candidate Emmanuel Macron.

List of Jewish American economists

This is a list of famous Jewish American economists. For other famous Jewish Americans, see List of Jewish Americans. For other economists, see List of Jewish economists.

Alan Greenspan, former Chair of the US Federal Reserve Bank

Alvin E. Roth, Nobel Prize (2012)

Amy Finkelstein, Professor of Economics at the Massachusetts Institute of Technology (MIT), the co-Director and research associate of the Public Economics Program at the National Bureau of Economic Research, and the co-Scientific Director of J-PAL North America.

Anna Schwartz, economist who published A Monetary History of the United States, 1867–1960 (1963), which laid a large portion of the blame for the Great Depression at the door of the Federal Reserve System. President of the Western Economic Association International (1988)

Arthur F. Burns, economic adviser to the Eisenhower administration (1953) and Chairman to the Federal Reserve (1970)

Barry Eichengreen, professor at University of California, Berkeley

Ben Bernanke, former Chair of the US Federal Reserve Bank

Daniel Kahneman, Nobel Prize (2002)

David D. Friedman, son of Milton Friedman

Edwin Robert Anderson Seligman

Eric Maskin, Nobel Prize (2007)

Franco Modigliani, Nobel Prize (1985)

Gary Becker, Nobel Prize (1992)

George Akerlof, Nobel Prize (2001)

Harry Markowitz, Nobel Prize (1990)

Henry Schultz

Herbert A. Simon, Nobel Prize (1978)

Herbert Stein

Hyman Minsky

Israel Meir Kirzner

Janet Yellen, Chair of the US Federal Reserve Bank

Jeffrey Sachs, director of the Earth Institute at Columbia University

John Harsanyi, Nobel Prize (1994)

Joseph Stiglitz, Nobel Prize (2001)

Kenneth Arrow, Nobel Prize (1972)

Lawrence Klein, Nobel Prize (1980)

Leonid Hurwicz, Nobel Prize (2007)

Martin Feldstein, Harvard Professor; Chair of the Council of Economic Advisors in the Reagan Administration

Mary M. Cohen, social economist, writer

Merton Miller, Nobel Prize (1990)

Milton Friedman, Nobel Prize (1976)

Murray Rothbard, writer, Austrian School economist, anarcho-capitalist, libertarian writer

Myron Scholes, Nobel Prize (1997)

Nouriel Roubini, Iranian-American macroeconomist

Paul Krugman, Nobel Prize (2008)

Paul Samuelson, Nobel Prize (1970)

Peter Diamond, Nobel Prize (2010)

Rashi Fein, health economist

Robert Aumann, Nobel Prize (2005)

Robert Fogel, Nobel Prize (1993)

Robert O. Mendelsohn, environmental economist

Robert Solow, Nobel Prize (1987)

Roger Myerson, Nobel Prize (2007)

Russ Roberts, host of EconTalk

Simon Kuznets, Nobel Prize (1971)

Stanley Fischer, economist and the vice chair of the U.S. Federal Reserve System

Toby Moskowitz, financial economist

Walter Block, Harold E. Wirth Endowed Chair in Economics at Loyola University in New Orleans

Wassily Leontief, Nobel Prize (1973)

Yoram Barzel

Macroeconomics

Macroeconomics (from the Greek prefix makro- meaning "large" + economics) is a branch of economics dealing with the performance, structure, behavior, and decision-making of an economy as a whole. This includes regional, national, and global economies. Macroeconomists study aggregated indicators such as GDP, unemployment rates, national income, price indices, and the interrelations among the different sectors of the economy to better understand how the whole economy functions. They also develop models that explain the relationship between such factors as national income, output, consumption, unemployment, inflation, saving, investment, international trade, and international finance.

While macroeconomics is a broad field of study, there are two areas of research that are emblematic of the discipline: the attempt to understand the causes and consequences of short-run fluctuations in national income (the business cycle), and the attempt to understand the determinants of long-run economic growth (increases in national income). Macroeconomic models and their forecasts are used by governments to assist in the development and evaluation of economic policy.

Macroeconomics and microeconomics, a pair of terms coined by Ragnar Frisch, are the two most general fields in economics. In contrast to macroeconomics, microeconomics is the branch of economics that studies the behavior of individuals and firms in making decisions and the interactions among these individuals and firms in narrowly-defined markets.

Omicron Delta Epsilon

Omicron Delta Epsilon (ΟΔΕ or ODE) is an international honor society in the field of economics, formed from the merger of Omicron Delta Gamma and Omicron Chi Epsilon, in 1963. Its board of trustees includes well-known economists such as Robert Lucas, Richard Thaler, and Robert Solow. ODE is a member of the Association of College Honor Societies; the ACHS indicates that ODE inducts approximately 4,000 collegiate members each year and has more than 100,000 living lifetime members. There are approximately 700 active ODE chapters worldwide. New members consist of undergraduate and graduate students, as well as college and university faculty; the academic achievement required to obtain membership for students can be raised by individual chapters, as well as the ability to run for office or wear honors cords during graduation. It publishes an academic journal entitled The American Economist twice each year.

Phoebus Dhrymes

Phoebus James Dhrymes (October 1, 1932 – April 8, 2016) was a Cypriot American econometrician. He was a professor of economics at Columbia University. Dhrymes made substantial contributions to econometric theory through journal articles and textbooks.Born on Cyprus, Dhrymes arrived in the United States in 1951, settling with relatives in New York City. After a few months, he volunteered to be drafted into the US Army for a two-year tour of duty, and afterwards attended the University of Texas at Austin on the G.I. Bill. In 1961 he earned his Ph.D. from Massachusetts Institute of Technology under supervision of Edwin Kuh and Robert Solow. He was appointed associate professor at the University of Pennsylvania in 1963 and became a full professor in 1967. Since 1973, he had been a professor at Columbia University.

He died on April 8, 2016.

Quarterly Journal of Economics

The Quarterly Journal of Economics is a peer-reviewed academic journal published by the Oxford University Press. Its current editors-in-chief are Pol Antràs, Robert J. Barro, Lawrence F. Katz, and Andrei Shleifer (Harvard University). It is the oldest professional journal of economics in the English language,

and covers all aspects of the field—from the journal's traditional emphasis on microtheory, to both empirical and theoretical macroeconomics. According to the Journal Citation Reports, the journal has a 2015 impact factor of 6.662, ranking it first out of 347 journals in the category "Economics".Some of the most influential and well-read papers in economics have been published in the Quarterly Journal of Economics, including:

"Distribution as Determined by a Law of Rent" (1891), by John B. Clark

"The Positive Theory of Capital and Its Critics" (1895), by Eugen von Böhm-Bawerk

"Petty's Place in the History of Economic Theory" (1900), by Charles Henry Hull

"Fallacies in the Interpretation of Social Cost" (1924), by Frank H. Knight

"The General Theory of Employment" (1937), by John Maynard Keynes (an expansion on Keynes' General Theory)

"The Interpretation of Voting in the Allocation of Economic Resources" (1943), by Howard Rothmann Bowen

"A Contribution to the Theory of Economic Growth" (1956), by Robert Solow

"The Market for "Lemons": Quality Uncertainty and the Market Mechanism" (1970), by George Akerlof

"Job Market Signaling" (1973), by Michael Spence

"Equilibrium in Competitive Insurance Markets: The economics of markets with imperfect information" (1976), by Michael Rothschild and Joseph Stiglitz

"A Reformulation of the Economic Theory of Fertility" (1988), by Robert Barro and Gary Becker

"A Theory of Competition among Pressure Groups for Political Influence" (1983), by Gary Becker

"A Contribution to the Empirics of Economic Growth" (1992), by N. Gregory Mankiw, David Romer, and David N. Weil

"Golden Eggs and Hyperbolic Discounting" (1997), by David Laibson

"Does Social Capital Have An Economic Payoff? A Cross-Country Investigation" (1997) by Stephen Knack and Philip Keefer

"A Theory of Fairness, Competition, and Cooperation" (1999), by Ernst Fehr and Klaus M. Schmidt

"Monetary Policy Rules And Macroeconomic Stability: Evidence And Some Theory" (2000), by Richard Clarida, Jordi Galí, and Mark Gertler

"Information Technology, Workplace Organization, and the Demand for Skilled Labor: Firm-Level Evidence" (2002) by Timothy F. Bresnahan, Erik Brynjolfsson and Lorin M. Hitt

Robert Hall (economist)

Robert Ernest "Bob" Hall (born August 13, 1943) is an American economist and a Robert and Carole McNeil Senior Fellow at Stanford University's Hoover Institution. He is generally considered a macroeconomist, but he describes himself as an "applied economist".Hall received a BA in Economics at the University of California, Berkeley and a PhD in Economics from MIT for a thesis titled Essays on the Theory of Wealth under the supervision of Robert Solow.

Hall is a member of the Hoover Institution, the National Academy of Sciences, a fellow at both American Academy of Arts and Sciences and the Econometric Society, and a member of the NBER. He is the chairman of the Business Cycle Dating Committee, the body responsible for setting the start and end dates of U.S. economic recessions. Hall served as President of the American Economic Association in 2010, and is a long-time member of the Brookings Panel on Economic Activity.

Solow

Solow is a surname. Notable people with the surname include:

People

Alan Solow, an America lawyer and Jewish leader

Herbert Solow (journalist) (1903-1964), an American journalist

Herbert Franklin Solow (born 1931), an American producer, director, studio executive, talent agent, and writer

Jeffrey Solow (born 1949), an American cello virtuoso

Jennifer Solow, an American novelist

Robert Solow (born 1924), an American economist, winner of the Nobel Prize in Economics

Sheldon Solow, an American real estate mogul and billionaire

The Elusive Quest for Growth

The Elusive Quest For Growth: Economists’ Adventures and Misadventures in the Tropics is a 2001 book by World Bank development economist William Easterly. Upon its release, the book received acclaim from such figures as Bruce Bartlett, Robert Solow, and Paul Romer, and has since become widely cited in the Economic Development literature.

Easterly’s primary thesis is that the numerous efforts to remedy extreme poverty in the Third World have failed because they have neglected that individuals, businesses, governments, and donors respond to incentives. Thus, he argues, the failure of economic development in poor tropical nations is not the failure of economics, but the failure to apply economic principles to practical policy work. Inspired by the moral imperative to improve the lives of the poor, his recommendation is not to abandon the quest, but to improve the institutions of governments and international actors to create incentives that promote growth.

Trevor Swan

Trevor Winchester Swan (14 January 1918 – 15 January 1989) was an Australian economist. He is best known for his work on the Solow–Swan growth model, published simultaneously by American economist Robert Solow, for his work on integrating internal and external balance as represented by the Swan Diagram, and for pioneering work in macroeconomic modeling, which predated that of Lawrence Klein but remained unpublished until 1989.

Swan is widely regarded as the greatest economic theorist that Australia has produced, and as one of the finest economists not to receive a Nobel Memorial Prize in Economic Sciences. There were two independent pioneers of Neoclassical Growth Theory: Robert Solow and Trevor Swan. Solow published "A Contribution to the Theory of Economic Growth" in the February issue of the QJE in 1956, and Trevor Swan published "Economic Growth and Capital Accumulation" in the Economic Record, subsequent to Solow in December 1956. Swan's contribution has been overshadowed by Solow, who was awarded the Nobel Memorial Prize in 1987 for his contributions to economic growth.

Undercapitalization

Under-capitalization refers to any situation where a business cannot acquire the funds they need. An under-capitalized business may be one that cannot afford current operational expenses due to a lack of capital, which can trigger bankruptcy, may be one that is over-exposed to risk, or may be one that is financially sound but does not have the funds required to expand to meet market demand.

Wassily Leontief

Wassily Wassilyevich Leontief (Russian: Василий Васильевич Леонтьев; August 5, 1905 – February 5, 1999), was a Russian-American economist known for his research on input-output analysis and how changes in one economic sector may affect other sectors.Leontief won the Nobel Committee's Nobel Memorial Prize in Economic Sciences in 1973, and four of his doctoral students have also been awarded the prize (Paul Samuelson 1970, Robert Solow 1987, Vernon L. Smith 2002, Thomas Schelling 2005).

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