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Solow was born in Brooklyn, New York. He served in the United States Army from 1942 to 1945. He earned his doctorate in economics at Harvard University, studying under Wassily LeontiefWassily Leontief ( August 5, 1906 February 5, 1999), born at St. Petersburg ( Leningrad), USSR (now Russia), was an economist notable for his research on how changes in one economic sector may have an effect on other sectors. Leontief won Bank of Sweden P.

Solow's model of economic growth, often known as the neo-classical growth modelNeo-classical growth model is a term used to sum up the contributions by various authors in the framework of neoclassical economics. The most important contribution was probably the work by Robert Solow. In the 1950s he developed a relatively simple growt, allows the determinants of economic growth to be separated out into increases in inputs ( labourIn classical economics and all micro-economics labour is one of three factors of production, the others being land and capital. It is a measure of the work done by human beings. There are macro-economic system theories which have created a concept called and capitalCapital has a number of related meanings in economics, finance and accounting. In finance and accounting, capital generally refers to financial wealth, especially that used to start or maintain a business. Initially, it is assumed here that other styles o) and technical progress. Using his model, Solow calculated that about four fifths of the growth in US output per worker was attributable to technical progress.

Since Solow's initial work in the 1950sCenturies: 19th century 20th century 21st century Decades: 1900s 1910s 1920s 1930s 1940s 1950s 1960s 1970s 1980s 1990s 2000s Years: 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 Events and trends Technology United States tests the first fusion bomb., many more sophisticated models of economic growth have been proposed, leading to varying conclusions about the causes of economic growth. In the 1980sMillennia: 1st millennium 2nd millennium 3rd millennium Centuries: 19th century 20th century 21st century Decades: 1930s 1940s 1950s 1960s 1970s 1980s 1990s 2000s 2010s 2020s 2030s Years: 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 Events and trends efforts have focused on the role of technological progress in the economy, leading to the development of endogenous growth theoryIn economics, endogenous growth theory was developed in the 1980s as a response to criticism of the neo-classical growth model. In neoclassical growth models, growth is exogenous. That is, the source of growth is external to the model (as compared to endo (or new growth theory).

He is a professor at the MIT Sloan School of ManagementMission To develop principled, innovative leaders who improve the world and to generate ideas that advance management practice. Established 1914 Official name Alfred P. Sloan School of Management University Massachusetts Institute of Technology School typ, and previously taught at Columbia University.