What Is Soroche?

Robert Merton Solow, American economist, was born in Brooklyn, New York in 1924.

Robert Merton Solo

Robert Merton Solow Born in New York, USA on August 23, 1924

Nobel Prize in Economics

On October 21, 1987, the Royal Swedish Academy of Sciences announced that this year's Nobel Prize in Economics was awarded to American economist Robert Solow in recognition of his special contribution in studying the factors that generate economic growth and increased welfare. According to the commission, Solow won the prize because he proposed a mathematical equation in 1956 to explain how the increase in stocks increased per capita output value, which can be used to measure the contribution of various production factors to development. . According to this equation, the national economy will eventually reach a stage of development: after that stage, economic growth will depend only on technological progress. Lindberger, chairman of the Nobel Prize Committee, believes that it is Solow's theory that makes industrial countries willing to invest more resources in universities and scientific research. These aspects are "commandos" that promote economic development.

John Bates Clark Award

In view of Robert Solow's contribution to the growth theory, he proposed that long-term economic growth mainly depends on technological progress rather than capital and labor input. In 1987, he was awarded the Nobel Prize in Economics. As a professional economist, most of Solow's research focuses on promoting understanding of economic growth mechanisms. He was awarded the 1987 Nobel Prize in Economics for his research achievements in this area. In addition, he received the John Bates Clark Award, known as the "Little Nobel Prize in Economics." The award is established by the American Economic Association to recognize young and middle-aged economists who have made significant contributions to economic thought and knowledge.