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Nobel Laureate Robert Solow, pioneer in economics, passes at 99
Industry News- Dec 25,23
An economist of great renown, Robert Solow received the Nobel Prize in Economics in 1987 for his groundbreaking work in growth accounting, particularly his development of a mathematical model for expanding production.
In his contribution to the 2017 book, "After Piketty: The Agenda for Economics and Inequality," Robert Solow, the esteemed economist and Nobel laureate, affirmed the accuracy of Thomas Piketty's observations. In the chapter titled "Thomas Piketty Is Right," Solow characterised the growing wealth disparity between the affluent and non-affluent as an "ominous anti-democratic trend." He supported Piketty's proposal for an annual progressive wealth tax, albeit with the acknowledgment that such a measure faced substantial political obstacles in the United States, where even the preservation of a robust estate tax proved challenging.
Robert Solow, born on August 23, 1924, in Brooklyn, New York, passed away at the age of 99 at his home in Lexington, Massachusetts. An economist of great renown, Solow received the Nobel Prize in Economics in 1987 for his groundbreaking work in growth accounting, particularly his development of a mathematical model for expanding production. His research, conducted in a series of articles from 1956 to 1960, highlighted the inadequacies of prevailing growth models that narrowly focused on capital and labour increases.
Solow's influential career included serving as a senior economist for the Council of Economic Advisers under President John F Kennedy, where he had the opportunity to implement his economic theories. A staunch advocate for an active government role in managing the economy, Solow, akin to his colleague Paul Samuelson, emphasised the importance of tax policies and government spending. His analysis played a role in convincing industrialised countries to allocate more resources to education and scientific research.
While critical of President Ronald Reagan's stance on taxes, Solow's impact extended beyond his role in government. He continued to contribute to economic discourse, addressing contemporary issues such as wealth inequality in his later years. Solow's legacy lives on through his extensive body of work and his influence on notable economists, including Mario Draghi, who later led the European Central Bank and served as Italy's prime minister.
Solow retired from MIT in 1995 as a professor emeritus. He shared almost 40 years of intellectual exchange with his close friend Paul Samuelson, and his contributions to economics left an indelible mark on the field. With his wife Barbara Lewis, an economic historian who passed away in 2014, Solow raised three children: John, Andrew, and Katherine.
Source: Business Standard
Robert Solow
Nobel laureate
Nobel Prize
Thomas Piketty
Massachusetts
Paul Samuelson
Mario Draghi
Harvard
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