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About Profile of Solow
1) Robert M. Solow was a prominent American economist who was awarded the Nobel Prize in Economics in 1987 for his contributions to economic growth theory. 2) Solow developed neoclassical growth theory, introducing technological progress as a key determinant of long-run economic growth. His model abandoned the assumption of a fixed ratio between production factors and introduced variable factor ratios. 3) Solow's research found that over 87.5% of increases in U.S. labor productivity from the 1950s were due to technological changes rather than increases in capital or labor alone. This finding revolutionized thinking about economic growth.
Detailed Information
| Author: | ['Kopija Kopija'] |
|---|---|
| Publication Year: | 2021 |
| Pages: | 4 |
| Language: | English |
| Format: | |
| Price: | FREE |
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