Biography

Robert M. Solow is the Institute Professor, Emeritus and Professor of Economics, Emeritus at the Massachusetts Institute of Technology. In 1987, Professor Solow was awarded the Nobel Prize in Economic Sciences for his important contributions to theories of economic growth. He began teaching economics at MIT in 1949, becoming professor of economics in 1958 and professor emeritus in 1995. In the 1950s, Solow developed a mathematical model illustrating how various factors can contribute to sustained national economic growth. Contrary to traditional economic thinking, he showed that advances in the rate of technological progress do more to boost economic growth than capital accumulation and labor increases. He served on the Council of Economic Advisers in 1961–62 and was a consultant to that body from 1962 to 1968. From the 1960s on, Solow’s studies helped persuade governments to channel their funds into technological research and development to spur economic growth. Solow received a B.A., an M.A., and a Ph.D. from Harvard University.