Abstract
Robert Solow is a leading theorist of economic growth. In one of his two pioneering papers he argues that, with labour fully employed, the long-run economic growth rate is independent of the saving rate. In the other, he argues that only a minority of economic growth can be explained by increases in labour and capital inputs; the residual, which presumably reflects technological innovation, accounts for the majority. He also argues that new capital is more valuable than old capital because it embodies more up-to-date technology. He has made contributions on fiscal policy and wage bargaining as well.
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Blinder, A.S. (2018). Solow, Robert (Born 1924). In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95189-5_2685
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DOI: https://doi.org/10.1057/978-1-349-95189-5_2685
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