Robert M. Solow
The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1987
Born: 23 August 1924, Brooklyn, NY, USA
Affiliation at the time of the award: Massachusetts Institute of Technology (MIT), Cambridge, MA, USA
Prize motivation: “for his contributions to the theory of economic growth”
Prize share: 1/1
Robert Solow was born in New York, USA. He won a scholarship to Harvard College, and arrived there in 1940. He served in WWII 1942-1945, then returned to Harvard and decided to study economics. He joined the Economics Department at Massachusetts Institute of Technology in 1949, and has stayed with the institution ever since.
Robert Solow was awarded the Economic Sciences Prize for his important contributions to theories of economic growth. In the 1950s, he developed a mathematical model illustrating how various factors can contribute to sustained national economic growth. From the 1960s on, Solow’s studies helped persuade governments to channel funds into technological research and development to spur economic growth.