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Hardcover | Out of Print | ISBN: 9780262041102 | 256 pp. | 6.3 x 9.1 in | December 1990
Paperback | $20.00 X | £14.95 | ISBN: 9780262519700 | 256 pp. | 6.3 x 9.1 in | December 1990

Growth/Productivity/Unemployment

Essays to Celebrate Bob Solow's Birthday

Overview

Robert Solow received the Nobel Prize in economics in 1987, and his contributions to growth theory, productivity, and short run macroeconomics have influenced an entire generation of scholars. The essays in this book extend and elaborate on many of the important ideas Solow has either originated or developed in the past three decades.

Frank Hahn and Avinash Dixit offer useful surveys of the growth literature. Hahn reflects on specific problems in standard growth models, while Dixit presents a chronological review of research developments. Robert Hall and Lawrence Summers present challenging empirical findings. Hall shows that the Solow productivity residual is in fact correlated with variables which, according to Solow's assumptions, it should not be correlated with. Summers uses multi-country data to investigate the apparent divergence between private and social rates of return to capital. He argues that this phenomenon stems from the dependence of the rate of technical progress on the rate of capital formation and discusses the policy implications of this idea. Olivier Jean Blanchard and Peter Diamond describe a search-matching model that is a welcome addition to understanding the Beveridge curve. Also included are comments by Eytan Shoshinski, Joseph Stiglitz, Martin Baily, William Nordhaus, George Aherlot, and Robert Gorden. Robert Solow has provided a response to both the essays and these comments. The book concludes with a bibliography of Solow's work.

About the Editor

Peter Diamond is John and Jennie S. McDonald Professor of Economics at MIT. He received the 2010 Nobel Prize in Economics.

Endorsements

“Robert Solow is one of the outstanding economists of our time, no less for his impact on others than for his own writings. These papers on economic growth, productivity and technical progress, and labor markets -- written by Solow's students, colleagues and collaborators -- demonstrate the breadth and depth of the Solow tradition as it has influenced the work of a generation of researchers.”
Benjamin M. Friedman, William Joseph Maier Professor of Political Economy
“It's not easy to put together a volume of essays worthy of Bob Solow; but Peter Diamond has done it. The conference was a joy to attend and the essays are a pleasure-- and an education--to read. One of them is already on my graduate course reading list; I won't be alone in this.”
Alan S. Blinder, Chairman; Gordon S. Rentschler Memorial Professor of Economics
“A collection of major essays on growth, productivity and unemployment in honor of an outstanding economist. Researchers at the frontier of macroeconomics as well as students should find this volume most informative and inspiring.”
J.M. Grandmont, CEPREMAP, Paris and Yale University