RIP Robert Solow

[Мастер]

As is often the case, ideas today often seem so blindingly obvious that it's hard to believe they were once revolutionary.

Solow in 1956 bucked conventional wisdom, arguing that simple accumulation of capital (more cultivated land, more buildings, more machines, etc.) led to ever increasing economic output, for the simple reason that capital depreciates. Once the accumulated capital stock is large enough, simply replacing that which has become old and obsolete each year, consumes all available investment funds.

So if economic growth (and the Romers argued that economic growth for about one million years was extremely close to 0% per year) cannot be explained by simple accumulation of capital, what does explain it? It must be technological innovation.

Hard to believe that in 1956, the idea that technological innovation was a source of economic growth, was revolutionary.

He taught Alan Blinder, who is a good guy despite having a big mouth. Not so sure about Alan's former co-worker Paul Krugman, who definitely was a good economist before he became a muckraker. He has a big mouth (at least when sitting in front of a keyboard, he's quite reserved in person), but I'll let others decide whether he is a good guy.

So now we learn that Robert Solow was on the 99-year depreciation schedule.

Never met Prof. Solow (at least that I'm aware of). It seems I have missed my chance now.

[Heid the Ba]

Never heard of him, but "Thomas"? I've been on the googles and I may be looking at the wrong fucker.

[Heid the Ba]

Also; too. Alan Blinder? Fuck that baldy fuck.

[Мастер]

Never heard of him, but "Thomas"? I've been on the googles and I may be looking at the wrong fucker.

Fixed. I mixed up two people in my brain. Excess of red wine.

[Мастер]

Also; too. Alan Blinder? Fuck that baldy fuck.

?? Anything you would like to share with the class?

[Heid the Ba]

No, just random hate.

[Arneb]

I read his obituary in my favourite newspaper today and found it extremely interesting that it opened with the exact same thought as Mactep's post.

[Heid the Ba]

Also; too. Alan Blinder? Fuck that baldy fuck.

?? Anything you would like to share with the class?

*needle scratch*
Has anyone seen Mactep and Alan Blinder in the same room? Does one wear specs and the other doesn't?

[Мастер]

Has anyone seen Mactep and Alan Blinder in the same room?

Yes

[Heid the Ba]

Not that then.

[Lance]

Has anyone seen Mactep and Alan Blinder in the same room?

Yes

Exactly what you'd say if you want us to believe it...

[Heid the Ba]

One wears specs and the other doesn't.

[Мастер]

Never heard of him, but "Thomas"? I've been on the googles and I may be looking at the wrong fucker.

I know what happened. The similarity of surnames caused "Thomas Sowell" to cross over in my brain.