Nobel Prize winner Robert Solow, an economic giant, died at 99

He was one of the last “sacred monsters” of the economy. The American Robert Solow died on December 21, at the age of 99. Known for his major contributions to the theory of economic growth, he gave his name to a model which earned him the Nobel Prize in 1987 and which generations of students have learned. This concept demonstrates the role that savings and investment play in stable long-term growth. The economist stood out for having underlined, in addition to these determinants, the crucial role of technological innovation.

An emeritus theorist and teacher, recognized for his kindness and pedagogy, he spent his entire career at the prestigious Massachusetts Institute of Technology in Boston (MIT). Paul Samuelson, winner of the Nobel Prize in economics in 1970, who shared an office next to his for forty years, described him as “the most accomplished economist”. Among his many students he counted well-known academics, four of whom also won the Bank of Sweden prize (George Akerlof, Joseph Stiglitz, Peter Diamond and William Nordhaus) and a certain Mario Draghi who, a few years later, would direct the Bank of Sweden. European center before becoming the Italian prime minister.

Born on August 23, 1924, originally from the Brooklyn neighborhood of New York and the eldest of three children, he grew up in a family of Russian Jewish immigrants. After obtaining a scholarship to Harvard in 1940, he first studied sociology and anthropology. Called up for military service, he then took a break from his studies, serving as a soldier for three years until the end of World War II. Back on campus, he chose to devote himself to economics, on the advice of his young wife Barbara Lewis, economic historian - to whom he remained married for more than 65 years and had two children - and completed his thesis in 1951.

Throughout his career, Solow distinguished himself through his academic work but also through his political engagement, advising governments including that of John Fitzgerald Kennedy, and international organizations. A child of the Great Depression, he firmly believed in the role of public authorities in protecting citizens against economic crises. In the early 2000s, he co-founded the Manpower Demonstration Research Corporation, a non-profit research group that pioneered studies aimed at evaluating the effectiveness of employment policies for young dropouts, single mothers and other vulnerable groups. .

The Keynesian was also recognized for his liveliness and subtle humor, both by his students and his friends. Many former students paid tribute to him on social networks, describing an “absolute economic giant”, “a man with a fascinating personality”, “charming and endearing.”

“Bob Solow was brilliant, generous and also hilarious,” reacted Austan Goolsbee, current president of the Federal Reserve Bank of Chicago. Although nearing retirement, he was still teaching my first year and was absolutely brilliant. He was the person every student wanted to be growing up. We will all miss his deep wisdom and humor. Goodbye my old friend.”

Outside of his work, the economist was also a passionate jazz lover. It is said that he often used musical metaphors to explain his economic ideas, adding a unique touch to his lectures.

Robert Solow also had a link with France. In 2000, he founded, with businessman Jean-Louis Beffa and economist Robert Boyer, the Saint-Gobain center for economic research, known today as the Cournot center. In an article published in the newspaper Le Monde in April 2017, he was one of the twenty-five Nobel Prize winners in economics to denounce Marine Le Pen's anti-European program for the presidential election.