Robert Solow developed THE model of economic growth. Today he received the Presidential Medal of Freedom. The attached An appreciation of Robert Solow – Washington Center for Equitable Growth describes his accomplishments and the importance of his insight. On the same day another distinguished economist pointed out the recent slow down in US economic productivity in Alan Blinder_ The Unsettling Mystery of Productivity – WSJ.
Our long-run economic welfare and the long-run returns from equity and fixed income investments depend critically on productivity. Let us hope that the current short-fall is only transitory.