Robert Solow, winner of the 1987 Nobel Prize in economic sciences, once wrote, “If you have to be obsessed by something, maximizing real National Income is not a bad choice.” What do you think is Solow’s main contention in this?

Robert Solow, winner of the 1987 Nobel Prize in economic sciences, once wrote, “If you have to be obsessed by something, maximizing real National Income is not a bad choice.” What do you think is Solow’s main contention in this?

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter20: Economic Growth

Section: Chapter Questions

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Question

Robert Solow, winner of the 1987 Nobel Prize in economic sciences, once wrote, “If you have to
be obsessed by something, maximizing real National Income is not a bad choice.” What do you
think is Solow’s main contention in this?

Definition Definition Monetary value of all goods and services produced in an economy during a financial year. National income also refers to the total income earned by the factors of production during a financial year.

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